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Sri Lankan Law Forum » Property Law Forum » Property for Sale in Sri Lanka: Purchasing a home

Property for Sale in Sri Lanka: Purchasing a home

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If you are seeking land for sale in Sri Lanka, you’re in luck. The purchasing process is quite simple and straight-forward in this country. Purchasing costs are reasonable, though foreigners should note that the country levies a 100% Land Tax against properties purchased by non-native residents.

Sri Lankans looking to buy a home can expect to pay a Stamp Duty of 3-4% (a fee that covers the processing of documents) and a fee of roughly 3% for the assistance of a lawyer. A Realtor’s Fee of 3% must be paid by the seller.

Hiring a lawyer is critical to the successful transfer of the residence from one party to another. The lawyer will be responsible for drawing up the contract between the buyer and seller. Without this legal contract, the transfer and sale of the residence cannot be deemed official.

Before a parcel of land can be offered for sale, a lawyer must confirm the deed of ownership with the Sri Lankan Land Registry. This action, in conjunction with the use of an estate agency, will ensure that the residence is being sold by the land’s lawful owner. Only the legal owner of the land is allowed to engage in its sale. If multiple individuals are involved in the land’s ownership, all ought to agree to its sale before continuing with the process.

To officiate the sale, the land transfer contract must be signed by both the buyer and the seller in the presence of a lawyer. Once both parties have signed the contract, the estate officially becomes the possession of the buyer. After the transfer is complete, the lawyer will then take actions to officially register the home in the name of the purchaser.

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