The process of selling a property in India typically involves the following steps:
- Property Valuation: The seller gets the property valued by a professional valuer or real estate agent to determine its market worth.
- Documentation Check: The seller gathers all relevant documents related to the property, including title deeds, sale deed, property tax receipts, building plan approvals, NOCs (No Objection Certificates), and any other legal documents.
- Preparation of Sale Agreement: The seller and the buyer negotiate the terms and conditions of the sale, including the sale price, payment schedule, possession date, and other relevant clauses. A sale agreement is prepared, outlining these terms and signed by both parties.
- Due Diligence by Buyer: The buyer conducts due diligence on the property, which may involve verifying the title, checking for any encumbrances or legal issues, and ensuring all necessary approvals are in place.
- Obtaining No Objection Certificates (NOCs): The seller obtains NOCs from relevant authorities, such as the society or local municipal corporation, confirming there are no outstanding dues or objections against the property.
- Execution of Sale Deed: Once the due diligence is completed and all necessary approvals and NOCs are obtained, the parties proceed to execute the sale deed. This involves signing the deed in the presence of witnesses and registering it with the local Sub-Registrar of Assurances.
- Payment of Stamp Duty and Registration Fees: The buyer pays the stamp duty and registration fees applicable to the sale deed as per the local laws and regulations.
- Handover of Possession: After the sale deed is executed and all payments are made, the seller hands over possession of the property to the buyer as per the agreed-upon possession date.
- Transfer of Ownership: The buyer becomes the legal owner of the property upon registration of the sale deed in their name. The seller provides all original documents and keys to the buyer.
- Post-sale Formalities: The seller notifies relevant authorities, such as the local municipal corporation, society, and utility service providers, about the change in ownership. Any outstanding dues or bills are settled, and the property is transferred to the buyer’s name for property tax and other purposes.
It’s essential for both the seller and the buyer to engage legal professionals, such as real estate lawyers or property consultants, to ensure a smooth and legally compliant transaction. Additionally, understanding local regulations and compliance requirements is crucial for a successful property sale in India.