News & Resources

Things To Do Before You Sell Your House

Friday 14 January 2011 - The Economic Times

PLANNING to sell your old house to buy a new one? You may have settled for a smaller house constrained by your budget and the size of the family. Today, a better-paying job, an asset in the form of an old house may make the dream of buying a new house possible. Typically, it’s never too difficult to put a flat on sale in metros such as Delhi, Mumbai or Chennai. There is always a demand for real estate in these cities, which will fetch you the market value or even higher, depending upon the amenities, suburb and the area of the house. But it is important to ascertain the right value of the house and wind up the process in time so that you are not homeless from the time you leave the old house to the time you occupy the new one.

Evaluation Of The House: The value of a property depends upon several factors, such as the location, size of the house other amenities and the overall market trends in terms of appreciation and depreciation. But before putting your house on the block, you have to get the right value for your house, “Typically most individuals are aware about the rates in and around their locality. But if an investor is keen on selling, he should ideally get a surveyor or a couple of brokers to check out with your neighbours. Get the property evaluated by 2-3 brokers to get an accurate quote,” says Gulam Zia, director, National Advisory Services, Knight Frank.

Document Checklist: A buyer may not insist on all the documents but if he is planning to avail of a housing loan, then the bank will insist on the smallest document related to the house. Hence, it is always better to do a document check before you start negotiating with potential buyers. The most important documents required to sell a residential property are the housing society share certificate and the sale/ purchase deed. The sale deed will confirm the land/flat is on your name (the seller’s name) and only you have the full right to sell the land/flat. You need a copy of previous deeds if you have also bought it as a resale property. The previous deed/deeds are required to confirm the authenticity of the deal and the property. You also need original copies of the stamp duty and registered house documents. The seller will also require a no-objection certificate (NOC) from the housing society. In case of joint ownership, the owner/owners have to submit documented consent from the joint owners. “Homebuyers insist on these documents if they are opting for a housing loan. Apart from the title clearance and NOC, the precise details regarding the age of the building, the floor plan, the carpet and built-up area, the conveyance of the society, car parking status, land title (free hold/lease hold/collectors land) and transfer charges of the building and the apartment need to be attended to,” Zia adds.

 

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