Checklist for selling property in India
Have you been planning to sell your property in India? Consider the following quick checklist before you start advertising your property.
Sale deed with clear title to the property
The broker or the buyer will tally your ownership rights with the Mother deed/Original title deed which you are supposed to own either in original or a certified copy of the same, the land records of the Sub- Registrar, the records of the society where is property is located and might even issue a public notice in the local newspaper calling for claims of the property. Make sure the document tracing the ownership of the property establishes a clear sequence of transfers leading to your ownership.
You should always present the buyer/ broker with an EC up to the latest date. It shows that the property is free from the presence of any transaction or mortgage.
Latest Property Tax Receipt
The latest up to date tax receipt should be presented to the broker/buyer. Selling of property in the short span of 3 years will attract Capital Gains-tax, hence it is advisable to not sell off property so quickly as it would erode the profit.
No Objection Certificate
This is to be obtained from the society saying they have No-objection in case the apartment is sold.
Completion certificate and Occupancy Certificate
If you are selling an apartment a copy of the completion certificate issued by the municipal authorities ascertaining that the apartment is complete and the occupancy certificate is issued to ascertain the developer has constructed the property according to the specified norms and that it is ready to be occupied.
Power of Attorney
You can transfer the right to sell the property to a broker via this. Beware in whose name you sign this power of attorney. Settle all the post selling details before hand and make an agreement to that effect specifying the commission etc.
It is advisable that you do not lie to the buyer as it will land you in a dispute sooner or later.
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