DO NOT LET BUYING A HOME IN GOA FEEL LIKE A MAZE.
Browse through this page, which describes a typical procedure. Practically, two or more points may occur simultaneously.
Once you have found a property you are interested in:
1. You appoint a solicitor and provisionally investigate mortgage options. (It is close to impossible to find a solicitor in England who is happy to oversee a purchase in Goa. Experience shows, you should appoint one in Goa. They are called advocates. Goandream has a short list of advocates in Goa, fluent in the buying process for ‘NRIs and foreigners’. Please email info@goandream.com for recommendations.
2. You can put in an offer subject to survey and/or negotiate. Once agreed on by the vendors, go to step 3 (not normally carried out but can be) or proceed to step 4.
3. Either yourselves or your advocate can appoint a surveyor to carry out an evaluation, or full survey. (Not required for most UK mortgage companies to buy a holiday home abroad, but is more for your own information.)
4. The vendors may or may not have advocates. Your advocate will then be supplied a draft contract and title deeds. (Occasionally, an offer letter is required by the vendor prior to this, just to initiate the first written response.)
5. Your advocate then carries out searches and raises any queries with the vendor or their advocate.
6. Once you and your advocate are satisfied, you can then proceed to the stage of signing contracts and agreeing on a completion date.
7. Simultaneously, you provide the vendor with a deposit, normally 25%. (If the property is being built, the deposit % is dependant and proportional to the stage of the build, so can be as little as 10% at the start of a project but 80% towards the completion of a project.)
8. The vendor signs the contract for sale and sends it to your advocate. (For older buildings it is better to carry out steps 7 and 8 at the same time.)
9. Contracts are exchanged between your advocate and the vendors. This means you are both legally bound to complete.
10. You can arrange for building insurance. (Ask your advocate for a recommendation.)
11. Completion occurs when your advocate forwards the remainder of the purchase price to the vendor or their advocate and the sale is confirmed by the vendor. This is on the completion date and not before. Please ensure that both parties pay the relevant estate agent their 2% fees at this point or before. Buyers and sellers tend to forget who brought them to the point of a successful sale very quickly.
12. SALE IS COMPLETE. Keys are handed over by your advocate or your agent or by the builder if it is a new build.
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