The real estate agents provide a wide range of support to the seller in carrying out the sales transactions of the property. The wide range of assistance they provide includes the setting of the idealistic price for the commodity, aid in inspection of the property, making necessary changes to ensure that the defects in the property are resolved, etc. Real estate brokers play a vital role in the listing and marketing of the property.
They also facilitate home showing and the negotiation process. They also assist in the closure of the sales transaction. It is not mandatory to hire a real estate agent to carry out the various procedures and the owner can sell his property on his own. However, it is recommended that a real estate agent is hired to carry out the process in a much more organized manner.
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Do you need a real estate license to sell your own home?
As stated above, the direct answer to this question is that you do not need a real estate agent or license to carry out the sales transaction of a property. No law mandates the hiring of a real estate agent to facilitate the sale transaction. Despite the advantage that you can eliminate charges on the commission, it is often recommended that you hire a real estate agent to carry out the transaction as they can provide professional assistance that could solve the hassle and improve the quality of the transaction.
Even though hiring a real estate agent is not mandatory to sell off your property it is highly recommended to have one because there can be certain flaws in a transaction that can be fixed by a professional. The real estate agents help fix realistic prices on the property. They consider various factors such as the sales value of similar properties.
This will help the owner from losing potential clients due to overpricing or the seller from loss due to underpricing. They also prepare the house for sale. They analyze the various defects in the property and do the necessary repair works on the same. They also help the seller identify which are the defects on which discount could be granted, etc. They help in staging, listing, and marketing of the property.
Real Estate agents also facilitate negotiating and in the closure of the sales deed. If the seller of the property has ample time and is well-organized, then he can carry out this process himself and doesn’t need external aid.
What paperwork do you need for sale by the owner?
The paperwork required for sale by the owner is not very different from the sale with the help of a real estate agent. The difference is that by employing a real estate agent, your task becomes quite easy to handle as they check through the various documents and ensure that they are in place. The various documents that are required for the sales transaction include:
Agreement to sell:
This is the first document that the seller should check through and verify. The seller should read through the various clauses in the agreement to ensure that there are no fraudulent activities that have been carried on.
Sales Deed and title deed:
They are one of the most important documents that record the transfer of the property from the seller to the buyer. The deeds need to be registered in the sub registrar’s office in whose jurisdiction the property falls.
Title search and report:
It is the document that traces the history of the property and provides details such as past ownerships and past transactions on the property. This document is often demanded by the banks to grant loans.
Khata Certificate is a document that is required to be produced by the seller. It shows that the property has been registered with the municipal authorities and is known by different names in different places.
The seller is also responsible to produce the tax receipt showing the latest tax payment. This is an important document as it can establish the owner’s legal status on the property. Thus it is important evidence of ownership.
Encumbrance Certificate is also an important document that states that the property is free from any form of liabilities and that no dues are pending on the property. It is also a key document that is required to avail of bank loans. It contains details of the various transactions.
It is a document that shows the occupancy of the property and that the construction on the property is carried out following the sanctioned plan. This certificate is issued by the municipal corporation.
If there exists any form of outstanding liabilities on the property, then you must produce a NOC from the bank or lender with whom the property has been pledged. This is important as it amounts to the disclosure of material facts that come under the ambit of Section 55(1) of the Transfer of Property Act. A NOC should also be acquired from Sewage Board, Pollution Board, Environment Department, Traffic and Coordination Department, etc.
Sanctioned building plans:
You must get the building plan of the property sanctioned before construction works are carried out because any additional construction carried out on the property can be demolished as they are illegal. Thus the seller must produce the sanctioned building plan to the buyer to cross-check and verify.
Do you need an Aadhaar card to sell property in India?
Answering this question, it is to be stated that this document acts as proof of the identity of the seller and the buyer. It is also used as address proof. It is just one of the documents that need to be produced at the time of the registration as address proof and as identity proof and it is not mandatory as there are no such requirements mentioned in the Registration Act of 1908.
Even while carrying out the mutation of the property, the Aadhaar is used as a proof of identity and as address proof. However, there is a case that is pending on the same in the Delhi High Court. If the judgment is passed favoring the petitioners. Then Aadhaar will become mandatory for property registration.
In cases of acquiring a loan for financing your property, it is to be noted that the Aadhaar may not be required. If you are to avail of facilities provided by the government such as the Credit-Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY), then Aadhaar becomes a requisite. The banks may ask you to produce a PAN Card and your income tax filing for the approval of a home loan. Thus indirectly making Aadhaar essential as these documents can be obtained only after having an Aadhaar.
A person can make a sales transaction without the help of a real estate agent. It is not legally mandatory to hire a real estate agent to carry out sales activities. It is, however, recommended to have a real estate agent as they can make the procedure more simplified and professional. Some of the reasons why a real estate agent needs to be hired include the identification of price, evaluating the damage on the property and to carry out the various paper works on the property.
However, an experienced real estate seller can carry out all these processes on his own. The documents required have been mentioned above. According to the current legal status, Aadhaar is not a mandatory document required for the sales transaction and mutation and is only used as a document to prove the person’s identity and address.