Steps involved in selling a property?
Documentation is the most vital stage, as there have been a majority of property-related disputes regarding insufficient and improper documentation. Therefore it is crucial that both the buyer and the seller give their due consideration to the documentation of the deal.
Here are the list of documents required while selling the property-
Letter of allotment
This letter confers allotment of the property to you from the relevant society or authority is a primary document you need to have in order.
Sale deed
The original sale deed from the previous owners of the property is required while selling a property. The sale deed is important as it traces the ownership of the property and it is necessary to prove the chain of previous agreements with past owners.
Sanctioned plan
A copy of the approved building plan and occupation certificate issued by the competent authority will be required where the document has been lodged for registration.
Society documents
The buyer is entitled to ask for the original stamped receipts of payments made to the builder or developer by the previous and present sellers. While selling a property the seller is required to obtain permission to transfer the property from a competent authority, development authority or society.
Encumbrance certificate
The encumbrance certificate is required in property transactions to indicate the free title. The buyer wants to make sure that the land or property does not have any legal dues while buying an apartment, land, or house.
Sale Agreement
Both parties can enter into an agreement to sell and confirm the terms and conditions once the documentation process is done. Thereafter they can execute the sale deed based on the agreement to sell. The sale agreement is signed and executed by the seller and buyer on non-judicial stamp paper. It is one of the most powerful documents in the transaction as it has legal value and can be produced as evidence.
Conclusion
It is important to consider that there are several expenses while selling the property. The costs of selling a property typically include repairs and improvements, staging, utilities, real estate commission, pre-inspections, cleaning, home warranty, capital gains tax, closing costs, remaining mortgage balance, and moving.
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