·List out all deeds of title related to the property under sale. You may be required to give photocopies of the deeds to the potential purchaser. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale.
·Prevailing market rates in the vicinity, current market trends and last known transactions.
·Formulate commercial terms i.e. price, payment schedule, transfer fees, statutory charges eg. stamp duty. Distinguish between negotiable and fixed terms and conditions of the contract eg. Price, payment schedule, time of completion etc.
·Avail of services of Propmart.com. Get assistance from Propmart to get best value of your property and hassle free transaction.
·Finalise commercial terms of sale.
·Obtain, if applicable, consent, permission, sanction no objection certificate of various authorities such as the.
(a)Society (b)the income tax authority (c)Municipal Corporation (d)the competent authority under the Urban Land Ceiling and Regulation Act (e)any other authority.
·Check if the purchaser will be taking a loan for payment of the consideration amount. Ask for a pre approval letter from the lending institution.
·Permanent Account Number of Purchaser under Income Tax law.
·Payment of stamp duty on the formal agreement or document for transfer of the property, signing of document by both parties and registration.
·After receiving the entire sale price hand over legal possession of the property alongwith documents of title in original.
·Change name of the holder of the property to the purchaser in the records of the society, electricity company, municipal corporation, Index II etc.
This FAQ applies to: Selling & Renting.