How to Sell Your Property in Sri Lanka While Living Overseas (Complete Guide)

Every Property is supposed to have certain legal documents that show the overall information about the property. These documents are provided by the local municipality and also other government departments. Planning to buy a property? Well, get ready for major paperwork as the process involves providing (to authorities and the bank in case you are taking a home loan) and acquiring several documents (this ensures your ownership over the property). Here is a list of documents that are required for buying a Land:

Title Deed of the Land

Every Property in Sri Lanka has a Deed which is a formal document that confirms the interest, right, for the property and Title is a legal term that establishes the lawful ownership of a property owned by an individual or an organization. The “Title” is very important because it establishes the history of the property and it shows how ‘healthy’ is the property. The accepted practice is to check the pedigree of the “Title” going back 25 to 30 years. Therefore, the first step is to get the title clearance through an independent Lawyer/ Notary Public whom you can trust.

Approved Lot Plan of the Land

Every land has a master plan in which every plot of land is surveyed and there is a approved lot plan that is approved by the government. This approved documents is essential in the registration process.

Certificate of Ownership

This is an approved and certified certificate that shows the actual owner of the property or land. This document is also very vital in the registration process. It is provided by the Assessment Department of the relevant Municipal Council in the respective District or City.

Non-Vesting Certificate

Non-Vesting Certificate is also an important document that is required for the land registration and it is obtained by the relevant Municipal Council in the respective District or City.

Street Line Certification

This is also a formal document that is certified and issued by the local Pradeshiya Sabha and this document will clarify the actual street line of the property. The importance of this certificate is that the Pradeshiya Sabha is empowered to take action on building constructed by violating the street line.

Extracts of the Land

Extracts are a formal document that shows the overall history of the land and it is essential to check the extracts of a certain land before purchasing it. This document is a proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan. Banks ask for this paper before granting you a home loan. It is important to obtain extracts of the land going back to at least 25 – 30 years.

Valuation

Valuation is a formal document that is obtained after the Licensed Valuer values the land in order to show the overall value of the land. The Valuation Process is important because there is a part in the registration process where the buyer has to submit the actual value provided by the valuer to the Inland Revenue Department and then they approve it in order to pay the stamp duty.

This question seems to be perfectly normal and might seem innocent too. But be aware, if you are selling, then buyers are asking this diciest question to identify any drawbacks or the pain points which could jeopardize your negotiating power. If you say the wrong answer to the buyers, then they will either walk away or make a lowball offer. So be prepared to answer this question in advance or a get a professional real estate agent to handle the matter.

JOB TRANSFER

Do not mention that you were transferred to a new location in your workplace. This situation may make the buyers perceive that you are desperate to sell your property, hence tempting them to make lowball offers.

SETTLING THE LOANS

Never ever reveal the fact that you are challenged financially as this will make buyers to quote lowball offers since they know you are in a hurry and desperate.

QUIET OR NOISY NEIGHBOURHOOD

Do not mention any negative points to buyers. You do not know what sort of neighborhood the buyer prefers. It could be a secluded quieter one or a bustling one with lots of happenings around, especially with night life. So if the situation permits, steer clear of mentioning anything about the neighborhood being quite or noisy.

TOO BIG TO MAINTAIN

Don’t mention about any cost factors associated with maintaining a larger premises such as the renovation costs you incurred recently. Also don’t mention the fact that the premises could be too large to keep tidy and clean which could make the buyers think twice.

DIFFICULTY WITH CLIMBING STAIRS

If you are an old person and find it tedious climbing stairs, do not highlight that point mentioning anything about your back issues or leg problems climbing stairs, especially if your buyers are older people and you have few staircases, since it might alarm them in a negative manner.