Let us understand Checklist for Selling Property in India as a whole. Selling a property may sound like a rewarding task but it is a daunting task too, in it’s very process. A sale involves more than just finding the potential buyer for your property; rather it is a series of legal, financial and administrative processes. Whether you are a novice or have experience in real estate sales, this guide will provide you with a quick checklist for selling property in India.

Tips to make the selling of a property seamless

2. Adherence to hiring potential appraisers to help value a market value worth for your property

You must be asking now, how do we value a certain property? This procedure is applicable to both commercial and residential properties, in simple words you need to know the market valuation for it, for that purpose you are going to require a professional appraiser who can help you with the market worth of the property.

3. Work in Conjunction With Genuine Real estate Agents

It is vital to be honest to yourself before hiring a real estate agent, you must know that this person is going to help you get through each step in dealing with the selling of your property. It is ideal to hire someone real because that way they will keep their best interest in helping you get the desired price when negotiating with the potential buyers.

Getting the Property Ready

It is something worth considering which is property preparation. In simple terms, it simply means making sure your property gives favorable first impression to the buyers during viewings. And if you’ve ever been on a date you don’t need me to remind you how important first impressions are.

Therefore, if you are looking to lease it, let’s get started. Clean it, refurbish it and stage it well enough that prospects who wish to put up higher bids for your property are attracted.

Document Checklist for Selling Property in India

Now, let us go to the other section in which we will discuss the documents that you would be required to sell your property in India:

Property Ownership Documents

A Title deed in the Philippines and its significance

A title deed can be considered the birth certificate of your property. It is a document of evidence of ownership. Take note of the fact that it is marked on the title, debt free, and without disputes.

Encumbered and Nonencumbered Certificate

The first one seeks to obtain an encumbered certificate which one can consider a clean chit. It indicates that the property has not been mortgaged and has at least no outstanding debts. Buyers seek this to be sure about the upcoming transaction.

Papers Required For Identifying The Properties

A Sale Agreement

A sale agreement requires the parties to the transaction write what has been accepted in regards to sale, the parties also usually sign the document therefore providing some sort of closure to their negotiations. Consider it as a script for the drama of the story of parting with your property. Ensure it’s detailed and includes all particulars.

Khata Certificate and Extract

The Khata Certificate is a parallel of Identity card which identifies the property in the municipal records. The Khata Extract is an summary of the property. These documents are important for proper legal dealings.

Land Deal Background

• Property Tax Receipts: Ensure your records show that property tax is up to date.
• Past Sale Deeds: An asset transferring ownership from one person to another.
• Approved Building Plans: If applicable documents with which approval has been sought for construction.

Financial Information

Property Tax Receipts

Essentially, owners are required to pay property tax in order to retain their rights of ownership over their property, Every abode comes with a range of dues in the form of Membership fee to civic society, Make Sure the Tax Receipts can be produced whenever the need arises, This gives the buyer confidence because the obligation is fulfilled.

NOC from the Housing Society

The fact that you have obtained a No Objection Certificate (NOC) from your housing society is the equivalent of getting a thumbs up from your neighbors. Therefore, admission of these facts with respect to selling of property is sufficient for prospective buyers because there are no objections related to the sale.

Documents that Approve the Government

Conversion Certificate

Where your property has been changed from agriculture status to non-agriculture status, you will require a conversion certificate. It’s as if your property has been granted a passport to move from the village to the urban area.

Commencement Certificate

The commencement certificate gives a go ahead to the project in question. it is guarantee which confirms that the building was built in conformity with the plans that were approved.

Occupancy and Possession Documents

Occupancy Certificate

The occupancy certificate is a pass for a particular building when it is ready for habitation. It assures that the building has been completed and is suitable for occupation. Thus, buyers are looking for this so that they rest in peace knowing that they are investing in a secured place.

Possession Letter

A possession letter is a document that allows the change of the property from the owner to the buyer.

Legal Clearance Documents

Legal Opinion

In cases where there is inconsistency in the documentation, negotiation and even dealings it’s best to get a lawyer’s legal opinion. It provides reassurance to the buyers in the sense that there are no legal risks that are lurking below the surface.

Non-Encumbrance Certificate

The Non-Encumbrance Certificate certifies a property that is free from legal constraints and claims.

Identification and Address Proof

• PAN Card: Your PANCARD which serves the domicile of a taxpayer is all that your property needs. In particular, it requires transactions that are above a specified threshold limit.
• Aadhar Card: Your Aadhar Id acts as a identification number for the property owned. It is necessary for the KYC procedures while dealing in real estate properties.
• Power of Attorney: The Power of Attorney grants permission to another person to sign things in your absence. It’s like having a trustworthy replacement for the official dealings. This also indicates that you do not even have to be physically in the same location while making the deal happen. By giving a Power of Attorney, you authorize another person to perform real estate transactions in your name.

Bank Documents

Loan Clearance Letter

If there is a loan on your property then make sure you have a Loan Clearance Letter from the bank. So as to say, the bank is assuring, “In short all debts have been paid”.

Release Deed

The bank now discloses that the Release Deed has allowed you to reclaim your property, which confirms all rights in the property vest solely in you.

Sale Deed

The Sale Deed is a transfer of legal title (ownership) of the property made by you to the buyer.

Sale Agreement and Registration

The agreement between the buyer and the seller regarding the purchase and sale of the property and all the relevant details that come with it are recorded in the Buyer Seller Agreement.

• Drafting the Sale Agreement: The main clause of the sale agreement is the amount involved, the mode of payment, and the manner of property transfer. Speak to a legal professional to ensure all the necessary clauses are well specified and are actionable.

Property Registration

Both parties need to visit the sub-registrar office to register their sale. Make the payment for the required stamp duty and registration fees.

Verification and Due Diligence

Conducting a Due Diligence process is imperative while conducting any type of religious transactions. For instance, in case of buying a real estate property, this is where the buyer’s team ensures that all the documents submitted by the seller and the bank are thoroughly checked and approved.

Seller’s Due Diligence

• Verify repayment of any outstanding debts like the property taxes, maintenance repayments and such.
• Check the potential buyer earn more and is able to purchase the property.

Buyer’s Due Diligence

• Check all the submitted documents pertaining to the property in question to avoid fraud.
• Ensure that the subject property meets all the federal and local requirements.

Conclusion

In order to sell real estate in India, one has to do a lot of legwork. This checklist for selling property in India will allow one to avoid the most common pitfalls when dealing with real estate. Also, don’t forget that any problem is a one of a kind, so good practice is to check how other people have solved it. Dream Location can change the way you see this procedure. Make sure you check us out in this regard!

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