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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.
Legal Documentation
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.
Tips
* To end up in the most favorable deal, you would have to do some addition
homework. Look what the prospective buyers are looking at, when it comes to
purchasing property.
* Optimum pricing of the property is very essential. Do not intimidate your
buyer by demanding too much money for the property, nor make it a losing deal
for yourself
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