People who live their entire lives in their first home are rare. Selling a property is generally somewhat less complicated than buying one. But it doesn’t mean that most people sell their properties properly.
If you have been looking to sell your property, now may be a good time. However, selling a property is a time-consuming process even in a healthy market. But in the present scenario, it may take even more time to sell at a reasonable price.
Evaluation of the Property:
The first step is to make a proper valuation of the property. You can self-assess or get an external source to determine the true value. The next step is to find a buyer. Make sure you do not intimidate your buyer by demanding too much money for the property. After you arrive at a deal with the buyer, it is important to verify the background, financial capabilities and reliability of the corresponding buyer.
Legal Documentation:
For the legal documentation of property, fix an appointment with the sub-registrar to get the property registered in the name of the purchaser. Both buyer and seller need to present on the sale deed execution day with witness.
Prepare Property for Sale:
For make an impression among buyers, make your property look better compared with others on sale in the vicinity. In such a scenario, differentiating the property would be a key factor as buyers are spoilt for choice. Minor repairs and renovations can make it more attractive and marketable. Major repairs and renovations could yield you the highest returns when your property is displayed in the market.
Set the Asking Price:
You have to be very careful about the price that you should quote for your property. Quoting an unreasonably high price could keep away genuine buyers. A suitable price will depend on a lot of factors. An easy way to determine price would be to take into consideration the average sale price at which similar properties were sold in the last 3-6 months in the neighbourhood which are available in real estate classifieds, magazines, property-specific portals and consult property dealers.
Clear all Dues
Before you put your property up for sale, ensure all dues utility bills, society maintenance, property tax and so on are paid till date. Also enquire and understand about the transfer charges and processes, if any.
Keep Documents Handy
You should have the original sale deed or conveyance deed with you. In case you bought it from a builder or any other person, you should have the allotment letter, sale agreement and possession letter. Moreover, if you had borrowed money from a financial institution to buy the property, make sure you have the encumbrance certificate or the loan clearance certificate if you have cleared the loan.
Take Help of Intermediaries
As mentioned earlier, since this is a buyer’s market you need to try and reach out to as many potential buyers as possible. Other than word of mouth, you could take the help of real estate agents as well as place advertisements in property classifieds and realty portals.
Listing Property
Listing a property on a portal involves a prescribed format, basic details related to the property such as the type of the property, exact address, the selling price or tentative rent. You can add details such as the time of construction, time of possession, ownership type and so on. If there is an option to put a picture of the property, do so. Providing information such as details about neighbours, locality or nearest hospitals, schools, markets and clubs also help in selling or renting out a property.
Sanctioned Plan
Copies of the approved building plan and occupation certificate by the local municipal authority are another relevant document.
Encumbrance Certificate
A seller should ensure that the property he wants to sell has a clear and marketable title, so that it can help him fetch him a good market price.
Sale Agreement
After all the documents have been arranged, the parties can enter into an agreement to sell and lay down the agreed-upon terms and conditions.
Conclusion
These are some of the things that could help ease the sale procedure. However, keep in mind that real estate is that what impacts property prices and market conditions in one area will be different for another. Do your research to see what the factors are that need to be taken into consideration and if it indeed is the right time to sell your property.
