August 30, 2015

Things To Bear In Mind Before You Sell A Property

Selling a property is never easy. You need to check on many things before selling a residential property or else you may land up in getting lower value or might end up in delays.

Property value

You are selling a house to make a great deal, right? So, in order to get the best deal, you need to first analyze how much the property is worth. Before putting your house on sale, you need to calculate the right value for it. There is no particular method to calculate the price of a property but, it can be determined by different factors like its size, location, amenities, maintenance costs and the latest market trends. You need to hire property brokers to check the value of other properties in your area and accordingly quote a price for your house. Make sure the broker you hire is genuine and has a respectable name in the market so that you can be assured that he will make a good deal for you.
Documents

Always make sure you have all the right documents related to the property before you put your house for sale. You never know when buyers would ask you for some document. Be sure to have the most important documents like the housing society share certificate and the sale/purchase deed to assure the buyers that the property is under your name and you have complete rights to sell it off. You must also keep previous deeds in hand if it was a resale property for you. Original copies of stamp duty, registered documents, NOC certificate, title clearance are all documents that you must have. The buyers might also sometimes ask you to produce the documents that confirm the floor plan, carpet area, built-up area, age of the building and transfer charges. So, keep all this handy.

What if you don't have complete documents?

You are required to update the required paperwork if your building is over 30 years old and doesn't have proper registration. You must pay off the outstanding stamp duty and file for a registration. Request for duplicate copies from concerned persons if you have misplaced an original. There are different procedures for procuring different misplaced original copies.

No Objection Certificate (NOC)

NOC is a very important document that is to be issued by the society before you put your property on sale. There are many rules of the society that are to be followed for buying and selling of a residential property. A clearance on mantainence and other charges needs to be given.
Payment

The government of India has prohibited cash transaction of more than Rs. 20,000 for immovable property as per the Budget 2015-16. Hence, you can either take all the payment in the form of DD or cheque, or if you do not want to opt for cashless payment, you can only take upto Rs. 20,000 in cash. So, keep this point in mind while signing up the deal.
Taxes

The Income Tax Department considers a property sale as capital gain and hence, levies taxes on the same. You must know how much tax you will have to pay on the sale of your property. Check if you can get any exemption. For example, if you invest the money earned in government bonds or in another property, you can get tax exemption. This will let you analyze what actual profit you will get after selling your property.

If you are planning to sell of your property and settle down in the IT hub of India, you can get in touch with Adisesh Projects who provide luxurious villas in Hoskote near Bangalore. If you are interested in purchasing land rather than a built-up property, you can also check for spacious residential plots in Hoskote near Bangalore.

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