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Must-Have Documents When Buying a New Residential Property

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New Residential Property

There is no denying that most people make one of the biggest investments in their lives in purchasing their dream abode. One needs to be extremely vigilant and patient when in the middle of the procedure of buying an elegant apartment or villa in the desired location. Keep in mind that hurrying up things while buying a new residential property is not wise. You may experience immense troubles later if you do so.

Taking a slow and steady step is prudent, besides having all the required documents for one of the cheap villas to buy in Dubai. Many first-time homebuyers do not know that the kinds of documents actually vary depending on the type of residential space they want to own.

Give this article a thorough read if you are on the lookout to buy an exquisite villa or apartment to stay in with your family. You must always keep in mind that owning your dream home is not possible if you are unable to fulfil the legal requirements. Organising and checking necessary documents can be very tedious, but you have to do so to own the property where you’ve always wanted to stay.

Without further ado, let’s check out the documents you will require for the successful completion of the process of purchasing a new apartment.

Sale Deed

Without the sale deed, it is not possible to become the owner of a residential property, be it an apartment or villa. Therefore, real estate professionals consider it the most vital document. It functions as the proof of the purchase and possession transfer from property developers or builders to the purchaser.

You have to make sure that the sale deed is duly registered. Both parties (seller and buyer) should clear all sorts of confusion prior to executing the sale deed. You must not forget to thoroughly check the terms and conditions mentioned in the sale agreement before proceeding.

Mother Deed

Another crucial document is the Mother Deed. It is responsible for tracing the ownership of a residential property. You need to provide your bank with this specific document while you avail a loan against the apartment you wish to buy. One has the liberty to get in touch with local authorities for assistance while preparing this essential document.

Sale Agreement

This particular legal document will include all sorts of particulars of the residential property you wish to buy. Generally, it consists of the terms and conditions, facilities, apartment specifications, and information related to the common space within the property besides the payment plan and possession date.

The sale agreement is clear-cut evidence that the developer is responsible for the villa you want to own. You have to submit this document to the bank when you make an application for a home loan.

Encumbrance Certificate

Having an encumbrance certificate means you have proof that your new residential property doesn’t have any mortgages and pending legal dues. Every leading financial institution asks for this particular document before the approval of a home loan.

Ensure you check this certificate properly to know whether the title of the new residence is clearly mentioned. You will learn whether there are any legal problems associated with the apartment while checking this vital document. In addition, this certificate will also include transactions that you make over time.

Occupancy Certificate

Getting hold of this specific certificate implies that proper inspection has been done after the complete construction of the residential space you intend to buy. This document also suggests that the developer has adhered to the stringent laws under the local development authority. This particular document states whether a residential property is ready for occupancy.

No-Objection Certificate

It is paramount to check the No-Objection Certificates from the local authorities before you opt for one of the cheap villas to buy in Dubai. Get in touch with Everhomes if you want to fulfil your dream of owning posh and spacious villas or apartments at an affordable price.

Being a leading real estate property seller, it takes care of everything that would help potential buyers in some way. Hence, you will be provided with NOCs if you contact this reputed company to buy your next home sweet home.

Besides the ones enumerated above, do not forget to keep other important documents such as an allotment letter, copy of the property plan and mutation certificate handy.

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Real Estate

Planning To Sell Your House? Top Blunders To Avoid

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Sell Your House

Buying a home is a dream for most people. Once the excitement of buying the first home passes off, and you are years into having made that buy—life might just change based on priorities.

Deciding On Selling Off Your Home 

The same you who was all excited about the dream home purchase, might be looking to sell off the same home, years later. 

  • Change in life goals, occupational issues and simply the desire to upgrade to a better place—could be reasons why you are looking to sell off your existing property.
  • As you decide to put up a banner reading “buy my house in Spokane” (or anywhere else), you need to step back and look at the top blunders that you might possibly be making with the decision.
  • The decision to sell a home is necessarily not an issue—as are the chances that a house sale comes laden with bigger blunders. That is, until you sit up to take a look.

Here are a few top mistakes you must avoid when trying to sell your home.

Limit The Emotion Game

While the property that has been your home for year will always have a special place in your heart—stop being too emotionally attached to the same. 

  • You need to be practical when it comes to deciding on a price for the place. Additionally, you need to mentally let go off hoarding anything in the house. 
  • Selling a home off means you are also engaging in a new beginning once again. The idea here is to always remain positive and optimistic instead of simply holding on to the current things. 

A home sale will actually open up better investments for you. Therefore, too much emotion will only hinder a good deal.

Selling Cost Undermining

  • One common mistake homeowners indulge in is underestimating the overall costs of selling a home. Always remember to calculate your profits—and as a result plan re-investments—when the entire cost picture comes out clear.
  • Besides the agent commissions that go up to 6 percent, from a base rate of 4 per cent– you also will have closing costs to shell out. 
  • Additionally, home staging, inspections, repairs, pending tax clearances and similar other buyer concessions will make you incur about 10 percent of the selling price.

Renting In

  • It might not always be that you have a second home ready to move into, before or even as you sell your existing property. In that case, or even when you are property hunting in a new place—you have to account for the rent you will require.
  • You might have to pay both mortgages together for a couple of months before your old home is done away with, as you move into a new one. 
  • Consider such costs beforehand instead of landing in a mess later.

Unrealistic Sale Expectations

One common mistake that most first time home sellers commit is setting an expected price for sale—that is all too high. It is fine that the market is in your favor, but you need to be practical at setting an anticipated price first. Discuss the possibilities with your real estate agent for better clarity.

Summing Up

  • Consider more than just the highest offer. There could be some financial contingency that ultimately kills the highest offer you receive. 
  • Therefore, it is always better to be aware of such a contingency and compare among few offers before closing in on a buyer. 
  • Never make the mistake of Ignoring repairs and costly revamps during staging the property. Choose the right a reliable agent too.

Selling a home is an exciting prospect. However, you need to weigh your overall financial situation correctly and indulge in some right decision making first.

Planning To Sell Your House? Top Blunders To Avoid

Buying a home is a dream for most people. Once the excitement of buying the first home passes off, and you are years into having made that buy—life might just change based on priorities.

Deciding On Selling Off Your Home 

The same you who was all excited about the dream home purchase, might be looking to sell off the same home, years later. 

  • Change in life goals, occupational issues and simply the desire to upgrade to a better place—could be reasons why you are looking to sell off your existing property.
  • As you decide to put up a banner reading “buy my house in Spokane” (or anywhere else), you need to step back and look at the top blunders that you might possibly be making with the decision.
  • The decision to sell a home is necessarily not an issue—as are the chances that a house sale comes laden with bigger blunders. That is, until you sit up to take a look.

Here are a few top mistakes you must avoid when trying to sell your home.

Limit The Emotion Game

While the property that has been your home for year will always have a special place in your heart—stop being too emotionally attached to the same. 

  • You need to be practical when it comes to deciding on a price for the place. Additionally, you need to mentally let go off hoarding anything in the house. 
  • Selling a home off means you are also engaging in a new beginning once again. The idea here is to always remain positive and optimistic instead of simply holding on to the current things. 

A home sale will actually open up better investments for you. Therefore, too much emotion will only hinder a good deal.

Selling Cost Undermining

  • One common mistake homeowners indulge in is underestimating the overall costs of selling a home. Always remember to calculate your profits—and as a result plan re-investments—when the entire cost picture comes out clear.
  • Besides the agent commissions that go up to 6 percent, from a base rate of 4 per cent– you also will have closing costs to shell out. 
  • Additionally, home staging, inspections, repairs, pending tax clearances and similar other buyer concessions will make you incur about 10 percent of the selling price.

Renting In

  • It might not always be that you have a second home ready to move into, before or even as you sell your existing property. In that case, or even when you are property hunting in a new place—you have to account for the rent you will require.
  • You might have to pay both mortgages together for a couple of months before your old home is done away with, as you move into a new one. 
  • Consider such costs beforehand instead of landing in a mess later.

Unrealistic Sale Expectations

One common mistake that most first time home sellers commit is setting an expected price for sale—that is all too high. It is fine that the market is in your favor, but you need to be practical at setting an anticipated price first. Discuss the possibilities with your real estate agent for better clarity.

Summing Up

  • Consider more than just the highest offer. There could be some financial contingency that ultimately kills the highest offer you receive. 
  • Therefore, it is always better to be aware of such a contingency and compare among few offers before closing in on a buyer. 
  • Never make the mistake of Ignoring repairs and costly revamps during staging the property. Choose the right a reliable agent too.

Selling a home is an exciting prospect. However, you need to weigh your overall financial situation correctly and indulge in some right decision making first.

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Real Estate

Al Khalil garden

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Al Khalil garden

Introduction:

Panjtan Pak Developers is creating Al Khalil Garden Lahore, one of the best housing societies in Lahore, located near Kot Araian – Jia Bagga Road, adjacent to the Raiwind Road. The administration is extremely likely to get the NOC granted by appropriate authorities very soon.

Al-Khalil Garden in Lahore is a one-of-a-kind and futuristic residential project in the city of Lahore that is meticulously built to provide basic and luxurious amenities at reasonable prices. The housing society is easily accessible because it is surrounded by various residential and commercial locations. You may also like to learn about the Silver City Islamabad.

Al Khalil Garden Lahore Developers & Owners:

Panjtan Pak’s main project, Al Khalil Garden in Lahore, is now under construction. The Society will be equipped with all of the world’s most prestigious luxury amenities. Residents’ residential and commercial requirements have been met by the developers.

The developers have worked on a number of past property developments and have kept up with local and international infrastructural development. Panjtan Pak Developers has completed the following real estate projects: Get the idea from Eighteen Islamabad.

  • Durrat ul Arous Heights
  • Sandal Residencia

Al Khalil Garden Lahore NOC:

The Lahore Development Authority will shortly accept the Al Khalil Garden Lahore No Objection Certificate (NOC) (LDA). Once the project has been accepted by the appropriate authorities, it has a better chance of progressing quickly and being completed on time.

Al Khalil Garden Lahore Location:

Al Khalil Garden Lahore is conveniently located on Kot Araian – Jia Bagga Road, just off Raiwind Road. Any real estate project’s outstanding location could mean the difference between a successful and failed housing project.

Al Khalil Garden Lahore Master Plan:

A team of highly experienced specialists with years of property development experience devised and constructed the master plan for Al Khalil Garden Lahore. The organisation is selling a variety of residential and commercial plots with flexible payment plans.

Al Khalil Garden Lahore Blocks:

Al Khalil Garden Lahore is divided into two Blocks as follows:

  • Al Khalil Garden Umar Block
  • Al Khalil Gard Abu Bakar Block

Al Khalil Garden Lahore Residential Plots:

Al Khalil Garden Lahore is offering residential plots as follows:

  • 3 Marla
  • 5 Marla

Al Khalil Garden Lahore Commercial Plots:

Al Khalil Garden Lahore is offering commercial plots as follows:

  • 4 Marla

Al Khalil Garden Lahore Payment Plan:

Al Khalil Garden Lahore offers inexpensive and flexible payment options. The management sets modest instalment schedules so that investors can invest as much as feasible.

If you pay in full with cash, you’ll get a 10% discount, and if you pay in half with cash, you’ll get a 5% discount. Corner plots are charged 10% more, park-facing plots are charged 5% more, and Main Boulevard sites are charged 15% more.

Facilities & Amenities:

The Al Khalil Garden Lahore offers all of the latest conveniences and amenities at a reasonable price. The amenities are an element of any modern opulent society that may be described as a full residential project.

The developers have set aside a considerable portion of the land for the creation of green spaces such as parks. Al Khalil Garden Lahore is regarded as the most opulent society, complete with all modern pleasures and services.

The owners’ priority was to provide a healthy and elegant lifestyle environment; as a result, a substantial land area has been set aside for the central theme park, where children and the elderly can spend their leisure time without worry. The following are the amenities available in the Al Khalil Garden Lahore residential area: 

Eco-Friendly:

The society will offer an environmentally sustainable, close-to-nature lifestyle with all of the modern conveniences. The close proximity to nature will deliver a unique experience not seen in Pakistan’s housing communities. 

Grand Mosque:

The society will provide for all of the residents’ requirements, including religious ones. The developers are constructing a gorgeous large Jamia mosque to accommodate this. This mosque will be a smart mosque, complete with cutting-edge technology and architecture. 

Water Resources:

Residents’ water demands have been considered by society. Water reservoirs will be built for this purpose, storing a vast volume of water that will be used by residents for everyday chores. Furthermore, filter plants will be a part of society to ensure that clean drinking water is available.

Graveyard:

A cemetery is an important aspect of any community. Because life and death are inevitable, inhabitants may choose to bury their departed relatives and pray for their everlasting happiness. They may also pay respects to loved ones buried within the society. 

Community Center:

To keep the residents socially active, community centers will prove as the beacon of social life. Here they may enjoy the social activities and participate as well.

Health Facilities:

The developers have devoted special attention to the society’s health services. The developers plan to build state-of-the-art international hospitals and clinics for this reason. The emergency room will be open 24 hours a day, seven days a week, with staff and doctors on hand at all times. 

Education Complex:

To ensure that pupils receive an international standard of education. To provide the greatest education, the teaching personnel will be professional and trained in their respective professions.

Residents of Al Khalil Garden Lahore place a high value on education, and the management has set aside a big plot of land to build a world-class educational complex. 

Business & Commercial Hub:

The developers have considered all of the residents’ demands, including economic and commercial ones. As a result, society will create an all-encompassing commercial zone. Residents in these areas can meet all of their commercial needs from within the community. 

Secure Community:

A housing society requires a sense of security. A gated neighbourhood provides security. People are protected by a security system that includes properly installed CCTV cameras and other surveillance equipment that is operational 24 hours a day, seven days a week. In addition, to ensure a high level of safety, the society will be surrounded by a boundary wall with a foolproof system.

Salient Features:

Following are the salient features of the Al Khalil Garden Lahore:

  • Beautiful entrance gate
  • Affordability
  • Grand Mosque
  • Water Resources
  • Education Complex
  • Accessibility
  • Club House
  • Retail Area
  • 24/7 security

Author Bio

Muhammad Junaid is senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in Park View City Islamabad. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.

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Real Estate

Zaitoon city Lahore

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Zaitoon city Lahore

Developer:

It is a Zaitoon Real Estate Developer Company project.

It has been in use for almost three decades. New Lahore city, Lucky Centre, Japan Center, Land Mark Plaza, and Center Point Plaza are examples of Zaitoon’s state-of-the-art commercial and residential buildings that were completed on schedule.

The well-known Zaitoon Group is behind the initiative. The CEO of the Zaitoon Group is Mian Ayaz Anwar, while the Chairman is Mian Ejaz Anwar. Other well-known projects such as Japan Center, Lucky Center, Landmark Plaza, and Center Point Plaza have previously been completed.

All of these projects are examples of the developers’ success, as well as an assurance that the project is in the best possible hands. And that’s not all; the quality of the work is also a guarantee in and of itself, since the first two projects were completed ahead of schedule.

You may also like to learn about the Blue World City.

NOC:

LDA has given their approval (Lahore Development Authority).

LDA/DMP-III/1961

Map of the Area:

On the major Canal Bank Road, Zaitoon is located. The following is the distance from other notable locations.

Shahkam Flyover is a 10-minute drive away.

Ferozepur Road is 15 minutes away.

Motorway interchanges are 20 minutes away.

DHA Lahore is a 25-minute drive away.

Lahore Airport is 30 minutes away by car.

The Lahore Ring Road is around 6 minutes away.

Plan of Payment:

Zaitoon City is selling residential plots of 5, 10, and 20 marlas, as well as business plots of 4,6, and 8 marlas, on a 4-year simple instalment plan. After the 60 percent instalment has been paid, possession will be awarded. The following is the pricing strategy.

Price List for Residential Plots in Zaitoon City

Plot of 3 Marlas ( New Deal 2021)

Total Cost: 2,100,000 Pakistani Rupees

210,000 PKR is the booking amount.

After two months, the confirmation amount is 210,000 PKR.

17,000 PKR monthly instalment

152,572 PKR = 7-Bi-Annual instalment

5 marla:

The cost of land is 3,500,000 Pakistani rupees.

15 percent of the total booking amount = 525,000 PKR

Amount of Confirmation 10% = 350,000 PKR

PKR 27,500 divided by 36 monthly instalments is PKR 27,500.

PKR 272,500 in 6-bi-annual instalments

10 marla:

The cost of the land is 6,850,000 Pakistani rupees.

15 percent of the total booking amount = 1,027,500 PKR

Amount of Confirmation 10% = 685,000 PKR

57,500 PKR in 36 monthly instalments

511,250 PKR in 6-bi-annual instalments

20 marla:

The price of the land is 13,000,000 PKR.

15% of the total booking amount = 1,950,000 PKR

Amount of Confirmation 10% = 1,300,000 PKR

PKR 97,500 in 36 monthly instalments

PKR 1,040,000 in 6-bi-annual instalments

Price Plan for Commercial Plots in Zaitoon City

4 marla:

The cost of land is 10,200,000 Pakistani rupees.

15 percent of the total booking amount = 1,530,000 PKR

Amount of Confirmation 10% = 1,020,000 PKR

PKR 93,333 in 36 monthly instalments

715,000 PKR in 6-bi-annual instalments

6 marla:

The cost of the land is 15,000,000 Pakistani rupees.

15% of the total booking amount = 2,250,000 PKR

Amount of Confirmation 10% = 1,500,000 PRK

133,333 PKR in 36 monthly instalments

PKR 1,075,000 in 6-bi-annual instalments

8 marla:

The cost of land is 19,200,000 Pakistani rupees.

15% of the total booking amount = 2,880,000 PKR

Amount of Confirmation 10% = 1,920,000 PKR

160,000 PKR in 36 monthly instalments

PKR 1,440,000 in 6-bi-annual instalments

Note:

Extra 10% for the corner

Main Boulevard gets a 10% bonus.

An additional 10% discount is available if you are facing the park.

Payment Schedule and Price Plan for Residential Plots:

The cost of a 5 Marla land is 5,382,775 rupees. Its down payment is 30% of the total price of $1,614,833. And there would be 24 monthly instalments totaling 123,355 rupees. A balloon payment of $807,416 is required at the time of transfer, with 15% of the total amount due.

The cost of a 10 Marla land is 10,526,316 rupees. Its down payment is 30% of the total price of $3157,895. And there would be 241,228 rupees in 24 monthly payments. A 1,578,947 balloon payment, of which 15% of the total sum must be paid at the time of transfer.

Author Bio

Muhammad Junaid is a CEO of VM Sol, senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in Kingdom Valley Islamabad. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.

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