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Tuesday January 16, 2018 03:28 PM

Property Selling 101

  • Published at 11:34 AM May 17, 2017
  • Last updated at 04:10 PM May 17, 2017
Property Selling 101

Selling your property the smart way

There are enough sections, sub-sections and explanatory footnotes in The Transfer of Property Act, 1882 to make any laymen’s head explode. Even if you could claw through the sentences and still not lose the will to live,the frustration of fighting the jargon will surely do the trick. We are, of course, talking about one of the legislations that govern transfer of property in Bangladesh.

If you happen to have an old house or an apartment that you want to sell, then you should start devising an actionable plan that you can carry out. The most important aspect about the outcome of the sale is certainly getting the monetary value for the property that is fair. A lot of the time people are forced to sell off their property at an unfair price because of not carefully planning the sale. There are other problems too. This article is intended to provide you with an outline to guide you in the right direction.

Get the documents right

The first thing you need to do is dig into your old drawers and file cabinets to retrieve the documents for your property. As is often the case, people tend to put away these documents for safekeeping and then they get misplaced or lost. If you have them handy then you are a step ahead. If not, then the first order of business is finding out these documents. But what to do if you had lost the original documentation? To answer that question, we have to go to the next stage of preparation for the sale.

Get legal counsel

Let’s get one thing absolutely clear first. Going to a lawyer has absolutely nothing to do with having or losing documents. That is to say you should hire legal counsel anyway. One of the mistakes, and arguably the biggest mistake, people make is that they simply assume that going to lawyers is unnecessary. People usually rely on a friend who work as the middleman to facilitate the sale. But what eventually happens is that when something goes wrong those middlemen often fail to fix the situation. And people end up going to lawyers in the end.

So, instead of putting yourself through the misery of setting a bad transaction right, why not take the proper precaution beforehand and save all the trouble? It actually makes perfect sense to have law professionals of high standard guide you through the whole process, as you do not know the law and the legal process. In fact, in real life many people buy or sell property only to find out later that there is some sort of legal problems, the most common being disputed ownership.

What to do when there is dispute?

It may happen that at the time when you plan to sell your property, someone will raise a legal dispute regarding the property. These often come in the form of dispute over the demarcation of the boundary or even the ownership of the whole property. There may or may not be legal basis behind these claims. But unfortunately,you have to deal with that. The first solution to this has been already given above: having good quality legal counsel. But sometimes, depending on situation, out of court settlement could be a desirable option. But you should always have the correct knowledge about your legal rights. Hence, the importance of legal representatives cannot be stressed enough.

If push comes to shove

But if it gets to the point where you have to go to the court you should not shy away from it. A lot of the time the party raising dispute do it with false documentation. Your lawyer will be able to determine that very easily. The records are kept at the Sub-registry office, and it is always possible to prove fraudulent claims. Even though this will initiate a long process you should not give in to frauds. Fighting the legal battle is bothersome, but if you have good legal representation then you will not have to worry too much. You may have heard horrific stories about these cases taking years to resolve. Even though there is truth to that, it is possible to get a verdict on straight forward ownership dispute cases within a year or so. And if you have possession,you can continue using your property.

Getting a realtor

Real estate agents are providing better and more professional service than before. Going to a reputed real estate agent can take most of the burden off your shoulder by providing you with a one-stop service and by taking care of the business on your behalf. They will provide all the legal assistance necessary and you will not need to hire lawyers separately.

Like the developed countries, Real Estate agency service are slowly becoming available in Bangladesh. bproperty.com has the largest online database of property for sale and rent, which can be consulted online for free. In addition to having the most comprehensive real estate database in the country the company also offers an all-inclusive one-stop service for its clients in which you get the legal assistance from renownedbarristers at bproperty.com, and all other relevant services too.

Nevertheless, it is always wise to investigate a little before engaging anyone. It is also prudent to carefully go through any kind of power of attorney that you may need to sign. A realtor can also help you with evaluation and getting the price of the property right, as they will have the relevant market information which you do not have.

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