Tips for Selling Property

For selling property in India including investment property, selling commercial property or selling a house, here are some useful tips:

* To begin with, list out any and every documents or all deeds of title related to the property. If clear copies are not available then you may do well to get true copies of the same from the local Sub-Registrar Office. The potential buyer may require legible copies of the same.

* For Registration of the sale, ensure that the Survey Number, Village And Registration District of the property are accurately entered as these details are important to the transaction.

* Before finalizing the deal, it is hugely beneficial to have a good understanding of the commercial terms of the transaction, particularly those relating to total consideration amount, payment schedule, transfer fees and other statutory charges like Stamp Duty and Registration charges to be paid on purchase of the property.

* Before finalizing the deal, it is hugely beneficial to be totally conversant with and to have a good understanding of the commercial terms of the transaction particularly relating to total consideration amount, payment schedule, transfer fees and other statutory charges like Stamp Duty.

* The purchaser might also like to ascertain from you outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.

* It is extremely important that previous encumbrances and loans if any, on the property should be cleared before completion of its purchase.

* It is a good idea to check with the buyer if he has already processed a loan application for the purchase of the property. If yes, check to see if he has a supporting pre-approval letter from the Banking Institution.

* Securing No Objection Certificates from the following authorities is essential:
o Society
o Municipal Corporation
o The competent authority under the Urban Land Ceiling and Regulation Act.
o Any other appropriate Authority.

* Permanent Account Number of both parties is required under the Income Tax laws.