3 Points To Remember Before Selling Your Property

by Anushka Rajapurkar VJ & Actress

Buying a house is one of the biggest decisions. You have to take into consideration several factors before narrowing down your options. While factors like locality, amenities, and so on do require your attention, hidden costs and legalities also need your focus. Reputable real estate companies like Lodha, Neelkanth Realty, Hiranandani, Godrej Properties, and likes understands these nuances.

But what if you want to put your property for sale? Say you bought a house in Thane and wanted to sell it off? What tips do you have to keep in mind while doing so?

Taxation: Be it a residential or commercial property, the tax is one of the aspects to keep in mind before putting a property for sale in Thane. The taxation rate, however, depends on the timing of the sale. So, if a seller sells the property three years after buying it, they are liable for the short-term capital gain tax. But the new rule has positive changes for the sellers. In case you sell the property three years after owning one, you are eligible for long-term capital gains.

Liabilities and loans: Selling a property with any obligation or loan is an easy task if all the documents are in place. This aspect involves three scenarios:

If the buyer wants to purchase the property for sale using their funds, they have to either make a down payment or close the existing liability of the property. The seller will need to submit an outstanding loan letter and make payments favouring the bank and verify the documents for the same
If the new owner wants to take a housing loan for buying the apartment, the bank issues the outstanding amount favouring the existing loan on receiving the NOC from the current lender. For this purpose, both banks have to sign an agreement
Then there are those sellers who wish to purchase another property on an immediate basis by selling the current one. In such scenarios, often sellers are held for not furnishing the sale deed or actual sale documents. So, banks have introduced bridge loans to fund these temporary financial requirements. You can check with the bank for such arrangements.

Legal documents: When you put a property for sale in Thane, you must consider legal help as some properties may be into legal disputes. In some cases, the property documents may be To become the legal owner of the sold property, the buyer must legally register it at the sub-registrar’s office. The legal charges depend on the location, size, and city of the new property. Most of the registrar’s have computerised the process.