Answered on September 27,2022
Five-step process to sell property in Bangalore from United States of America (USA)
- Title Documents
- Power of Attorney
- Sale Agreement
- Sale Deed
- Title Documents:
A seller should have following documents to sell property in Bangalore
- Registered Deed (like sale Deed, Gift Deed, Partition Deed, etc..)
- Encumbrance Certificate
- Tax paid receipt
One of the challenging process in selling the property is finding the right buyer. List your property details on property websites like 99acres, CommonFloor, etc.. for lead generation. On average, it may take around 3–6 months to find the buyer.
Since you are living in united states, you might have geographical and time constraints to attend client calls and organize property tour. so you might need a local guide to bridge your gap of attending client call and arranging property visit
We suggest, coordinate with your trusted family members or local broker to do groundwork on your behalf.
3. Power Of Attorney:
You can grand Power of Attorney to blood relative, following people comes under blood relative category
- Husband or wife
In-law, cousin, uncle and aunty don’t come under blood-related category
If you give power of attorney to blood relative, the stamp duty is just Rs. 200 to adjudicate Power of Attorney in India
The Stamp Duty is 5% of selling price if you grand power of attorney to non-blood relative. In order to reduce stamp duty, preferably give power of attorney to your blood relative.
Below is the procedure to make power of attorney (POA) in united states for selling property in Bangalore:
- Prepare POA draft in word file
- Print the draft on A4 size paper
- Affix your passport size photo on lase page of POA
- Meet the notary public in United states + you sign the POA on all pages in front of notary public + two witnesses sign the POA on last page + Notary public seal & signs the POA
- Self attest your passport copy
- Courier the POA and self-attested passport copy to your POA holder in Bangalore, India
- POA holder should adjudicate the POA in District Registrar office in Bangalore
This completes the procedure to make POA in united states for selling property in Bangalore
4. Sale Agreement:
Sale agreement is the most important document in the whole chain of selling a property because even the sale deed is executed based on the terms & conditions covered in sale agreement
Buyer incurs the cost of executing sale agreement
As a seller, it's important to check following things in sale agreement:
- Date and place of execution of sale agreement
- Name of the buyer, seller, their age and residential address
- Property Schedule
- Payment terms
- Tentative date of sale deed registration
- Penalty in case of cancellation of sale proceeds
Generally, seller demands 20% of selling price at the time of sale agreement signing in the mode of cheque or online account transfer
5. Sale Deed:
Sale Deed is the written document that transfers the ownership of property
Buyer incurs the cost sale deed registration, the cost includes stamp duty, registration fee and advocate fee for assisting registration.
As a seller, you need to bring all the original title documents to registrar's office for registering the deed. (we listed the title documents in step 1 of this answer)
If the buyer is self-financing, its important to collect the complete payment on or before registering the sale deed registration
If the buyer is opting for home loan, the bank should hand over the full and final settlement directly to seller, cheque favoring the name of seller. Bank hand over the cheque just after the sale deed registration in registrar office. Upon the receipt of complete payment, seller hand over all original title documents and property keys to buyer.
We provide end-to-end seller assistance, our service includes execution of power of attorney. To opt for our service, please Whatsapp to + 9 1 - 9 7 4 2 4 7 9 0 2 0
Thank you for reading…
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