Get All The Property Documents Ready Before You Sell Your House

When you sell your own house, get a checklist of certain documents prepared. A buyer may not insist on all the documents but if he is planning to avail of a housing loan, then the bank will insist on the smallest document related to the house. Hence, it is always better to do a document check before you start negotiating with potential buyers. The most important documents required to sell a residential property are the housing society share certificate and the sale/ purchase deed. The sale deed will confirm the land/flat is on your name (the seller's name) and only you have the full right to sell the land/flat. You need a copy of previous deeds if you have also bought it as a resale property.The previous deed/deeds are required to confirm the authenticity of the deal and the property. You also need original copies of the stamp duty and registered house documents. The seller will also require a no-objection certificate (NOC) from the housing society. In case of joint ownership, the owner/owners have to submit documented consent from the joint owners. Homebuyers insist on these documents if they are opting for a housing loan. Apart from the title clearance and NOC, the precise details regarding the age of the building, the floor plan, the carpet and built-up area, the conveyance of the society, car parking status, land title (free hold/lease hold/collectors land) and transfer charges of the building and the apartment need to be attended to.

Often houses which are 30 to 40 years old may not have proper registration. There have been announcements for homeowners to update the required paperwork. If you have not completed the required procedure, you should ideally pay off the outstanding stamp duty and file for a registration. "In the case of a missing share certificate, the intending seller should request the housing society to issue a duplicate copy. If the sale/purchase deed and/or chain of agreements /deeds are misplaced, an indemnity bond needs to be furnished by the seller along with a confirmation letter from the housing society.Similarly, if the original copy of stamp duty and registered house documents are unavailable, an indemnity bond must be furnished by the seller. In any case, the deed must be registered after paying up the valid stamp duty. A public notice will also have to be issued. But remember you cannot sell the mortgaged property. Borrowers tend to take the payments in tranches and pay off the loan from one such instalment. But if the buyer insists on 100% paperwork before he pays the first instalment, then you cannot carry forward the deal if you are servicing the loan.