1-minute brief: Buying and Selling Property
Buying and selling property is a rigorous process that involves in-depth research, conscious planning, and due diligence. This blog presents the detailed steps involved in buying and selling a property.
Foremost, it is always beneficial to consult an expert like Homebazaar.com while purchasing and selling the property. We offer a user-friendly and tech-driven interface with a range of properties across various locations, carpet sizes, and price options. Homebazaar is a credible and trusted property listing portal that will provide you with the best deal.
Buying a property requires proper budget planning, financial assessment, market research for properties, pre-approving a loan, site visits, consulting an expert, site visits, due diligence, registration, property inspection, and possession after document verification.
Similarly, selling a property also involves several important steps to get the best deal without any legal complications. The steps involved in property sale are value determination, necessary repairs and renovations of the property, advertisement, confirming the title deed, drafting the sales agreement, and handing over the possession. With strategic planning and expert guidance, buying and selling a property is an easy process.
Property ownership is the biggest financial commitment and achievement in India. Property investment is a daunting task that requires thorough market research, site visits, budget planning, documentation, verification, loan processing, and much more. Buying and selling property requires considerable time and due diligence.
Buying a property is a long and complex process, but it can be simplified with proper planning and research. Similarly, selling a property also requires legal compliance and market research for a profitable and secure deal. Read more to understand the detailed process of buying and selling property in India.
Homebazaar.com – Trusted Property Buying and Selling Platform
Homebazaar.com is the most trusted and credible property portal. With over a decade of experience and goodwill in the industry, we have collaborated with some of the top developers across India. Our tech-driven and user-friendly property listing platform offers you the best-suited property deal.
Homebazaar.com provides customer-centric and personalised services with end-to-end assistance. Our user-friendly interface lets you filter out your preferences for the property. We offer video tours, site visits, 360-degree locality tour, details of the vicinity, specifications, investment potential, etc.
Also read: How to buy a house through the right platform
Buying A Property In India
Buying a property in India involves numerous steps, right from budget planning to booking a unit. It requires rigorous planning, organising, and consciousness to avoid any discrepancy. Below are the steps involved in buying a property in India.
Budget Planning – It is the primary step in the homebuying process. Before opting for a property, you must do your financial assessment and plan the budget accordingly. Keep your CIBIL score good to gain the maximum loan amount at favourable terms. Allocate funds strategically and always maintain a backup fund for 3 – 4 months.
Right Location and Property – Research and explore various markets as per your preferences. Always choose a suitable location and property that is convenient for you and your family. Consider factors like safety, connectivity, social facilities, emergency services, property type, RERA registration, builder credibility, etc. Visit the property site to understand the real condition and specifications of the property.
Select the Lender and Pre-approve the Loan – Research for the credible lenders with favourable loan terms and conditions as per your financial requirements. Provide your credit score to confirm your eligibility for the loan. The pre-approved loan amount increases your chances of getting the best deal for the property.
Due Diligence – Due Diligence is one of the most vital aspects of your homebuying journey. You must read and verify all the necessary documents before purchasing the property. Verify the title deed, building plan, encumbrance certificate, sales agreement, and RERA certificate. You can consult a certified legal expert for this.
Site and Purchase – Never fail to visit the property personally before closing the deal and purchasing the property. You must do the inspections and go through the building layouts to confirm that all the commitments are met.
Possession – Before taking possession of the property, inspect the property for any electrical defects and internal damages. Read all the documents properly before registration and signing the allotment letter.
Read more: Beneficial tips for first time homebuyers
Selling A Property In India
Similar to buying, the selling process also requires market research to determine the value of the property and due diligence. The seller or owner of the property must also be aware of the tax implications and capital gains on the sale. Clearing all the titles and encumbrances is vital before one sells or transfers the ownership of the property to another. Below are the steps involved in the selling of property.
Market Research and Determine The Value – Conduct a thorough market research to understand the ongoing property rates in the neighbourhood. Considering the carpet area, facilities, construction quality, and interiors, determine the right value of your property before initiating the advertising.
Property Repairs and Renovation – Before planning to sell the property, it is important to undertake necessary repair works and beautification in the property. This makes the property more appealing and worthy of investment. This displays the integrity of the seller.
Property Listing and Advertisement – List your property on the online property portal or consult a local broker. Homebazaar.com is a verified channel partner that will help you in selling your property at the best price.
Confirming the Title Deed – The title of the property must be free from any encumbrances. Make sure to authenticate the title deed of your property before listing it online or advertising it in the market. Also, acquire an Encumbrance Certificate from the sub-registrar office of your vicinity to ensure zero legal complications or entitlements against the property.
Drafting Sales Agreement – To close the property deal, you must have a duly drafted and verified sales agreement. Consult or hire a legal professional or real estate consultant to draft the sales agreement. It is a vital document stating the final price, date of the deal, payment terms and other relevant conditions.
Property Registration – Property registration is equally mandatory in the sale of the property. The seller must confirm whether the property and the sales agreement are duly registered with the sub-registrar’s office. Check whether the registration fees and stamp duty are being paid properly, along with tax compliance.
Possession – Make sure to hand over the possession of the sold property to its rightful or new owner. The possession of the property should be given as per the mentioned date and stated conditions in the sales agreement.
