Know These Things Before Selling Your Property

Know These Things Before Selling Your Property

Selling a property is as troublesome as buying another one. Directly from finding a buyer to the execution of the sale deed, one has to practice excessive caution to extract the best deal. To assist you in achieving this, we share a few hints. 

Evaluate The Value of Your Property

The initial step is to make a fair valuation of the property. You can self-assess your property or get an external source to decide the genuine value. The prevailing market rate in the locality for similar properties can be the yardstick to resolve. 

Get Hold of A Buyer 

The following stage is to discover a buyer. Make sure you don't intimidate your buyer by demanding too much cash for the property. After you arrive at a deal with the buyer, it is essential to check the credentials of the buyer as far as his background, financial capabilities and reliability. 

Communicate to The Governing Body

After satisfying yourself with the credentials of the purchaser, the following stage is to communicate to the management of the lodging society that you expect to sell the property. Also, you ought to obtain a No-Objection Certificate from the government. 

Legal Documentation

You can now get going with the legal documentation of the property. For this, fix an appointment with the sub-registrar to get the property enlisted in the name of the purchaser. Both buyer and seller need to introduce on the sale deed execution day, guaranteeing that the time suits both the parties. The accompanying documents are crucial to selling a property: Letter of allotment: It is an archive that presents the allotment of the property to the seller who had initially purchased the property from the relevant society or authority. Past sale deeds: All the original sale deeds from all the past proprietors of the property are required. This strategy helps trace the property title chain. A property with clear documentation and title commands a more significant cost. Another critical report is the chain of past agreements with past proprietors in original, along with original receipts of registration or the initial letter of allotment given to the main proprietor by the improvement authority. The seller ought to have an original sale deed. It is obligatory under a law that the current proprietor has all the past agreements. The seller needs to enlist the original deed from the registrar (for example the original deed that had been enrolled by the registrar) and give out a duplicate of the sale and the receipt from the sub-registrar. Giving a copy of this will trace the responsibility for the property, and in case there are not many documents missing, the property seller can be alerted instantly. 

Sanctioned Plan:

Duplicates of the approved structure plan and occupation certificate by the local municipal authority are other relevant documents. 

Encumbrance Certificate:

A seller ought to guarantee that the property he wants to sell has a clear and marketable title so it can assist him with getting him a reasonable market price. You can't trick the buyer by giving him false information; this may land you in a challenging situation at a later stage. Sale agreement: After all the documents have been arranged, the parties can go into an agreement to sell and lay down the agreed-upon terms and conditions. With this agreement to sell as the plan, a sale deed can be drawn. The sale agreement goes before the execution of a sale deed on a non-judicial stamp paper.

In this end, follow these tips and sell your property smoothly. 

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JAG SIDHU

It's my job to know about the latest market conditions, government regulations, and upcoming developments — so that you don't have to.