Things to do before Selling Your Property
Apr 08, 2019 Home Trading Steps
Selling your property is as difficult as buying a new one. From finding the right buyer to making sure the entire buying and selling goes smoothly, everything needs a lot of caution.
We discuss everything that a seller needs to keep in mind before selling a property:
We discuss everything that a seller needs to keep in mind before selling a property:
Evaluating the property
The first and most important step is to assess your property correctly. Every seller wants to make a profit from selling the property; after all, that is why a property is called the most significant investment. But keep in mind that if you are putting a price tag too high for the cost that is prevailing in your locality and the market price, you will have a difficult time finding a buyer. Also if you are pricing it too low then the market price, then you are in loss. Make sure it is the right balance.
Find the right buyer
It is essential that you find the right buyer who quotes the price that fits your need. It is also necessary to check the background and credentials of the buyer.
NOC
When you have found a right buyer, you need to approach the concerned governing body and inform them about your decision to sell the property. They will issue you a NOC for selling the property.
Documentation
When you have decided to sell the property, you need to fix the appointment with the registrar, who will help execute the deal. Make sure both the buyer and seller will be able to be present at the office of the registrar in person, on the day of deal execution.
Important documents required for the sale of property:
Important documents required for the sale of property:
Letter of allotment
It is the letter that the society or the authority issues it to the seller, who is the original owner of the property.
Sanctioned plan
Every property plan needs to be approved by the municipal office. You need to produce your copy of the same at the time of sales deed.
Encumbrance certificate
Make sure that the property you are selling has a clear and marketable title. There should not be any discrepancy regarding the same.
Previous sales deed
When selling the property, make sure you have the previous sales deed with you. It is the method of tracing property ownership. The seller must own the original sales deed and get it approved from the registrar. A copy for the same must also be given to the sub-registrar. This is done because if any document goes missing in future, there is a copy of the same.
Sale agreement
Both the parties should agree upon the terms and conditions of the sale and must make sure that it is mentioned in the agreement. The sales deed agreement precedes the execution of the deed on a non- judicial stamp paper.
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