Buying or selling a property can sometimes be a cumbersome task in Sri Lanka, especially if there are any anomalies in the documentation process or when getting approval from government institutions. To educate the buyers and sellers and alleviate the trouble they have to go through, LankaPropertyWeb has published a comprehensive Property Buying Guide, covering areas such as finding a property,understanding the documents to check, how to remedy any issues with the documents and more. The information has been gathered alongside insights provided by experts in each of the fields.
Created in a multimedia format consisting of written, visual and video content, the Property Buying Guide comprises information related to lands, houses and apartments. It includes 7 chapters providing detailed and transparent information necessary for all types of property buyers.
Information relevant to foreign property buyers in Sri Lanka has also been included in the guide. From instructions on opening an IIA account to detailed information on how to buy property in the country and the restrictions imposed by law have been listed out in the compilation.
Other sections such as how to research for properties in the market, calculate the ROI of a property purchase, types of deeds and key information to check in the deeds, how to avoid frauds, how to apply for a home loan and what to do after you complete the sale have been described further in depth.
Commenting on the launch of the Property Buying Guide, Managing Director of LankaPropertyWeb Daham Gunaratna said, “Since the inception of our company we’ve had many people inquiring about the current laws related to real estate and how to find solutions to issues they face when going through the property buying or selling process. Our guide for foreigners buying property in Sri Lanka that was published in 2012 and updated continuously to educate foreigners on the laws and processes in the country, has been well received and referenced by many foreigners looking to invest in the country and the full Property Buying Guide has been an extension of that project. This is a comprehensive guide to buying and selling property and has been the result of a collaborative effort between our internal team and external experts who helped us validate the information.”
The Property Buying Guide is currently available for users in the English language. However, given the need for the information to be available to the majority of the population, the company said that the guide will also be translated and published in Sinhala and Tamil languages soon.
Since the launch of the first virtual conference hosted as a part of the Lanka Property Show 2021 Virtual, LankaPropertyWeb has continued to publish informative videos on the property buying process in Sri Lanka.
Interviewing lawyers and other property experts in the industry, the organization regularly releases videos through its YouTube channel under the RealTalk series. These videos have also been linked to the online version of the Property Buying Guide, along with other articles published by the firm for buyers to get more thorough information on what they should consider when dealing with real estate transactions.
Commenting on the process of compiling the Guide, Head of Research Tharindu Jayaratna said, “We consulted many industry experts, including lawyers, bankers, architects, engineers and realtors. We believe that through this and our ongoing RealTalk series, more people would have free access to essential information on buying or selling property in the country easily. Generally, when it comes to purchasing property in Sri Lanka, the process is somewhat complex, especially because of the lack of information. So we hope this comprehensive guide will enable the first time home buyers as well as real estate investors to have a better understanding of the prevailing processes in the real estate market.”
The online version of the Property Buying Guide can be viewed on the company’s website and is freely available for all property buyers, sellers and investors through the link below:
https://www.lankapropertyweb.com/features/property-buying-guide/