33.45 Legal Considerations that all Buyers need to be aware of!

Why do so many people avoid Real Estate purchases?
Because there are a lot of steps involved.

Even after you scout a good property, find a good deal.
You need to make sure you have considered all the legal requirements.
This is extremely important to protect your downside and that’s what we will take a look at today.

Buying process: Documentation

The proper documentation requirement for your property depends on the city of purchase.
These are some documents required in Goa, 
These are important irrespective of where you intend to buy your property:

1. Sale Deed

2. Nil Encumbrance Certificate

3. No Objection Certificate - from the society

4. Power of Attorney

Caution

There is higher chances of scams and unncessary headaches in future when you deal with properties through power of attorney.

Other Documents

Just to give you a better idea of the short-term rental market in Goa, I mentioned that you have 2 ways to run a Business on your property:

If you choose to do the second (which I did for some of my properties),
You need to create agreements here as well.

For example:
I decided to have a Leave and License Agreement that gives me a set fixed amount every month from a rental agreement.

As seen below:
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The key takeaway is that:

Source

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Thoughts 🤔 by Soumendra Kumar Sahoo is licensed under CC BY 4.0