Selling a house is as difficult as buying a new one. From looking for a buyer to execute the sale deed, one must exercise extreme caution in order to extract the best offer.
The initial step is to make a proper valuation of the property. You can assess your property by yourself or get an external source to determine the actual value. The current market rate in the locality for similar properties can come to a conclusion.
Get hold of a buyer
The next move is to find a buyer. Make sure you do not intimidate your buyer by asking for too much money for the house. After you hit at a deal with the buyer, it is important to review the buyer’s credentials regarding its background, financial capabilities and reliability.
Communicate to the governing board
After satisfying with the credentials of the buyer, the next step is to communicate the management of the housing society that you think to sell the house. In addition, you should obtain a no-injection certificate from the management.
You can now go with the legal documentation of the property. To do this, fix an appointment with the sub-registrar to obtain the property registered in the name of the buyer. Both the purchaser and the seller must agree to the sale deed execution day, make sure that the time suits both the parties.
The following documents are essential to sell a house:
Letter of allotment: To sell a house this is a document which confers the allotment of the property to the seller who originally purchased the property from the society or authority concerned.
Previous sale deeds: All original sale deed from all previous owners of the property are required. This method helps track the property title chain. A property with clear documentation and title command a higher price. Another major document is the chain of previous agreements with previous owners in original, along with original supporting documents of the entry or the original allotment letter issued by the development authority to the first owner. The seller should hold an original sale deed. It is legally obligated that the current owner has all previous agreements. The seller must register the original deed from the registrar (i.e. the original deed, which had been registered by the registrar) and issue a copy of the sale and receipt from the sub-registrar. To give a copy of this property will track ownership of the property and if there are few documents missing, the real estate agent can be immediately notified.
Sanctioned plan: Copies of the approved building plan and occupation certificate by the local municipal authority are another relevant document to sell a house.
Encumbrance Certificate: A seller should guarantee that the house he desires to sell has a clear and marketable title so that it can benefit him get a good market price. You cannot hoodwink the buyer by giving him wrong information, which can get you in trouble at a later stage.
Sale Agreement: Once all documents have been arranged, the parties may conclude an agreement on the sale and the determination of the agreed terms. With this agreement to sell as the blueprint, a sale deed can be formed. The sale agreement precedes the fulfilling of a sale deed on a non-judicial stamp paper.