While selling a property, as a seller, you have a lot of things to planto sell effectively. From checking the right time to getting the right price, there are many things you must consider. Before making a final choice, people tend to be cautious and consider all the possible problems and risks. You might face legal issues if you don’t pay enough attention when dealing with the paperwork before selling the property. Let’s learn more about the documents required for selling a property and why they are important.
The Need For Documents to Sell Effectively
Before selling a property, you must sign an agreement with the buyer. This agreement clearly states all the terms and conditions of the contract. Hiring a real estate lawyer can also be beneficial for you. Here are some reasons why you must have proper documentation before selling a property –
- When you agree to sell a place, having the right documents as a property owner is important.
- If you’re selling a property, the property should be built according to the approved plans from the local authorities. If there are any additional rooms or illegal structures on the property, it could cause serious problems for you in the future.
- You must ensure that the person buying your property has all the identification papers and the necessary documents. This helps you verify the buyer’s identity, thus, helping you with a safe transfer.
Essential Document To Sell Effectively – A Unit
Signing agreements and getting contracts can often be confusing and tiring at the same time. A specific list can help you ensure you have every document you require. Here is a list of all the essential documents you must have before you plan to sell your property-
Title Document
As per the title document, the person must either be the owner of the house or must have a power of attorney. If you have been given a power of attorney, you must have definite documentation to prove it.
Share Certificate
Most residential apartments and units are often part of a housing society. These societies collect a maintenance amount from all the residential apartments within the segment. This maintenance is used for all the functions celebrated within the society, the maintenance of the society and essential repairs. To prove that the residential unit is a part of the housing society, you, as an owner, must have a share certificate. Ensure you have this certificate before you sign the agreement with your prospect.
Electricity Bills
An electricity bill is an essential way to cross-check the property’s identity and status of ownership. Most electrical bills appear in the name of the owner directly. This can help you prove your identity to the buyer for a transparent agreement. However, it is also possible that electricity bills are issued in the name of the housing society, which the share certificate can verify.
No Objection Certificate
Several housing units or residential colonies have certain restrictions for the people staying or owning the property. For instance, bachelors or unmarried couples cannot buy property in many places. To ensure that you have no trouble closing down the deal while selling your property, it is important to acquire a no-objection certificate from society to avoid future complications.
Blueprint of the Property
Every house owner has a blueprint of the property, which was approved by the local authority at the time of construction. This can help the buyer eliminate the reason for worrying about any illegal construction, thus building trust.
Additional Details to Add to Your Agreement( Sell Effectively )
Other than these documents, you should remember several details before signing the agreement. Here are a few things that you must do and get added to the agreement for your benefit-
| Physical inspection of the house | Before you sign any agreement, you should ask the buyer to inspect the house physically. This helps them understand the current state of the house. |
| Maintenance charges | The housing society often takes some maintenance charge billed annually for the repairs and maintenance of the society. You need to clarify with the next owner who shall pay these charges. Make sure to mention this in the given to avoid any confusion. |
| Inclusions and exclusions | Before signing any agreement, discussing what would be included and excluded is important. For instance, if there are extensive repairs such as plumbing or electrical issues, in most cases, you would need to make the payments before handing over the property. However, such details must be included within the contract. |
Conclusion
An agreement is a contract that you sign with the other party. Therefore, it’s critical to safeguard oneself against any future monetary or legal responsibilities you might encounter. You must double-check all of the paperwork before you sign the contract. Additionally, you must ensure the agreement is current with what you have discussed with the interested party. This helps you to maintain a transparent and healthy relationship with the other party.
Frequently Asked Questions
Why is it necessary to prove your identity to the other party?
Only the property owner or the person with power of attorney can sign any agreement. It is not valid legally if you do not have a power of attorney. Furthermore, you might get drawn into several legal cases and be in a difficult situation. Hiring a real estate lawyer is always an ideal choice.
What is needed to check the blueprint of the property?
As per the rules and regulations of the corporation, every major construction made in the house must be approved by the local authority. This is marked in the blueprint of the property. If you have made any illegal constructions, such as adding a room or a floor over the terrace, the buyer might face a problem in the future. You can easily get this from the building manager or the chairman.
How can I prove my identity when I am signing the agreement?
You must collect a transfer certificate, electricity bill and their identity proofs. You must also consult a lawyer to draft and verify all the documents you have in hand to ensure everything meets the requirements. The lawyer will also help you verify the documents, making you feel more secure from a legal point of view.
