By sanjit Posted 10-07-2023 Architecture
The decision to sell a property requires careful consideration and planning. Whether you're a first-time seller or an experienced real estate investor, having the right documents is crucial to ensuring a smooth and legally compliant sale. With this guide, you will learn what documents you need to sell a house in India and gain valuable insight into how to navigate the real estate landscape.
The title deed is the most critical document for selling a property in India. It acts as proof of ownership and establishes your legal right to sell the property. Before proceeding with the sale, you must ensure that the title deed is clear of any hindrances, disputes, or pending litigation. The title deed proves that a property was sold and transferred from the seller to the buyer. Registration of this document must be done at the Sub-Registrar's office. The selling process can be streamlined if the title is clear, instilling trust in potential buyers.
It's no secret that many houses have been demolished because of illegal construction, which does not have a building plan, a crucial document required for selling a house. By getting a building plan approval or a house plan approved, you can avoid such a situation. Besides stating whether your building plan has been approved, this will also state whether the location of your property has been approved.
The sale agreement is a legally binding contract between the seller and the buyer. It outlines the terms and conditions of the sale, including the purchase price, payment schedule, possession date, and other relevant clauses. It is crucial to include all essential details accurately to prevent any ambiguity or disputes in the future. Make sure that the sale agreement is comprehensive and foolproof by enlisting the services of a legal professional.
To prove that you are up-to-date on property tax payments, you must provide the latest property tax receipts. Buyers are likely to request these documents to ensure that there are no outstanding dues on the property. Sellers must also provide the receipts to the buyers as part of the legal paperwork. It is important to check the receipts carefully to make sure that all taxes have been paid on the property.
If your property is part of a housing society or a building project, you need to possess the completion certificate and occupancy certificate. The completion certificate signifies that the construction is in compliance with approved plans and meets the necessary safety standards. The occupancy certificate, on the other hand, indicates that the property is fit for habitation. These documents add credibility to your property and help in obtaining the buyer's trust.
An encumbrance certificate is evidence that the property is free from any monetary or legal liabilities such as mortgages, liens, or pending loans. It is essential to provide a certified encumbrance certificate for the last 30 years to assure the buyer that the property is free from any encumbrances.
If the property is part of a cooperative housing society or falls within a development authority's jurisdiction, you will need a NOC from the respective authorities. The NOC ensures that there are no objections to the sale of the property and that it complies with all the regulations set by the governing body.
Selling a house in India involves a myriad of documentation requirements, and missing even a single crucial document can lead to delays, disputes, or even a failed transaction. By understanding the importance of each document and ensuring that they are in order, you can confidently navigate the selling process and attract genuine buyers. It's always advisable to seek legal advice and assistance to make sure the property sale is seamless and legally compliant. With the right documents in hand, you can embark on your selling journey with confidence and peace of mind.
You may like to read our blog post to know why time is of the essence when it comes to real estate
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