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The Most Essential Things To Know Before Buying Or Selling Property In Mohali

With Mohali having become a major real estate hub in North India, it is not surprising that a large number of people are showing interest in buying and selling property in the area. However, since both the sale and purchase of property is an extremely critical and even life-changing decision, it needs to be taken after much consideration and thought. With most people risking the investment of a lifetime for buying or selling their property, MT Mohali wishes to help informing the buyers/ investors,  how important it is to be aware of the important things that are integral to the purchase and sale process to ensure that they get good value for their money.

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Buy And Sale Property

Things To Consider While Purchasing Property

Purchasing property is a decision that needs to be taken in an extremely logical and careful manner. There are several things that need to be checked and verified by the buyers to ensure that they end up with a truly valuable piece of real estate. Listed below are some of the most essential things that people intending to purchase a property in Mohali need to keep in mind.

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Thing About Property
  • Depending upon whether they intend to buy commercial or residential property, buyers should approach only reliable and well-known real-estate developers.
  • In case of people purchasing a unit within a multiple apartment or shopping complex, it is important to do a complete background check about the real estate builders developing the property.
  • It is extremely critical to ensure that the land on which the property is being developed has been legally purchased by the property developers and is not involved in any kind of litigation.
  • In case of people seeking independent properties or chunks of land, it is important to verify its current market value based on location.
  •  Every buyer should make a point to check the allotment letter and the development agreement for the property they intend to purchase and even ask for a copy of the same.
  • It is the responsibility of the buyers to get details about the type of construction material being used as well as to verify whether or not the construction is done in accordance with the local land and building laws.
  • Buyers also need to ensure that the property they choose is not too far away from important places such as medical centers, schools and markets.
  • Buyers should also check out the availability of the facilities and amenities that are claimed to be available with the property.
  • It is also important to verify the resale-value of the property and ensure that no hidden costs are applicable to the property once it has been purchased.
  • The final step is to ensure that a valid Stamp Duty and Sale Deed is made and got signed by the required and approved government authorities.

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Graph

Things To Consider While Selling A Property


Many people feel that selling a property is much easier than buying one. However, this is not entirely true as people who intend to sell their property need to consider various things so that they get the right value for their property in a smooth and hassle free manner. Listed below are the main things to consider while selling a property in Mohali.

  • The first and the most important aspect of selling a property are to get it evaluated by expert professionals and evaluation consultants.
  • It is important to market the property in the right circles and through the best property websites so that the sellers get genuine customers.
  • It is important for the sellers to do some online search and background check about prospective clients before meeting them personally.
  • While dealing with the prospective buyers, sellers need to evaluate their financial stability, reason for buying the property, trustworthiness and even their personal and professional credibility.
  • While it is important for the seller to highlight the positive points about their property, it is also advisable to make the buyers available of any drawbacks that it may have.
  • While setting a price for their property, sellers should take into consideration not only its current market value but also the investment capability of the buyers and the estimated cost of any repairer work needed.
  • Whenever possible it is advisable to seek the guidance of a professional for selling the property in a smooth and hassle free manner, even if it means paying a small commission to the professionals.

 

The Paper Work Required
In addition to considering the aforementioned points while buying or selling a property in Mohali, the people involved in the process also need to be aware of the paperwork required for the same. Both the buyers and the sellers might need to submit different documents for completing the process, listed below is the general paperwork for both under separate headings.

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Papers Works

For Buyers

  • Sanction letter from banks or other authorized financial institutions for the loan acquired for property purchase.
  • Copy of a valid ID proof and income certificate of the buyer .
  • Copy of possession letter provided by the property developer.
  • Copy of latest IT returns filed along with copy of the pan card.
  • NOC from various regulatory bodied in the area.
  • Approved copy of the building plan sanctioned by the statutory authority.

For Sellers  

  • Letter of allotment confirming that the property has been allotted to the seller by a relevant society or authority
  • Original sale deed verifying that the property has been purchased in a legal way by the seller from its previous owner
  • A copy of the construction plan along with the occupation certificate of the property, both of which are approved by a competent authority.
  • An encumbrance certificate as proof of the fact that the property is free from any legal issues or other land disputes.

In addition, to the above documents, the buyers and sellers might need to submit additional documents depending on the type of property they are dealing in. Moreover, the NRI’s need to complete an additional set of formalities and paperwork before they can even initiates the process of sale or purchase of property. As such it is advisable for them to hire professional real estate agents for getting the job done quickly and in a profitable manner.
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Buy Sale

Need assistance in the above matter, write to us. We shall try to help you through. Contact Us.