If you are
planning to buy a new home through a prominent builder, the builder would guide
you through the process of buying home loans and other legal formalities
involved in the registration process. Many projects are coming up in almost all
the cities like Delhi, Mumbai, Bangalore, Chennai, etc. which are affordable to
the home buyers. But if you are going to buy a home which is available for
resale or if you are planning to sell your home, then you need to consider a
few important aspects.
Use of online marketing strategies
Nowadays many people are depending on
website listings for buying and selling their homes, for, internet plays an
important role in real estate these days. You can even take a virtual
walkthrough of your home as a marketing strategy so that you sell your home
easily.
Price Negotiations
Fixing the price of a home is an
important aspect that helps in easy completion of the deal. The buyer and
seller can enter into negotiations themselves or through the agents in the real
estate market to ensure a fair deal is reached. At the same time, if the price
fixed is too high or too low from either side would take lot of time in closing
the deal.
Entering into agreement
Generally in India, the home buyers
and sellers enter into agreement or contract which is duly signed by both the
buyer and the seller for having entered into an agreement for sale. The parties
generally consult a lawyer who prepares the contract which contains the cost
that is fixed for the home under sale, advance amount paid during the agreement
by the buyer to the seller, time duration agreed for the deal to get over, loss
which the parties would incur if they do not adhere to the time schedules, etc.
Registration Process
First of all, sale deed needs to be
prepared by a licensed document writer after consulting with the lawyer
regarding the legal aspects involved in the sale. The buyer and the seller need
to register the new sale deed in the sub-registrar office. The registration
process requires all the relevant documents like tax documents, previous home
documents, sale deed, etc. to be submitted before the registration of the new
sale deed takes place.
If the property for sale is a single ownership property, then
the process would be simple. But, if the property belongs to more than one
person, then power of attorney may be given to one person who can decide on the
property. In case of closing the deal with joint properties, it is required
that all the owners of the property have to sign the deal.
Both the buyer and the seller need
to take care of the cost involved in the sale process like the stamp duty
payment, lawyer’s payment, document writer’s payment, and other miscellaneous
payments involved. Both the buyer and seller need to sign in the sale deed
along with the witnesses of the sale deed.
