Selling a property can often be an uphill task
for owners. Right from finding a prospective buyer to finalizing
the sale agreement, owners need to do their homework in order to
strike a favorable deal. Following are some tips for selling
First and foremost, one needs to do a proper valuation of the
property to be sold. It can be either a self-assessment or
assessment of the property through an external source. Owners can
determine the prevailing market rate in the locality for similar
properties by informally enquiring about the market values of
properties in the vicinity. Or one can hire professional agencies
to assess the value of the property.
Finding a prospective buyer is the next step. Owners may take
recourse to classified advertising in newspapers or Websites,
approach professional brokers or rely on word-of-mouth to identify
the purchaser. While approaching a real estate broker, one should
check the track record and reputation of that consultant from
market sources. It is equally important to check the credentials
of the purchaser in terms of his background, financial
capabilities and reliability.
After having satisfied oneself about the credentials and financial
abilities of the prospective purchaser, the seller should
communicate the society/governing body of the building of one's
intention to sell to a specific purchaser and obtaining their No
Objection Certificate (NOC) for the same.
After obtaining the NOC, the owner can proceed with the legal
documentation and subsequent registration with the Sub-registrar
of assurances under the provisions of the Indian Registration Act.