If you are troubled selling your property, then you are not alone on earth. In the real estate business, many sellers are failing to attract potential buyers, mainly because of the fact that they are not aware of the basic requirements for selling a property, legally. Selling a property has become an uphill task for owners like you, because right from finding a prospective buyer to finalizing the sale agreement, you need to do your homework in order to strike a favorable deal. If you are want to end up in a good deal, then you are reading the right article. Go through the following lines and get some tips on selling property in India.
Selling Property In India
Evaluate The Worth
The very first thing to consider, while selling a property in the real estate market, is to make a proper valuation of the property to be sold. You can self assess your property or resort to an external source for determining its worth. In the second case, you may consult property dealers in your locality. You can also determine the prevailing market rate in the locality for similar properties, by informally enquiring about the market values of properties in the vicinity. Another option is to hire professional agencies to assess the value of your property.
Find A Prospective Buyer
The next and the very important step, while selling your property, is to find a prospective buyer. You may resort to classified advertising in newspapers or websites, for the purpose. Another idea is to approach professional brokers to find who is looking for a property. You may also rely on word-of-mouth, to identify your potential purchaser. While approaching a real estate broker, you should check the track record and reputation of that consultant, from market sources. It is equally important to check the credentials of the purchaser in terms of his background, financial capabilities and reliability.
Communicate To The Governing Body
After having satisfied yourself about the credentials and financial abilities of the prospective purchaser, the next step is to communicate the society/governing body of the building of your intention to sell your property to a specific purchaser. In addition to this, you should obtain a 'No Objection Certificate' (NOC) from the governing body, for the same.
After obtaining the NOC, you may now proceed with the legal documentation of the property. Fix an appointment with the sub-registrar to get the property registered in the name of the buyer. This shall be under the provisions of the Indian Registration Act. Ensure that the date and time, chosen for registration of the property, is convenient for the purchaser as well.