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Key legal terms to know before purchasing BD property

Reading time: 5 minutes, Category: Property Trends

Disclaimer: This article is provided for general information purposes only, does not consider your objectives, financial or legal situation or needs and shouldn’t be considered or relied upon as professional or personal advice. If you have legal, tax, or financial questions, you should contact an appropriate professional.

BestBari is one of the leading property sites in Bangladesh. This article provides a step-by-step guide to investing in real estate in Dhaka.

Investing in property in a developing country like Bangladesh can be a wise investment decision. When you buy a home for business purposes, it is undoubtedly one of the best decisions. At the same time, nothing can be better than having a sweet home to live in. So, buying a home for living and business purposes signifies the same importance.

Once you find an ideal BD property and you have negotiated a fair and reasonable price the last and final step is handling the legal paperwork and administration. There are some critical key terms to know when buying an apartment in Bangladesh.

You are going to invest a healthy amount for a real estate property. So, you should only invest in understanding every single important fact. And search for low-price flats in Dhaka. Here we discuss some real estate agents in Bangladesh and some essential points that consider before investing:

Appraisal agent

Usually, this task is done by a professional and licensed appraiser. An appraisal is necessary to know the actual price value of the property. It is done after calculating many factors, such as the quality of the property, and comparing the price of the home nearby. Usually, this is done by the bank or housing company that gives you the loan. It helps you to determine the actual price value of the home.

Inspection agent

After that, an inspection is also an important key point for buying a home. It also should be done by a professional inspector. Usually, the inspector tries to find all things that are of the best quality and need repair or upgrade. With a professional inspector, it is nearly possible to find out any issue.

Transaction Method

This might be an issue for some people. Discuss with the person to choose your convenient transaction method in which both of you feel comfortable.

Closing Costs and Down Payment

It is called closing when the buyer and customer sit together with all documented files to finalize the deal. At that time, both parties set an amount that the seller receives and hands over the property. This amount is called a down payment. After finalizing the deal and completing the down payment, the other expenses are usually paid, such as lender fees, appraisal fees, taxes, etc.

Real Estate Company/Agents

Real Estate Companies in Bangladesh like BestBari aim to assist their clients source the ideal home and flat sales in Dhaka and other major cities in Bangladesh. Real Estate Companies like BestBari hire dedicated property agents and specialists to also help clients sell their properties for the best price possible using their extensive referral networks, buyer enquiries and leads. Please contact us to arrange a complimentary meeting with a BestBari dedicated agent if you are looking to buy or sell property in Dhaka.

Debt To Income

It is a ratio actually between your monthly debt and income. The lender will compare these two factors and decide whether you can get a loan!

Equity

It is the amount that remains after subtracting the mortgage loan from the actual price value of the house. All lenders will try to burden you with more interest. So, it is always best for you if you have more equity.

Pre-Approval Letter

It is crucial to check this letter before getting the loan from the bank. The bank will give you a letter before giving you the house loan in Bangladesh. In that paper, all information will be written about the amount you are getting, interest, duration of the mortgage, and all others. Check the letter carefully and read every word.

RAJUK

Established in 1987, Rajdhani Unnayan Kartripakkha (RAJUK) is the Capital Development Authority of Bangladesh was established in 1987. RAJUK ensures that the planned growth of the greater Dhaka, proper uses of lands, and planned development of infrastructures. RAJUK also provide construction permits of buildings and infrastructures within its jurisdiction.

REHAB

Established in 1991, the Real Estate & Housing Association of Bangladesh (REHAB) is an independent trade association for real estate developers in Bangladesh and aims to protect the overall interests of the BD Property sector by promoting private sector investment, protection and advocacy for real estate development in Bangladesh.

VAT

Value-added tax (VAT) is a type of tax imposed on purchases in countries like Bangladesh and India. VAT resembles a sales tax in some ways, with the exception that with a sales tax, the consumer pays the entire amount due to the government at the moment of sale.

If you found this article useful, check out BestBari’s article about common questions about the legal process of flat sales in Dhaka.

We hope you found this article valuable published by BestBari, the trusted real estate company in Bangladesh. 

Proudly written by:

BestBari Content Team

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