5 Points To Remember When Selling An Ancestral Property

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.