If you are thinking about selling your property in India? Consider these following checklists before you begin advertising your property in India.
Sale deed with the clear title of a property
The broker or the property buyer will tally your ownership rights with the document called Mother deed or Original title deed which you are assumed to own either in original or a certified photocopy of the same, the land records of the Sub- Registrar, the records of the society where the exact property is located. Since it might even possible to issue a public notice in the local newspaper calling for claims of the property and land. Ensure that the document tracing the ownership of the property authenticates a precise sequence of transfers leading to your ownership.
Encumbrance Certificate (EC)
You should always present the buyer or broker with an EC up to the latest date. It reveals that the property is free from the presence of any transaction or any mortgage.
Latest Property Tax Receipt
The most recent updated tax receipt should be presented to the property buyer. Selling of property in the quick span of 3 years will attract Capital Gains tax. Therefore, it is advisable not to sell off property so quickly as it would erode the profit.
No Objection Certificate (NOC)
This is to be received 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/flat a copy of the completion certificate issued by the municipal authorities determining that the apartment is complete and the occupancy certificate is issued to ascertain the real estate developer has constructed the property according to the specified norms and that it is ready to be occupied.
Power of Attorney (POA)
Through POA you can transfer the right to sell the property to a broker. But before giving authority to anyone you must beware in whose name you sign this power of attorney. Settle all the post selling details beforehand and make an agreement to that effect specifying the commission etc.
Contact property lawyer before selling your property in India.