Things To Know Before Buying Real Estate in Goa

Things to bear in mind while working with an agent or consultant when buying a property in Goa

Whenever anyone decides to buy a property the first and foremost thing that crops up in their mind is whether he should buy it through an agent or directly hunt for it, as with internet it has become very easy for everyone to hunt for whereas hiring an agent comes with an additional cost of approx 2%. But hiring a good agent/consultant is always advisable as they have a better knowledge of the market and while working in Goa it becomes more important as the Goan real estate market is entirely different from other places and the buying process is not that simple as in other places due to difference in laws. And to get the best deal and safeguard investment it’s highly recommended to take services of an efficient and intelligent agent /consultant.

Whenever working with a consultant one should bear in mind the following things:

First of all, check out an agent’s reputation, experience and setup i.e. go for someone who is fully involved into the real estate business and has adequate knowledge of the trade. If someone has been recommended then he/she should be preferred. Go for someone who will be there with you at each and every step of the buying process, right till the property is transferred into your name. It’s very common in Goa that people take services of multiple agencies/agents and it’s possible that a property is shown twice by different people, it’s always advisable to tell them that you have already seen it, so that if you finalize that property then there should not be any dispute about fees as sometimes these issues can get ugly.

Once a property is shortlisted, a meeting with the owner should be insisted upon so that there is complete transparency in the deal. This is the time when you can negotiate with the vendor directly and one should expect his agent’s full assistance in it. (In most cases agencies work upon a certain percentage of the transaction value; so higher the transaction value, higher would be the fees, in order to get his full and genuine participation in negotiations it’s a good idea to fix up his fees along with certain incentive slabs.)

It’s always better to visit the property or meet the owner at the property so that there is no confusion about the property later. If it’s an apartment/house that is coming up with furnishings then check what all is coming with it as sometimes a different story is told to the agents and after the deal is made it is too late to overcome the issue. If it’s a plot, get the plot identified along with the boundaries of the property. (A better idea is to get the plot surveyed by a surveyor).

Get your property papers scrutinized from a lawyer no matter the situation, even if it’s a re-sale property and your agent says he/she seems pretty sure about its title etc. For due diligence of the property find out a suitable lawyer yourself, you can always take recommendations from agents, but interact directly with them to avoid a communication gap between you and your lawyer. In order to safeguard investment it is advisable to listen and follow what the lawyer suggests about legal issues of the property as only he is capable to do so.

Keeping these few points in mind while working with agents will make buying a property in Goa a comfortable and safe experience.

Planet Goa Team

For us at Planet-Goa, our team is driven by that feeling of exhilaration that one gets when discovering that something ‘unique’ and ‘new’ about Goa for our ever-so-discerning readers.