Many non-resident Indians usually sell their property after gaining citizenship of the new country. But selling property in India is always accompanied by plenty of complicated regulations and formalities an NRI has to go through.
As an NRI you should consider the following points before selling your property in India.
Title of the Property
You should own original or a certified copy of the tittle/Mother deed as that will be tallied for confirming your ownership rights of the property you want to see. The other things a broker/buyer may verify are the records obtained from the society where the property is located or the records of the land from the Sub-Registrar’s office. In case, none of the above methods are able to verify the ownership, the buyer/broker can issue a public notice requesting claims of the property in concern. The document containing the clear sequence of transfers following of the ownership is entitled in your name leading to your ownership.
Encumbrance Certificate
To proclaim that your property is free from any kind of mortgage, the Encumbrance certificate should be shown to the buyer/broker.
Property Tax Receipt
Make sure the tax receipt you show to your buyer/broker is up to date. Selling your property early can sap your profits as Capital Gains-tax is charged on any property sold within three years from when it was bought.
No Objection Certificate
The NOC is issued by the society where your property is situated that mentions the society has no-objection if the apartment is sold.
Completion certificate and Occupancy Certificate
While selling, you should have the completion certificate which determines that the apartment/property is complete the completion certificate is issued by the municipal authorities of the area your property comes under. Occupancy certificate is to authenticate if construction of the property has been done according to the particular norms and standards, confirming it to be occupied.
Power of Attorney
If it is getting hectic for you to come to India regarding your property you can transfer your right to sell your property to the broker. But remember to make an agreement before transferring the Power of Attorney, determining all the details like commission etc.
If you’re an NRI and wanting to sell your property in India, NRI Legal World is your one-stop solution for all your property management matters. Our team of Property Management Lawyers for NRIs provide trustworthy legal and administrative support services across the globe. To get a free consultation, call us at +91 85-85-85-71-71 or email us at info@nrilegalworld.com
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