Beginner’s Guide to Selling a Property in Sri Lanka

Selling a property in Sri Lanka is not very different to other countries. It involves a process of valuing the property, selecting an agent if required, choosing advertising channels, providing relevant information, presenting the property and finally the paperwork.

First time property sellers may need a guide to selling property in Sri Lanka for which Lanka Property Web has made a list of significant points to be focused upon.

Value The Land

Valuation is crucial when it comes to selling property in Sri Lanka where the government requires every property sold to be valued before sale. A government value for the land can be slightly different from the selling price of the property. This is required by the law because of the large number of properties that have been registered for lower values in the past. If your property is built on a bare land within the past 20 years, the property can be sold for the land value in addition to the property value. However, properties built before 20 years are generally sold for the land value.

Let People Know

Buyers choose different channels to find properties; offline and online. Offline means are used in Sri Lanka as well however, parallel to the rise in growth of the property market in Sri Lanka; the search for properties online has been going up as well at a rate of nine percent annually. Advertising properties online is much cheaper, creates more awareness and allows the seller to include as many details as required.

When advertising online, make sure to add high quality photos by a professional because pictures have a higher tendency to attract potential buyers and describe the property features as required. An additional feature offered by advertising online is that location details using Google maps and multiple contact details can be provided for a very small fee. In addition, letting people know that your property is available for a bank loan creates more trust that the deed and title is clear while improving the pool of potential buyers.

Present the Property

No matter how you sell the property (house, apartments, land) over the phone or email, first impressions tend to change the statistics of your property being sold. If there are any DIY jobs that need attending, it is recommended to take care of it. An impressive property captures the heart of the buyer immediately which makes it difficult for them to negotiate.

Selling your property involves lead management where you set a specific time with every single potential buyer to display your house for inspection. Weekends are the best time for most of the buyers because they are free from their day to day chores. Thus, make sure to keep the weekends free.

Paperwork

This is the crucial element of the transaction. Once a price is agreed upon, it is necessary to put it in pen and paper. Always handle the paperwork with the assistance of a solicitor to make sure the transaction is completely legal. The buyer will also use his own solicitor to check the title for any inaccuracy. In most cases, a cash transfer is agreed upon by both parties in property sales in Sri Lanka. Thus, once the contract is signed by both parties after an advance payment, the buyer is entitled to pay the remaining amount within a said date.

That’s it! Your property is sold.