Legal Things To Be consider Before Selling Property

Selling property may be a long task. It involves an extended procedure and lots of documents. While selling the property you ought to always ensure to urge a correct return on investment and no disputes, etc.Understanding the method of execution of the transaction and have an open discussion with the customer is equally important while selling a residential property.

Duties of Seller Before Selling Property

1. Disclosing any defects within the property to the customer.2. Producing before the customer, on their demand, all the legal documents on the seller's property title.3. Answering all the buyer's questions on the property.4. Taking care of the property and every one the relevant documents within the period between the date of the contract and therefore the date of delivery of the property.5. Paying all the rents, government fees, dues, etc., up to the date of sale of the property.

Duties of the vendor After Selling Property

1. After completion of the sale, it's the seller’s duty to offer possession to the customer. the vendor is sure to give, on being so required, the customer or such person as he directs, such possession of the property
2. the vendor shall be deemed to contract with the customer that the interest which the vendor professes to transfer to the customer subsists which he has the facility to transfer an equivalent.
3. Where the entire of the acquisition money has been paid by the customer, the vendor is sure to deliver to the customer all documents of title concerning the property which are within the seller’s possession or power.

Documents Required For Selling Property

A bunch of property-related disputes arises thanks to the shortage of proper documentation. Thus, it's important from both the seller's and buyer's perspectives to offer the specified attention to the documentation of the deal.The documents required for the selling of tangible immovable property (such as a house), are as follows:

1. Letter of allotment2. Sale Deed: All the first sale deeds from the previous owners of the property are handed to the present owner (the seller). This helps in tracing the property title chain. it's compulsory under the law that the vendor must have all the previous agreements.3. Sanctioned Plan: the vendor also must have the approved building plan and occupation certificate by the local municipal authority or the other competent authority.4. Society Documents5. Sale Agreement: Lastly, but most significantly, after both the parties have arranged the documentation, the terms and conditions for the agreement for selling the property are often laid down. This agreement shall be the blueprint.

The Procedure Of Selling The Property1. Valuation of Your house: Make an honest estimate of the worth of your house. For this purpose, you'll either consult a true realtor or self-assess the property by researching the prevailing market rate.2. Find a buyer: subsequent step is to seek out an individual who is prepared to shop for your house.3. Prepare the house: you'll now stage your house for potential buyers to go to.4. Finally, list the property: Now, you'll finally list the property purchasable on online platforms or seek the assistance of brokers who can assist you find buyers.

ConclusionEvery seller must know such details before proceeding to sell their property. To resolve the property-related issues and understand the complexity of the matter, it is often better to consult a Property Lawyer can guide you on the method intimately.

Ramniwas Surajmal is a leading Full-fledged law firm having offices in Bangalore. With an aim to provide valued, practical, and strategic legal solutions to help clients achieve their expectations,