For Non-Resident Indians (NRIs), investing in property in India is often a significant step driven by emotional and practical considerations. Several have ancestral properties in India and they are not even aware of their details. Selling property in India can be fraught with challenges. These challenges can arise from trust issues, legal disputes, and financial complications. Here's an overview of the common obstacles and how our services provide a seamless solution.
Challenges Faced by NRIs in Selling Property
1. Trust Issues and Family Disputes
- Lack of trust in Relatives: Many NRIs depend on relatives or intermediaries to manage their property, which can lead to mismanagement or fraud.
- Family Disputes: Disagreements over inheritance or shared ownership can cause delays and complications in selling property.
- Illegal Possession: Third parties have taken illegal possession and are unwilling to vacate the property.
2. Non-Availability of Details
- Unaware of Value: Pricing is complex and governed by various factors. For example, if a builder purchases land, he will add on construction costs and his profits, thereby reducing the sale price. Often, brokers will quote a price that is not realistic only to keep you hooked (if quoted higher) or to defraud you (if quoted lower). There is no reliable way to ascertain the actual value, which takes time and negotiations on the ground.
- Ancestral Property Details: You may not be aware of your share in the ancestral property. You may think it is a property your relatives own without even knowing that part of it is yours.
3. Practical Issues
- Time is Money: It is not possible to spend months on a negotiation sitting in India, leaving your work. If you do not spend months on the ground, you will end up selling short, as you will not be able to understand the actual price, costs, and issues concerning the sale.
- Becoming Prey to Frauds & Scams: It is common practice for brokers to commit to getting you a better price than you expect, get you to sign an agreement to sell with a token, and then hold on to your property for years, making you sell it short at a penny to a dollar. There are several other frauds, scams, and unethical situations that you can find yourself in if you are not prepared.
4. Legal and Bureaucratic Hurdles
- Litigation Woes: The Indian legal system is complex, and disputes can take years to resolve, causing emotional and financial strain.
- Tax Deduction at Source (TDS): Funds often get stuck due to incorrect or delayed TDS filings, creating cash flow issues for sellers.
5. Financial Complications
- Currency Conversion Charges: Banks levy significant fees for currency conversion, which can lead to substantial losses, especially for high-value transactions.
- Hidden Costs: Additional fees, such as registration and documentation charges, can further diminish the sale's profits.
Our Comprehensive Solution
Our firm, in collaboration with a sister concern in India, offers a professional and hassle-free solution tailored to the needs of NRIs.
Key Features of Our Services
- US-Licensed Attorney Supervision: A US-licensed attorney oversees the entire transaction to maintain the highest ethical and professional standards.
- End-to-End Transaction Management:
We manage every aspect of the sale process, from strategy creation to relevant actions, from negotiations to property registration. Without coming to India, we can ensure that you can sell your property and receive funds in the country where you live.
How We Simplify the Process
- Negotiations: We handle all discussions to secure the best possible deal for the property
- Legal Dispute Resolution: Our team works to resolve any disputes efficiently, ensuring a smoother transaction process. We strategize as per the requirement, engage professionals, and regularly follow up with them, ensuring smoother, faster, and more efficient case management, thereby ensuring faster resolution and sale.
- TDS and Tax Compliance: We ensure that taxation requirements are met and funds are not unnecessarily withheld in TDS accounts.
- Currency Conversion: Expert management of currency conversion minimizes losses due to bank charges.
Client Benefits
- Transparency:
Regular updates and clear communication ensure clients are always informed. - Convenience:
Clients can complete the entire transaction from the comfort of their homes, eliminating the need for travel or reliance on intermediaries. - Peace of Mind:
By entrusting the process to professionals, NRIs avoid the stress of navigating the complex Indian property market.
Why Choose Us?
With years of expertise and a commitment to excellence, our services cater specifically to the unique challenges NRIs face. We prioritize transparency, efficiency, and client satisfaction, ensuring every transaction is handled with care and professionalism.
By addressing trust issues, resolving disputes, and managing financial complexities, we make selling property in India a streamlined and hassle-free experience for NRIs worldwide.