People who own ancestral
property rarely think of selling it. They develop an emotional bond with it and
sometimes put it to use for lifetime. However, a few people muster courage to
shed off the connection with it and think of selling it. This is actually a
good decision, if you are looking for funding for a new home purchase.
In a country where most
of the real estate conflicts are regarding ownership, selling an ancestral
property is really challenging. To make sure that you can list your inherited
house on real
estate websites in India and can get true value from it, you
need to understand the rules regarding it.
Difference between a self-acquired and ancestral
property:
As per Hindu Law, a
residential complex is considered as coparcenary or ancestral property, if it
was acquired by the Hindu great grandfather and has passed down the next three
generations, undivided. Legally a house can be considered as an ancestral property,
if it is four generations old and had not been divided among the legal
successors.
On the other hand, a
self-acquired property is one inherited by the son from his parents, which they
bought from their own sources.
Now after understanding
the difference, let’s have a look at some important points to sell hereditary
property.
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1. Clear Title of the Property: Title is the only proof you can show
as legal ownership. So to prevent any hassles in sale of ancestral property,
make sure you have clear title on it with clear mention of your name.
2. Legal Approval: You cannot sale any old housing complex just
because it was owned by your ancestors. The property should also be legally
approved, which you can check by visiting the Civic authority’s office.
3. Property Tax: Pending taxes can make it difficult for you to
convince buyers and sell your house. So before putting it for sale on any property
website in India, make sure all the taxes have been paid.
4. NOC: No objection certificate (NOC) is a certificate you need to
get from legal heirs in the absence of a legally acceptable will. This is
required when you get the inherited house transferred in your name legally.
5. Free from Dispute: There should be no pending cases against the asset
you want to sell. For instance, Ajay wants to sell the property he inherited
from his father, but now his sister claims that she also has right in it. In
such a situation, the owner should clear such disputes to prevent buyers from
any issues in future.
While these are just a
few points, you must consult with the legal experts who have expertise at legal
properties
in India. They can suggest you some more tips to make the
process easier.
