When you are selling your home, many legal aspects are attached to it. Many things will appear in your head when you are a part of such a transaction. It can be anything related to the required documents for sale or whether you are following the correct process. Also, you need to know the kind and degree of risks attached to such transactions.
So, if you plan to sell your home for cash and cannot answer such questions, selling your house can become a delayed and ugly process. Here are some legal aspects you should know while selling your house for cash.
1. Evaluating The Price And Positioning Of Your Property
The first legal step towards selling your property for cash is that you should make a proper valuation of your property. There are two steps to do it. The first step is to do a self-assessment of your property and then use any expert or an external source to determine your property’s true value.
The prevailing market rate in the place where your household property is located, and you should pay attention to the same. When catering to such rate trends, it is better to settle for the pricing and reach a sought solution.
2. Get Hold of a Potential Buyer of the Property
Another step in selling your home in exchange for cash is to get in touch with a potential buyer. You should ensure you are not intimidating your buyer by demanding an extravagant amount for the property you wish to sell. When you are nearing bagging a deal with any interested buyer, you should ensure you check the credentials with them. Also, you should set clear terms with them.
Also, it would be best if you did not forget to get the background of your buyer, followed by their financial capability and reliability. Also, it would help if you kept your options open. It would help if you did not go with the first buyer who is reaching out or the one you like. You should keep talking to 3-4 buyers and choose the one that fits your preference the most.
3. Communicate to the Concerned Governing Body
The first thing you need to do is have a satisfactory feeling after learning about your purchaser’s credentials. After you reach this stage, you should focus on fulfilling the next step. The next step concerns communicating with the management or the head of the housing society about your intention to sell the house and about the information of those who wish to buy it. Also, the local government and the corporation should be informed. You should obtain a No-Objection Certificate from the management regarding the transaction. The transaction will be smooth and less problematic when you get such a certificate.
4. Legal Documentation and Other Details
After the basics, you should move forward with the legal documentation of the home you plan to sell for cash. To streamline the process, you can begin by fixing an appointment with an official, like a sub-registrar. You should get the home registered, and if it is already done, you need to change it under the name of the new purchaser or the owner of the house.
When undertaking this step, you should consider that you and the property’s purchaser should be present when the sale deed is planned to be executed. Also, it would be best to have prior discussions related to the same, so there are no issues or backlogs later. Also, you should fix an appointment at a time frame and day when both parties are good to go with it.
When you are selling your home, there are some documents that you need to focus on. They are as follows:
- The letter of allotment is an important document that confers the property allotment instead of the seller who has originally purchased the property from the relevant professional.
- Also, it would help if you did not forget to attach all the original sale deeds of all the people who were once the owners of the sought property. When dealing with a property with a clear title and documentation, there are chances you can have a better price for such a property.
- Apart from these, you must attach copies of the approved building plan with the sale. Also, it would help if you did not miss attaching the occupation certificate from the local municipal authority. They are relevant documents for such a sale.
- It is your responsibility as a seller to ensure that the property you wish to sell does not have a disputed title. It will help attach a good price; hence, you should have the encumbrance certificate, too.
- The agreement can come into the picture when all these documents have been arranged and properly placed. The parties can think of sitting down and agreeing on the terms and conditions to guard the overall transaction. You can have the blueprints and begin noting all these on non-judicial stamp paper.
5. Know the Laws Related to Household Sale and Purchase
House is an immovable asset but is tangible. When selling the house or transferring it in the name of the new owner, you should have an idea of the main legislation governing it. The buyer and seller are major parties to the transaction; hence, they have several rights and liabilities attached to them.
When selling the property, you should be responsible and disclose all the material facts to the interested parties. You should have all the documentation in the right place and cater to all the doubts the buyer places in front of you. It would help if you took more care of the home between the date of the contract and the date on which you will transfer the property to the buyer, who is now the home’s new owner.
Some legal intricacies are attached to buying and selling the house. The seller should cater to their responsibilities during such transactions. A lot of detailing should be done, and the sellers should not shy away from doing the same. The idea is that no one should be deprived of any advantage, knowledge, or information related to home selling in exchange for cash.