Things to know before selling your residential flats in Chandigarh

Residential flats in Chandigarh

With the development of the real estate sector in the country, there has been a significant hike in the sale and purchase of property in diverse locations of the country, Chandigarh, being one of the key locations. The reason for a big number of property for sale in Chandigarh may be attributed to either the desire of the owners to gain good returns or the owners shifting to other site. Irrespective of the reason, there are convinced things both buyer and seller of residential property in Chandigarh must consider before making any financial transaction or signing any agreement with the other party. Here are the indicators:

1. Taxation

We all hate taxes; but taxes do love us. Taxes are one of the prominent factors one must consider before selling out the property. The quantity of tax depends upon the time at which you externalize the sale of the residential property. If the sale is done within the span of 3 years from the date of buy, a little amount in the form of short term resources gain tax is imposed. Too, the profit earned from the sale of the property is added to the income which again is considered for the purpose of calculating the income tax accountability. If the sale is made after 3 years, long time capital gain tax is imposed, which can be evaded if the investment is made in the purchase of any added property.

2. Loans taken

There are instances where the being who took a home loan for the purpose of buying the property needs to sell it off due to certain circumstances. If all the documentation is done correctly, there is no possibility of cropping of any sort of difficulty with regard to the sale. In this case the buyer needs to pay to the loan account of the seller and close the legal responsibility. The bank would then give the original credentials of the property to the seller, which he can get transferred in his name at a afterwards stage.

3. Legal documentation

It is forever advisable to look for a legal assistance before making buy or sale of any property, be it a property or a villa. The reason for this is the probability of a property being trapped in a legal complication which may build complexity for you at a later stage. A number of cases have come up where the seller was sold a disputed property at prices which seemed to be cheaper than the standard rates, but after purchase the buyers got into the problems of the legal prompt actions.

Sources : 

http://beverlyrealestatemohali.blogspot.in/2016/12/mohali-is-it-right-choice-for-buying-residential-property.html

http://beverlyrealestatemohali.blogspot.in/2016/12/lots-of-residential-property-choices-Available-For-Investors-in-Mohali.html

http://beverlyrealestatemohali.blogspot.in/2016/12/buying-residential-property-in-mohali.html

http://beverlyrealestatemohali.blogspot.in/2016/12/factors-that-make-mohali-better-real-Estate-Investment-Destination.html

http://beverlyrealestatemohali.blogspot.in/2016/12/infrastructural-facts-to-consider-while-Buying-Residential-Property-in-Mohali.html

http://beverlyrealestatemohali.blogspot.in/2016/12/mohali-promising-reality-destination.html