Buying/Selling Tips

Buying property is a very big investment and there are various important things that have to be kept in mind while buying a property. Things like background of seller, his financial position, location of property and its condition etc. Even financial aspects like the title deed, all property legal papers and the sale deed have to be in order. The legal aspects to be kept in mind while buying a property are:

• The buyer should always demand a title deed from the seller. The title deed card is a document which states the legal existence of a property and its tangibility. The title deed is prepared by the seller’s lawyer and should be checked by the buyer and his lawyer. In the absence of a title deed, a buyer is not able to procure a loan from a financial institution.
• If the seller is selling a constructed property, the buyer has to make sure that the seller has the title card and is the actual proprietor of the property and he has the right to transfer the property. The buyer should make sure that the building has not been mortgaged or is on lease and whether all the taxes due on the property have been paid by the seller. The buyer should make sure to get all the relevant documents like the original allotment letter, occupation letter and all the other documents required to buy the property legally. In case of a property under construction, buyer has to demand for the allotment letter which contains the agreed price, house plan and delivery date etc.
• The stamp duty is a tax levied by the government and is to be paid by the buyer. The sale deed has to be stamped and registered at a local registration office.
• Other things like location of the property, total area, standard of construction, reputation of the builder or the seller, adequate water and electricity supply in the area and the latent resale value of the property.

Things to be kept in mind while selling a property :

• The seller has to evaluate the entire worth of his property before selling. The seller has to conduct a market research to find out the approximate value of the property or else hire a professional agency to asses its worth.
• After assessing the property, it is important to look for a potential buyer. The seller should give advertisements or contact professional brokers. Sellers should check the reputation of the broker or consultant and the background of the buyer, his financial capabilities and reliability.
• Seller should contact the governing body to obtain a "NOC" or a Non Objection Certificate which is important for the sale of the property.
• All the legal documents should be handed over to the buyer and the property registered in his name.

All the above mentioned points are very important for sellers and buyers of property as property buying is not an easy task and involves many legal formalities which should be duly undertaken.