Buying Process

Once you decide to buy a particular property, the following typical process is recommended. However, please note that this process may differ slightly from Developer to Developer, depending on the property selected.

1. On receipt of your enquiry we will check back with the owners/developers to re-confirm availability of the property and revert to you.

2. Though the properties on our site are of reputed owners/developers, purely as a matter of ‘Due Diligence’ we recommend that a legal scrutiny be done by a local Goa lawyer appointed by you. (Magic Masons provides complete assistance for this, making it hassle free for you.(See Magic Masons Services). In cases where the project has already been legally checked and pre-approved by Banks, this step is optional.

3. Once the Lawyer completes the scrutiny (usually a period of 4-5 days) and gives his approval, you decide whether you/your representative wants to make a site visit/meet the owner/developer. If so, Magic Masons makes all the arrangements for this. (If you are not visiting personally but sending a representative, you need to give us a letter of authorization for your representative).

4. Once you decide to purchase the property a Booking/Token Amount is to be paid by you to the Seller/Developer to confirm your intent to buy the property. An official receipt for the same is issued to you by the Seller/Developer as acknowledgment of your payment and that the property has been reserved for you.

5. Magic Masons Sourcing & Coordination Fees of 2% + Govt. Service Tax is also to be paid by you at this time.

6. The next step is to sign the ‘Agreement of Sale’ (for properties under construction). If a property is ready for possession, this is not required and one can directly sign the final ‘Sale Deed’ against payment of the balance amount due for purchase of the property. Sale Deeds must be registered with the Registrars office.

7. At the time of signing the ‘Agreement of Sale’ most Developers require you to pay up the value of all installments that as per their Payment Schedule (linked to progress of construction) fell due for payment up to the current stage of completion of construction. Once signed, the ‘Agreement of Sale’ should to be registered with the concerned authorities. Subsequent payments are to be made in installments as per the developer's payment schedule for the remaining part of the construction. The ‘Sale Deed’ is signed once construction is completed and you can take possession of your property.

8. Stamp Duty & Registration charges for properties in Goa is currently at 4%. Usually 50% of this is paid at time of signing the ‘Agreement of Sale’ and the balance at the time of signing the ‘Sale Deed’.

9. It is best to be personally present in Goa for signing the ‘Agreement of Sale’ and ‘Sale Deed’ and registration of these legal documents. However if this is absolutely not Possible, you may appoint a ‘Power of Attorney’ to sign and register the documents on your behalf.