What documents do you need to sell a property in India?

What documents do we need to sell a house?

What Documents Do You Need to Sell Your House?

  • Proof of your identity. …
  • Property title deeds. …
  • Shared freehold documentation. …
  • Energy Performance Certificate. …
  • Management information pack. …
  • Fittings and contents form. …
  • Property information form. …
  • Mortgage details.

How can I sell my property in India?

The process of selling a property owned by an NRI in India is as follows:

  1. Hire a brokerage company to conduct a comprehensive valuation of the property and determine its value.
  2. Carry out all the necessary paperwork related to the sale of the property. …
  3. Understand the tax liabilities.

Do you need OCI to sell property India?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

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Can I sell my property without documents?

The basic document is the the title document of the proeprty without this no one can sell any property. You can get the registration copy of the sale deed lying in yor father’s name from the registrar’s office.

Do you need a electrical certificate to sell a house?

When selling a house, there is no legal obligation to provide a buyer with any electrical safety certificate. When selling a house the potential buyer may want to perform a safety test on both gas and electricity for their own assurance. …

Do I need an EICR certificate to sell my house?

An EICR is not a legal requirement if you are selling a property, but it can give a potential buyer the peace of mind that the electrics are safe.

What is the procedure for selling property?

Sale agreement

Once the documentation is cleared, both parties can then enter into an agreement to sell and confirm the terms and conditions. Subsequently, they can execute the sale deed based on the agreement to sell. Sale agreement is signed and executed by the seller and buyer on a non-judicial stamp paper.

Do I need to pay tax if I sell my property in India?

If you are planning to sell your property, you’ll have to pay capital gain tax on the profit earned after considering the inflation and indexed cost of acquisition. … If you’re selling a property in India, the profits you earn are called Capital Gains.

How long does it take to sell a property in India?

However, selling a property is a long-drawn process—even in a healthy market, it usually takes 4-6 months. But in the present scenario, which is said to be a buyer’s market, it may take even more time to sell at a reasonable price as the number of sellers outnumber that of buyers.

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Do I need RBI permission to sell property in India?

RBI permission is required for sale and purchase of property in India by: Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan. Even to lease a property in India, RBI permission is required.

How can I avoid tax on property sale in India?

It is pertinent to recall here that the exemption was limited to only one property before the Budget 2019 extended it to two properties. In case you are reinvesting the proceeds in two properties, the deduction will only be available if the capital gains on the sale of the property does not exceed Rs 2 crores.

Can NRI sell property in India without PAN card?

Property is an important resource, and for ages, it has been an exceptionally time-consuming and taxing process to sell property in India from overseas. … In order to enter into a property transaction, it is not necessary for an NRI or a PIO (origin being dated up to the fourth generation of ancestry) to have a PAN card.

What are the property documents?

Here is an important checklist of property documents you need to have a look at!

  • Sale Deed: …
  • RTC Extracts: …
  • Khata Certificate and Extracts: …
  • Mutation Register Extracts: …
  • Joint Development Agreement: …
  • General Power of Attorney: …
  • NOC: …
  • Ratification Deed:

Do I need original title deeds to sell my property?

In short, yes you can sell your house without the deeds, however you must be able to prove through other means that you are the owner of the property. As the deeds are the assortment of documents which usually prove ownership, proving it without them can be a more protracted process, but it is by no means impossible.

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How do I sell my house privately?

With that fact in mind, let’s look at five steps involved to sell your house yourself.

  1. Step 1: determine the fair market value of your home. You must get this step right. …
  2. Step 2: prepare the home for sale. …
  3. Step 3: market the home for sale. …
  4. Step 4: negotiate the sale. …
  5. Step 5: handle the closing.