Sell Property:

Selling a property can often be an uphill task for owners. Right from finding a prospective buyer to finalizing the sale agreement, owners need to do their homework in order to strike a favorable deal. Following are some tips for selling property:

  • First and foremost, one needs to do a proper valuation of the property to be sold. It can be either a self-assessment or assessment of the property through an external source. Owners can determine the prevailing market rate in the locality for similar properties by informally enquiring about the market values of properties in the vicinity. Or one can hire professional agencies to assess the value of the property.
  • Finding a prospective buyer is the next step. Owners may take recourse to classified advertising in newspapers or Websites, approach professional brokers or rely on word-of-mouth to identify the purchaser. While approaching a real estate broker, one 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.
  • After having satisfied oneself about the credentials and financial abilities of the prospective purchaser, the seller should communicate the society/governing body of the building of one's intention to sell to a specific purchaser and obtaining their No Objection Certificate (NOC) for the same.
  • After obtaining the NOC, the owner can proceed with the legal documentation and subsequent registration with the Sub-registrar of assurances under the provisions of the Indian Registration Act.
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