Checklist for Buying Property in Bangladesh |
Posted: August 27, 2019 |
Bangladesh being an overpopulated country, availability of properties for people to live and work in it is getting scarce day by day. Although the demand and need of apartments or commercial properties are still growing but there are a large number of people who prefer living in their self-owned houses. The hidden reason behind the desire of buying own property is quite clear. Although, buying a land/house is quite an affluent decision but it gives freedom to the owner to possess his/her own property. By buying a property it makes it officially and legally the buyer’s personal property and he will be free to live in it just the way he wants to by designing or redecorating it the way he wants without having the binding to take the landlords permission. Living in your own house also provides for privacy as well as the option of keeping the house within the family for generations and passes it on as a legacy. Buying a property is a big investment and full of small and large things to do that needs to be kept track. For instance, you will need to pay a number of additional fees along with the basic property price. That is why you every home buyer should prepare and maintain a checklist to make sure everything is completed perfectly. To assist you in this long process, we have already prepared a property buying checklist so that you do not have to go through the hassle of preparing it by yourself. So let’s begin- Checklist for buying a house:Decide your budgetThe first thing before you have to do is decide on your budget. This will help you to decide how much you can manage to pay for the desired property as well as assist you in determining the best area/location as the price range of different properties tends to vary depending on its location. While preparing the property budget, one must not only take into consideration the price and mortgage payments of the land/house/apartment but also the further burdens and expenditures that may come with time, like- repairing cost, alteration cost and maintenance charge and other costs. Decide your locationThe second thing on the checklist is, deciding on the location where you can get the best property deal based on your budget. Dhaka being the capital city and the center of trade of the country, investing on lands here is comparatively more expensive than any other cities of the country. And inside the city buying properties in areas like, Gulshan and Banani are going to cost you more compared to buying property in Uttara, Bashundhara or any other areas of the city. So, it is better to decide on the location requirements (e.g. price range, facilities nearby, transportation, safety and security) beforehand and then choosing your preferred and suitable location accordingly. Starting search for propertiesAfter deciding on the budget and location now it is time to start searching for the properties in the pre-chosen location. You can search for properties either visiting the locations physically or by staying at home through various property selling websites. You can search for properties at online platfrom as well. You can also consult with a professional or an expert with the help of whom you can find the best property within a short time. Physical SurveyAfter finding some properties you can shortlist the one’s you liked most. This will help you to decide on the one particular property considering the pros and cons of it. Therefore, when you can finally decide on one particular property you should conduct a physical survey so that you get to know about the present conditions and verify the ownership of the land and save yourself from fraudulent activities. This will also provide you an opportunity to talk with the seller and clear out the confusion. Check the record of rights from the Land OfficeIn Bangladesh, the land administration system archives the records of land ownership and land revenue separately. In the land record office all the land surveys, records, publication and maintenance of the records are kept under the directorate of the Ministry of Land. There are also land revenue offices under the Ministry of Land. In Bangladesh there are 11 administrative offices in each upazila (sub district) and within the 64 districts apart from the 3 hilly districts other 61 of them have land registration facility. In Dhaka, the district land registration office under the Ministry of Law has 13 Sub-registrar offices. Validating Deeds, Khatiayans & Mutation of the propertyIf the seller of the property acquired the land by buying previously, then consider checking all the previous purchasing documents before making the present deal. Then if the documents are authentic and verified then collect those documents in the form of Khatiayans from the selling party. Before purchasing the property make sure to authenticate the Khatiyan with the records at the nearest Deputy Collector's Office. Priority should be given to the two most recent Khatiyan regarding the particular property. Multiple Sellers & AttorneyIf the land is documented in the name of the successors of the seller then ‘Warishan certificate’, issued by the local government representative has to be checked. Besides, if the land is being sold by an authorized attorney then the Registered Power of Attorney is required before purchasing. Preparing deed of transfer and pay stamp dutyAfter the completion of validating deeds, khatiyans and mutation of the property your lawyer may start preparing the documents regarding transfer deed, but these documents can also be prepared by the seller and buyer parties by themselves. The deed must be prepared in stamped paper that should cost 3% of the property value to acquire it. This represents the stamp duty. After that, you shouldpay capital gains tax, registration fee, VAT and other taxes at a designated bank. Registration fee is payable to the bank in favor of the sub-registry office and the receipt is to be presented at the moment of applying for registration. Moreover as a buyer you have to pay the local government tax to the concerned city corporation offices. Apply for registration at the relevant Sub-registryIn this step, being the buyer you may apply for registration of the property at the concerned Sub-Registry Office, submitting the receipts of the payments of the registration and other fees. A certified registration document is obtained within the time period of a week and if provided to the buyer for record. The original sale deed/certificate processing requires about six months. Recording the Land in latest survey (B.S./City jarip)As a buyer, you should record your purchased land under the latest survey of the City Jarip. Therefore, as a buyer you should stay cautious throughout the whole process to avoid any type of inconvenient situation. Read every document and deed thoroughly before signing them. Lastly, before purchasing the house, have it inspected professionally for damages, leaks, pest problems and other possible problems. To sum up, above mentioned are the primary strategies that you might follow before buying any type of property. The whole process may seem puzzling and complicated at the beginning but with time and with the checklist on hand the whole thing is going to become much easier.
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