One of the common asks we have at Clapdoor is how can a homeowner sell his or her property quickly. In fact, when we looked at the commonly used phrases by Clapdoor users to search on Google before landing on our website, we found the following phrases, all within the top 20:
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While we do not recommend trying to sell your property in a hurry, we definitely understand that many times one does not have the luxury of adequate time. It turns out selling property in India is not as complex as people think; it can be done at a relatively short notice provided you follow the below steps.
- Titles: Ensure the property you want to sell is in your name without any ambiguity.
- Outstandings: Ensure there are no bank loan EMIs or municipal taxes pending.
- Advertise: Advertise in local newspapers, portals and neighborhood bulletins with your contact details.
- Agents/Brokers: In case responses to the ad are few, hire an agent for quick leads.
- Cleaning: Even as you examine the responses, clean and paint the property to get a good price.
- Awareness: Enquire about recent sales in the locality to know the current market price.
- Negotiation: Include a negotiating margin in your price as smart buyers will find reasons to reduce the price.
- Honesty: Avoid false information about your property.
- Be clean: Insist on full payment in white to avoid Income Tax hassles at a later date.
- NOC: Get a no objection certificate from your housing society and municipal authorities.
- Sale Deed: Hire a property lawyer to create a sale deed on stamp paper. If buyer is taking a housing loan, ensure the bank makes a cheque for the full amount.
- Notarize: The sale deed must be signed by both parties in presence of a magistrate or Authorized Notary.
- Handover: Handover all keys of the property – both originals and duplicates, to the buyer.
- Inform the authorities: Inform the local Municipal Corporation of the sale so that you are free of all liabilities.
- Hire a CA: The sale deed and investments made from the sale must be factored in your IT Returns for that financial year.
- Preserve: The sale deed copies must be preserved carefully for your lifetime.