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Once you decide to sell your property you must make it certain what is the basic object of your sale: like you intend to buy another property by selling this (which could be more or less than its value), you want to invest money in business or any other area. Other thing one has to look at the property market situation as it has a lot of bearing on your property sale prospects. If it is buyers market it will be different scenario as compared to either sellers market or in a neutral market. You will have to adopt the right strategy according to market and your requirement.
 
If you intend to buy another property, which is bigger (thus expensive) it is advisable to sell it when the prices have crashed. You would defiantly get fewer prices for your property as compared to natural market, but your purchase for a better/bigger price would also be cheap and you would need to add less money to buy your required property as compared to scenario when the market is giving you a better price for your own property.
 
If you intend to invest the realized money in business of any other area you should try to sell it at a time when there is right price available. Though like stock markets it is difficult to predict what is the highest and lowest market price but one can find out the right market prevailing price of similar property which you intend to sell and once you are able to achieve your target price you should sell your property.
 
No doubt you need to present your property in a manner that it should appear to be one of the best proposals available for sale to intending purchasers. At the same time you must appreciate the plus and minus points of your property and calculate the right price for the property. It is very easy if you take a look at your property with an eye of a buyer.
 
SOME IMPORTANT POINTS YOU SHOULD TAKE A NOTE WHILE SELLING YOUR PROPERTY:-
Built up area, Accommodation, Plot Area, Construction quality, Age of Construction, Its location and property ownership title. Other details like Electricity load, water supply, house tax structure, distance from the market, schools, hospitals, airport, railway station, bus stand, etc. also make an impact on sales of your property price. Any other positive point/s should also become part of this Summary but minus points of your property must be at the back of your mind so that when you negotiate your property price you know them.
 
DECIDE WHO WOULD SELL YOUR PROPERTY :-
You should decide whether you intend to sell your property on your own (a difficult scenario) or you intend to depend on a real estate agent :
 
If you intend to sell your property on your own (as quoted above it is a very difficult and tardy process) you would need to place advertisements in Newspapers and Websites. Before you place advertisements you should be ready with the summary of the property and the right price you expect for your property. It is a common trend today to expect some bargain so people normally quote little more than the price they wish to get for their property. So, you should quote a little higher to the caller and in case you give the right price you should mention that this price is not negotiable. You should be ready with all answers to questions which a Buyer could ask (which would be available if you have the summary ready with you).
 
In case you decide to sell your property through a Real Estate Agent you should select the right estate agent. The right real estate agent is a person who is dependable, established and has a good reputation in the market. Further, he should have a good knowledge of property trade and the laws in operation in the state. Though real estate consultants list your property without any charge, one needs to be careful in choosing them as they are representing your property. A good real estate can bring in good clients and results. Check the real estate agent's infrastructure, experience, his knowledge of the trade, some references he could provide. You can check up with your friends, and other people then decide which real estate agents is suitable for the job. You may opt for an exclusive real estate consultant, in case you feel he is worth it or you can select two or three only to list your property with them. It is not at all in your interest to list your property with too many estate agents.
 
FIND OUT THE RIGHT PRICE: -
 
Once you know the right price of your property you would be able to sell it at the earliest. Everyone wishes to attain maximum price for his property. However you need to be realistic. There is no point that your property is listed at a higher price but does not conclude in a transaction. At the same time you would not like to sell your property lower than the market price. Best way to ascertain the right price is to check up with real estate agents the price of a property similar to yours, check up with friends and neighbours if they know the price of any property sold in your vicinity. Then compare the plus and minus points of that property with yours and you can come to the right market price for your property. Nevertheless, if your property is good for a self user you can get a better price from an end user as compared to a builder who would pull down the entire building to make new flat/s and he would never take the cost of an existing construction into account while making an offer for your property, whereas an actual owner would be willing to pay a part of it.
 
  If you try to negotiate the brokerage of the real estate agent, his interest in your property would become low so don't try to cut on his brokerage.
  Let your estate agent know your property details and the summary you have made as it would make him aware of every positive aspect of the property and he would be in a better position to market your property.
  If you wish to sell your property on your own, place advertisements in Newspapers or web portals which have better accessibility on the days when they publish special property pages.
  Put your property in presentable condition so that when a buyer visits to see this property it does not appear to be in a bad shape. Small expense on getting the right lighting, paint and clean floors would fetch much better price.
  Don't show your desperation while negotiating your price. Remember if a buyer likes your property he would pay a good price but if he does not like it he won't buy it even if you reduce your price.
 
IMPORTANT CHECKLIST:-
 
  Best Selling Time Is When Real Estate Market Is Up.
  Best Purchasing Time Is When Real Estate Market Is Down.

IMPORTANCE OF LEGAL OPINION:

A legal opinion enquires into the status of a property. This is very important to understand if the property intended to be purchased comes with a clear and marketable title.

Broadly a legal opinion covers:

  • Identity of the owner of the property?
  • The chain of holding and transfer of property over a period of time
  • Encumbrances, if any
  • If ownership of the property is disputed
  • Whether the transferor or seller has completed all the requirements to get ownership of the property
  • Whether the transferor or seller is competent to transfer the property

A legal opinion is an important aspect during the acquisition of any property. This is an integral part of the property acquisition part of the property acquisition process. The purchase of property is a complicated process. Each state has its own systems of acquisition and transfer of property. The land records are generally in the local language. Going through the property documents is not easy. One needs to go thorough a host of documents to trace the ownership of the property. Although the purchaser can do an initial review of the documents, it is always advisable to have these documents checked by a legal expert.

The legal experts are in a much better position to review and give their opinion on the status of the property. They are generally much more aware of the local laws, rules and regulations.

The legal expert will prepare a search report. The search report traces the history of the property i.e. who were the original owners of the property and how it has moved hands over a period of time before reaching the present seller.

In order to avail a housing loan one of the preconditions is that the title of the property should be clear and marketable. ‘Clear and marketable ‘means the seller should be genuine and the actual owner of the property. Further, the property should not be under any dispute or litigation. A search report traces this history of the property. It also certifies the authenticity of the seller.

A search report and title certificate can be obtained from an advocate who will conduct a survey of the title of the property by visiting the office of the registrar.

In case one is opting for a housing loan from a bank, generally, the bank obtains the legal opinion before sanctioning the loan amount to the borrower. In many cases, the lending bank has its own advocates who specialize in this exercise. Usually, the cost is nominal and is built-up in the processing and administration charges charged by the bank to sanction and disburse the loan. Others charge a nominal fees for this exercise.

The costs of obtaining such an opinion are not very high. They generally depend on the nature of work to be done. In any case, these constitute a small part of the property transaction.

The benefit of having such an opinion is that reduces the opinion is that it reduces the chances of getting into legal disputes at a later stage. It ensures a potential buyer stays away from disputed properties.

DOWNLOAD USEFUL DOCUMENTS FOR REFERENCE RELATED TO PROPERTY :

  AGREEMENT TO SELL AND PURCHASE OF PROPERTY.
  AFFIDAVIT BY EXECUTOR OF THE WILL ON DISTRIBUTION OF IMMOVABLE PROPERTIES TO LEGAL HERIS AS PER THE WILL.
  RENT AGREEMENT FOR TENANCY LEASE.
  GENERAL POWER OF ATTORNEY.
  RENT AGREEMENT.
  SALE DEED OF PROPERTY