Inherited property is the property that you get from your forefathers. When it comes to the decision of selling that property, the procedure is tedious and tough. For NRI’s who know even less about the system of buying/selling in India, it’s laborious. Selling the old property is tough in India unless it’s in a posh or coveted locality. However many a times the selling is hindered due to the lack of legal documents or ignorance in correct procedure of selling the property. Generally NRI’s who have been shifted to abroad for long time will look for a prospective buyers if they have any inherited property in India but get trapped in the web of procedural official work. We will give you few tips that might help you in your decision and ease the task.
- Name the property
For this you will need a copy of original will and if it is not present at the moment then a succession certificate issued by the court would do your work. Now what you have to do is name the property from your father/ancestor name to your name. Feels good! Mutation of revenue records, well this is what they say in their official term. But it’s as simple as eating butter, just title the property to your name. This remains easy if only you have inherited the property, but if it’s a share then it’s hard as nails to divide and workout the selling plans.
- Document organization
- The share certificate issued by co-operative housing society is a definite need. If you don’t carry that then apply for a duplicate one. However in that case strict proof checking is done and if the property is not mortgaged is also checked. The property must not carry any obligations. It should be eligible to sell itself.
- NOC tells that the society members don’t have any objection in the selling of property. It is a proof that everything is cleared and the home is free to go now. This non objection certificate is needed in every property transaction as a token of proof that nobody has objection in the decision of seller/selling of the property.
- Lawyer’s Certificate in case of absence of the above mentioned documents. Anyone can seek the help of lawyer in obtaining the ownership of the property.
- Permanent Account Number is a mandatory regulation by the government of India in any property transaction. This is necessary to apply for tax exemption certificate. NRI’s must have to apply for PAN card if they don’t possess it. Form 60 at the registrar’s office is one of the ways to apply for a PAN card.
Seek helpTaking help from a real estate professional might help but still it’s not trustworthy always. Try taking the help of technology, property portals are easy and chic now. Post the property and get enquiries.In the end, knowing how the country works remains important and will definitely ease the task of selling the inherited property for NRI’s.