Resale of property: The dilemm
Resale of the commercial or residential property is very common in any country. Over a period, the increase in property rate is seen. Those who have property in that area and want to migrate to the newly developed area or developing the area, it is required to sell such property. On the other end there are also people who love the area and want to get a property in that area may it be for resale or fresh. Hence the transaction of resale of property may come into effect.
The properties which are offered for redevelopment also go for the resale once it is ready in its new form.
Here are some of the factors that one needs to check while going for the property for resale:
The Duration:The property period holds great significance. Usually, properties have a long life and hence can be fifty years old also if they are maintained well. In residential properties older than 30 years properties are not recommended unless and until the condition of the property is well maintained.
The Cost: The cost is an important factor in the resale deal. Usually, the trend is the property for resale is a costly one but again it depends on the condition of the property, type, and area. The use of the property is also one of the important factors that determine the cost.
The development of area:In many cases, the surrounding area is developed in a manner that the property is of not expected use for the current owner. Hence as he faces the problem regularly, he may feel to sell off the property and switch to another area.
The Rules: In many cases, the property rules have also played an important role, and hence the present owners who feel it is of not that use now can go for the property sale.
Inter-departmental coordination with the responsible executives, authorities for managing day-to-day activities as well as interact with channel members as and when required.
The Deal: There are some important aspects of property deal which is going for resale. Some of them are listed here.
The Papers: The most important factor here is the papers of the property. One needs to check them and confirm that the property has all the legally required papers. In case one requires, he may offer a public notice also before dealing with any such properties.
The Verification: The Property, as well as paper verification, is very much important. One can hire the experts for both of these areas. For the property strength and validity, one can hire engineers while for paper verification one can go for hiring some expert lawyers.
The Finance: It is better to go for the finance option while dealing with the property for resale. The financial institutions carry out a thorough investigation of the property before offering the loan, and an indirect benefit of this process can be availed to the client as well. These institutes have experts who can carry out all the inquiries and make the property safe from legal as well as technical point of views which safeguards the interest of the client as well as the financial institution.
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