How to sell property?
Step 1- Fix the property.
- Fresh coat of paint- fill up cracks, preferably light colour.
- Kitchen and bathroom –fix the leakage problems.
- Electrical fixtures –fix the fans, light wires, switch boards.
- Deep cleaning - preparing for sale, wash fabric items.
Step 2 - Clear all Dues.
- Property tax.
- Electrical, water, gas bills.
- Maintenance charges of society and RWA dues.
- If possible clear home loan
- Other liabilities or disputes.
Step 3- Documents in order
- Ownership documents –sale deed, conveyance deed, GPA ,lease deed, etc
- Chain of title -previous ownership documents.
- Receipts –property tax, electricity, water, gas, maintenance.
Step 4- Time to sell
- Sellers market ( restricted supply)
- Buyers market (oversupply)
Step 5- Valuation & pricing.
- Assess right market valuation.
- Highlight rental returns in case of commercial property.
- If you need urgent money, you can offer upto 5% discount.
- Describe location & nearby facilities –school, hospitals, markets, metro, airports etc.
- Describe complex & amenities – temple, sports, Gym, club, swimming pool, parking etc.
- House picture or videos will even be better.
- Social network – Facebook, Twitter, Youtube, Mail
- Online ad on popular portals CLEARDEALS.CO.IN.
Step 7 –Negotiation & Agreement.
- Talk about positives of property, vastu, sunlight, ventilation, luck & charm awesome, neighbourhood & top class maintenance.
- Describe complex & amenities – temple, sports, Gym, club, swimming pools parking.
- Say your figure and wait for buyer’s response.
- Try to close the deals as much closer to your figure.
Agreement of sale
- Collect advance from buyer- usually 10%.
- Sign agreement of sales with buyer
- Include payment terms, payments time (2-3 month) defaults penalty etc
- Collect payment as per payment schedule.
Step 8 – Sale deed
- Execute sale deed with buyer at sub registers office.
- Collect demand draft from bank representative in case buyer has take home loan
- Hand over all original property documents to buyer.
This is the correct procedure to sell your property.