Purchasing property in Bangladesh for Non-Resident Bangladeshis (NRBs)

Purchasing property in Bangladesh for Non-Resident Bangladeshis (NRBs) can be challenging due to the difficulty in accurately verifying property and confirming the validity of all necessary documents, especially when the buyer is residing abroad. At Probashi Realty, we understand these challenges and strive to simplify the process for our clients. Our dedicated legal team of attorneys is well-prepared to meticulously review and authenticate any property you’re interested in acquiring, ensuring that all documentation is accurate and up-to-date. Additionally, our team assists in the retrieval and filing of documents whenever required, providing comprehensive support throughout the property purchasing journey. The process of buying real estate in Bangladesh involves several steps, and it’s important to understand the local laws and regulations. 

1. Property Selection and Offer: The first step in buying real estate in Bangladesh is to select a property that aligns with your preferences and budget. You can work with a real estate agent or conduct your search. Once you’ve identified a property, you can submit an offer to the seller. The offer includes the purchase price and any conditions, such as inspections or financing. In some cases, you may need to pay a token amount as a sign of your seriousness to proceed with the purchase. The seller can accept, reject, or negotiate the offer.

2. Due Diligence and Legal Aspects: After the offer is accepted, it’s essential to conduct due diligence. This involves verifying the property’s legal status, including checking for encumbrances or disputes over the title. You’ll also want to engage a lawyer to review the legal documents, conduct a title search, and ensure that the property is free from any legal issues. Additionally, you need to ensure that the property has a clear mutation certificate, which verifies the government’s recognition of the property ownership. This thorough examination is critical to prevent potential legal complications.

3. Completion and Registration: Once due diligence is complete, and all legal and financial aspects are satisfied, the property can be registered in your name. This typically involves a formal agreement, which is signed by both parties, and the payment of the remaining balance. The property transfer is officially recorded with the local land office. It’s crucial to pay the necessary stamp duty and registration fees as part of this process. After the registration is complete, you become the legal owner of the property, and the transaction is finalized.

Convenience of viewing the property remotely:

One of the initial challenges faced by Non-Resident Bangladeshis (NRBs) in their property purchase journey is the inability to physically inspect properties while residing abroad. Traveling to Bangladesh solely for property viewing can be quite cumbersome for many. Therefore, having the capability to remotely view properties from their country of residence and create a shortlist of potential purchases is of utmost importance. Fortunately, Probashi Realty offers a seamless solution, providing comprehensive property listings with detailed descriptions and accompanying photos and videos. This feature enables everyone to take virtual property tours and make informed decisions, all from the comfort of their current location.

The property buying and selling process in Bangladesh involves several steps and legal formalities. Here’s a general overview of the process:

Property Buying Process:

1. Property Selection: The process begins with selecting a property that meets your requirements and budget. You can search for properties independently or with the help of a real estate agent.

2. Offer and Negotiation: Once you find a property of interest, you make an offer to the seller. The offer typically includes the purchase price and any conditions you want to impose, such as property inspections or financing approval. Negotiations may follow.

3. Due Diligence: After the offer is accepted, it’s crucial to conduct due diligence. This involves verifying the property’s legal status, checking for encumbrances or disputes on the title, and ensuring that all property taxes and utility bills are up to date. It’s advisable to engage a lawyer or legal expert to assist with this phase.

4. Purchase Agreement: A formal purchase agreement is drawn up, detailing the terms and conditions of the sale, including the purchase price, closing date, and any contingencies. Both parties sign the agreement, and a deposit is typically paid.

5. Legal Documentation: Legal documentation, such as a Deed of Sale, is prepared and signed by both the buyer and the seller. This legal document transfers the property’s ownership from the seller to the buyer.

6. Title Transfer and Registration: The title to the property is officially transferred in the name of the buyer at the local Land Office. You’ll need to pay the required stamp duty and registration fees.

7. Closing: The closing process includes the final settlement of funds, payment of remaining balances, and the exchange of keys. It’s also the point where the property is formally handed over to the buyer.

Property Selling Process:

1. Property Valuation: The selling process begins with determining the market value of the property. This can be done through a professional appraisal or by consulting with real estate agents.

2. Property Listing: The property is listed for sale. This can be done privately or by hiring a real estate agent.

3. Offer and Negotiation: When a potential buyer makes an offer, negotiations may take place. The seller can accept, reject, or counter the offer.

4. Purchase Agreement: Once an agreement is reached, a purchase agreement is drawn up. This agreement outlines the terms and conditions of the sale.

5. Due Diligence: The buyer conducts due diligence, which may include inspections and legal checks to ensure the property’s condition and legal standing.

6. Legal Documentation: Legal documents are prepared and signed, including the Deed of Sale, which transfers the property’s ownership to the buyer.

7. Title Transfer and Registration: The property’s title is officially transferred in the name of the buyer at the local Land Office, with the buyer paying the necessary fees.

8. Closing: The closing involves the final settlement of funds, and the property is formally handed over to the buyer.

It’s essential to involve legal experts, such as lawyers or notaries, in both buying and selling processes to ensure all legal requirements are met. Additionally, all financial transactions should be conducted through banking channels to maintain transparency and legality. The specific details and requirements may vary by location and property type, so it’s advisable to consult with local professionals to navigate the process smoothly.

The real estate buying process in Bangladesh requires careful consideration of legal aspects and a thorough review of property documents. Engaging a local lawyer with expertise in real estate transactions is highly advisable to ensure a smooth and legally sound process. Additionally, understanding the local property laws and regulations is crucial to navigate the complexities of property acquisition in Bangladesh.

Foreign buyers and sellers in Bangladesh should consult with local legal experts and real estate professionals to navigate the process successfully and ensure compliance with the relevant laws and regulations. Additionally, all financial transactions should be conducted through authorized banking channels to maintain transparency and legality. Specific requirements and regulations may vary, so seeking professional guidance is essential.