Throwing light on the aspects that people should know before selling a property
Property transactions have witnessed a considerable rise in recent times because of the rapid growth in the real estate sector. But in reality buying or selling property is a hard task for common people.
Some people sell their properties to counterbalance a decent return on their investment. Whereas some others, forcibly does it as they need to migrate to some other city. There are many reasons for buying or selling a property, but it is important for everyone to know few things before exchanging money or signing up any contract or agreement.
Here you will find few such points that each seller and buyer should keep in mind.
Aspects related to taxation-
If you are selling any residential or commercial property, taxation is the most vital aspect that you need to give full attention to. The taxation depends generally on the timing in which the property is sold.
So, if you sell your property within three years of buying it, you would be liable to get a short-term capital gain. The amount of returns you earn from the property sale would be summed up to your annual income and be taxable as per the income tax bracket.
But, in case you are selling the property after three years of the purchase, you are able to acquire long-term capital gains. An interesting part here is that you can also cut the tax obligations if you invest the earned amount within six months from the date of sale or before filing the returns on the capital gain bonds.
Loans and liability factors-
People in today’s world are going through huge financial uncertainties witnessing many cases of property owners with housing loan compulsions getting bound to sell or dispose their properties. You may think that selling a property with a liability or loan is quite complicated and problematic, but the fact is that if all the documentation and paperwork are ready in an exact way, it’s no big deal.
There can be two situations for the sale of any kind of property. One is in which the buyer pays money from his own pocket and another is where he prefers to take a housing loan for payment.
Registration and other legal documentation-
Before you buy and sale property in Durgapur, you must take the help of a legal advisor. This would help you to understand and resolve the issue that is involved, like any legal dispute or incomplete property documents.
If you are buying a property and want to be the legal owner, you should get it recorded in the sub-registrar's office by paying the suitable stamp duty and registration charges. The charges are dependent on the location, size and type of the property. This process is now-a-days computerized at most of the offices and you can get real-time documents.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Martin Luther has performed a series of interview with the employees of Chhasm Engineering and Construction Co. According to him there are numerous people who buy and sale property in Durgapur very frequently. So the demand of real estate consultancies are grabbing the market throughout West Bengal.