The Procedure of how to sell property?


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.

Step 6-Marketing

Property details

  • 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.

Marketing channels

  • Social network – Facebook, Twitter, Youtube, Mail
  • Online ad on popular portals CLEARDEALS.CO.IN.

Step 7 –Negotiation & Agreement.

Negotiation

  • 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.