How to buy and sell property in India [A step by step guide]

HOW TO SELL & BUY PROPERTY IN INDIA [A STEP BY STEP GUIDE]

Buying and Selling of a property are both cumbersome tasks. While buying of a property requires a lot of research and other areas of consideration to make sure that the property once bought is worth your money, selling on the other hand is not easy as well. It takes a lot of time to find the right buyer and also the negotiations to finally come to an end to the sale.

In this blog, I shall discuss the details about how to buy and sell a property in India which shall cover the various aspects.

Documents required to buy a propertyDocuments required to sell a propertyProcedure to buy a property &Procedure to sell a property

Let us start by saying that buying and selling of property can be of two types. They are:

1. Buying & Selling of Movable Property.

2. Buying & Selling of Immovable Property.

BUYING & SELLING OF MOVABLE PROPERTY

What is a movable property?

In a generic sense all sort of property which can be shifted/moved from one place to another is called a movable property. Examples of some are given below:

1. Car

2. Bike

3. Antiques

4. Furniture

5. Electronics

6. Raw Materials

7. Jewelry etc.

PURCHASE OF A MOVABLE PROPERTY

By purchasing a movable property, the buyer of that particular movable property becomes the owner of such property and shall acquire the property or that thing which the seller shall give him upon the payment of a price.

The term price used in the above sentence is the consideration amount which the buyer has to pay to the seller for that particular property or thing.

RULE OF CAVEAT EMPTOR

The rule of 'Caveat Emptor' says "Buyers be aware"

According to this rule it is the responsibility of the buyer to find material defects before buying a particular thing. As it is the responsibility of the seller to sell good quality products to the buyer, similarly it is the responsibility of the buyer to check the product before buying the same and ensure that he is buying good quality products and makes sure that he is not cheated and is handed over products which are not of good quality.

It is the responsibility of the buyer to check the 'Material Defects' before buying a particular thing.

The term material defects mentioned above are those defects which can been seen by the naked eye and seeing which the buyer would not buy such product due to such defect.

Some common examples of material defects are:

1. Expiry date

2. Checking the seal

3. Checking other defects

4. Checking the Manufacturing date etc.

If the fault cannot be detected reasonable [by the naked eye], in that case the buyer can use his powers vested in the sale contract and can direct the seller to

1. Exchange

2. Replace OR

3. Repair