Home Buying Tips for First Time Buyers

Once you have decided to buy a property in Goa, your search can start right here in earnest. But before you start searching for properties, we would want you to look at some home buying tips that will help you selecting the right home for yourself.

Criteria for Buying Property

You can either enlist a real estate agent or you can go it alone. You must however, have your own set of criteria’s to help you select or short-list properties, based on your personal needs. In most cases, the top 3 criterias are Location, Budget and reputation of the builder. To help you in your search we have listed a number of properties on our website. If you find something that you fancy, please request detailed information of the property from us. If not, send us your requirement to help us make the search.

Complete Transparency in the Buying Process

As part of our policy to maintain complete transparency and honesty with our clients throughout the buying process, we will be pleased to share with you complete information of the property along with guidelines for purchase, potential risks and key factors to consider before making a decision. Additionally, you can request a site visit by writing to us.

Exercise Caution and Due Diligence before Buying a Property

Buying property in Goa can be quite exhilarating, but equally daunting for buyers not familiar with Goa’s property market and laws, and therefore, must exercise caution and carryout due diligence work when appointing a realtor, or a lawyer or during the scrutiny process. In a property market that is virtually dark, highly unorganised and unregulated, both buyers and sellers can become victims of the system. At Bonafide Goa Homes we believe that buying property should be a stress free experience for all our clients.

Buyers must ensure due diligence and care during each stage of the purchase.

Tips for Buying a Home in a  Co-operative Housing Society

Initial Inspection of Property and Value Assessment

  • Location of the complex/property and approx. distance from places of interest, like shopping, schools, hospital, beach, restaurants.
  • Reputation of the builder. No of years in the industry, quality of previous projects, on-going litigations. Ask your realtor for some advice. The net is also a good place to start.
  • Ascertain open spaces provided for walks, recreation rooms, play area for children, garden etc. Establish total area of the project, Build-up area of project, No of buildings, No of Flats. Evaluate the quality and maintenance of common facilities, like the pool, gym, children’s play area, society office, sewage treatment plant, waste disposal, cleanliness, security, lifts.
  • Is the pricing calculated on super built-up, built-up or carpet area? Figure out what you are paying for and how much usable space you are actually getting.
  • Look closely for quality of construction. Cracks in the walls, leakages, seepage, quality of tiles and fittings, quality of doors and windows.
  • Other factors to consider are, type of people living in the complex, availability of transport, municipal water, parking facilities, Infra-structure around the complex.

Tips for Buying a Home Under Construction From a Promoter/Builder

A buyer must first understand the risks and benefits of buying property that is under construction, and then adopt a clinical approach in the decision making process.

The buyer should then, establish the reputation and reliability of the builder. Enquire about the last project completed by the developer/builder. Visit the site and speak to a few residents about their experience. Factors to consider are completion timelines, escalation of costs, quality of construction, promises made but not delivered, responsiveness of the builder, On-going Maintenance being provided.

You should also engage a reputable lawyer to investigate the following documents:

  • Title Deed – Verify if land on which the project is being built is in the name of the developer and/or if he has an agreement with the landowner, in which case the agreements and power of attorney documents between landowner and developer must be scrutinised.
  • Govt. approved building plan for building the apartment. No of floors
  • Ensure that the land under development is not ‘Agricultural’ land. This has huge implications on the legality of the project.
  • Release certificate if more than 1 person owns the land.
  • Conveyance / Sale Deed – Transferring ownership of property from seller to the buyer.
  • Property Tax paid receipts for at least 15 years and till date for land on which the apartment is built
  • Survey Map
  • Release certificate from bank if land is pledged for loan. Ensure there are no dues.
  • Power of Attorney document where owner is outside the country or state.
  • Nil encumbrance certificate issued by concerned sub-registrar
  • No objection certificate by land owner for change of name in Electricity Bill

Scrutiny and Investigation of Title Documents

We recommend that your lawyer verifies the following documents before you make any payment:

  • Agreement for sale or Sale deed between builder and seller(s) and/or between seller(s) and previous owner.
  • NOC (No objection Certificate) from the society
  • Registration certificate of the housing society
  • Nil Encumbrance Certificate from the sub-registrar
  • Share certificate and allotment letter issued by the society
  • The latest Electricity bill and House tax payment receipts. The bills must be in the name of the seller.
  • Certificate of total payment made by the builder or previous owner to the seller.
  • Possession letter from builder or previous owner to the seller.
  • If the seller is an NRI/PIO, ensure he/she and the spouse is holding a valid PIO/OCI card issued by the concerned authority.
  • If the seller is an NRI/PIO, he should have bought the property with-in the FEMA rules prevalent at the time.
  • If you are applying for a home loan, additional documents will be required by most banks for scrutiny.

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