Non Resident Indians (NRI) can transfer title of their inherited property to their name. However, one cannot take a sigh of relief only by transferring the title of the property. Selling of the inherited property can be a taxing task as most of the non-residential Indians are not familiar with the process that is involved in buying, selling or renting of any kind of properties. This is where a real estate agent comes in handy for an NRI. They will ease your trouble to a great extent.
Process of selling property in India for an NRI:
- The first and foremost work is the transfer of the inherited property to your name. This can be done by a process called as mutation of revenue records. For this you will need a copy of the Will or a Succession Certificate issued by a local court.
- The second step will be to get the documents in order. After the transfer of the title of the inherited property, one will have to compile a lot of legal documents. This list of documents includes the original purchase agreement, in case of a resident of a co-operative society the original share certificate by the society will have to be produced, a no objection certificate from the society where the predecessor of the property stayed, copy of approved plan and occupation certificate issued by the concerned authority such as a municipal corporation, Lawyer certificate in the absence of originals of the above mentioned documents. A Permanent Account Number (PAN) is a must for all big transactions in India.
- The third step is to identify your preferred method for selling the property. You must decide if you want to sell the property yourself or instead use the services of a professional real estate firm or agent. Trying to sell the property on your own without any trustworthy relative or friend in India will not be wise.
One can sell any kind of property from UK in India. It is advisable to hire a professional consultant for such transactions as they will help you in the decision making process by showing the right way. These real estate firms usually have their own lawyers and tax consultants. They usually charge a percentage of the value for which the property has been sold as their consulting fees for which they will be with you throughout the process until a deal is fixed. It can be really very hard for an NRI to keep up with the constantly changing realty trends and developments in India. So, seeking professional assistance from experts in UK can turn out to be very rewarding.