Sell a Residential Property
| Once one has decided to sell a property one would require to ascertain the value at which one wishes to sell the property. To ascertain the value of the property there would be two steps involved |
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Some of these factors that would affect the valuation of a property are mentioned below -
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Step 2:IDENTIFYING A PROSPECTIVE BUYER
| Identifying a prospective purchaser for your property could prove to be an uphill task at times. Sometimes one may find a purchaser overnight while sometimes it may take months before one identifies a purchaser. This process could be initiated through various channels like advertising in the classified of the print media, appointing real estate consultants for the assignment, by word of mouth, etc and some other ways. |
| If one were to approach a real estate consultant, a great deal of caution needs to be exercised in selecting the consultant. One should ideally check to track record and reputation of that consultant from the market and then only arrive at a decision. The easiest method would be to advertise in the classified as this medium would have a wider reach. |
| Before finalising the terms of the transaction one should also check the credentials of the purchaser in terms of the purchaser's background, financial capabilities, reliability, etc. Although many of these factors may be relative in a way, one should not overlook the same. |
| Once the purchaser has been identified all the information pertaining to the transaction should be communicated and decided on (like terms of payment, procedure of transaction, revealing information regarding any disputes/encumbrances on the property, etc.), to avoid any complications with the purchaser at a later date. |
| Once the purchaser has been identified, the seller should intimate the society/governing body of the building of one's intention to sell to a specific purchaser and obtaining their No Objection Certificate for the same. |
| After having satisfied oneself about the credentials and financial capabilities of the prospective purchaser and having intimated the society/governing body of the building, one could proceed with the legal documentation. |
| After having executed the necessary documentation and only upon having received the entire consideration should one hand over the possession of the premises. |