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Lahore Real Estate Forum: Property News & Community Talk : ,

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   Riaz
Sunday, December 14, 2008 10:19 AM 
Reply: >
I was recently a victim of a fraud by a property dealer when he kept my token money of ten thousand rupees for the reason i wanted 10 more days to give advance.

Can we all share our similar experiences to help other people avoid such situations.

:flg
Habib replied on Sunday, December 14, 2008 10:50 AM 

Normally he should not do that, either he is unhappy with you due to some reason, or you got the deal on very very accurate price, and dealer could not get chance to cut money out of it, You know mostly dela is finalized in many hands and delaers distribute the money among themselves after deal is done, So if they relie on Halal comession then they get only 10000 to 15000 which is tough for them to survive. In a typical deals dealer makes 50,000 to 70,000 only then they are happy.
If you are confident in disclosing the details of deal then only one can comment about how good deal was, 10000 is not a loss if you get a plot in very good price.
AS replied on Monday, December 15, 2008 02:52 AM 

We must always select a good reputation dealer after thourough survey. We should also have the courage to disclose the names of dealer acting fraudlently with any one. Always consult some reliable friend before interacting with a dealer. A DEALER can be very very harmful if not dealt with catious approach. Thanks
Habib replied on Monday, December 15, 2008 05:11 AM 

Problem is most of good dealers have not too may options. and if you goto them the plots is usually many hands away.
dealers side replied on Monday, December 15, 2008 06:56 AM 

> for the reason i wanted 10 more days to give advance.

by 10 more days it seems may be at the time of giving token you made some commitment which you did not honour and the seller considered the token fortified due to not giving more advance in agreed upon time. no decent seller can hold his property for you for 10 days on a small token of 10 thousand. the prices fluctuate and he may lose on price or some of his own commitment elsewhhere. otherwise as a courtesy he may give you more time than commited at the time of token. also some times people try to put seller on hold on small token then try to sell further on profit if not able to sell they leave their token or even demand it back. what is the token for
Observer replied on Monday, December 15, 2008 08:59 AM 

Token is an indication of your intention to buy, not to complete purachse by a certain date.

The point is we dont have a 'code of conduct' or an arbitration system for the real estate market. I wonder how long the illiteracy is going to rule over every aspect of our life. Time to realise the value of effective systems to run things.
Ahmed replied on Monday, December 15, 2008 04:36 PM 

Its not matter of conduct or ethics. Its simply market practice. Otherwise investors will book hundreds of plots and then back out. Yes for the ten days they could have wait, But just think may be the seller needed the money and he did not have 10 days?? Everthings has two sides we should look on both sides.
dealers side replied on Tuesday, December 16, 2008 05:52 AM 

@ Observer

that is your definition of token. intention to buy,is not open ended. at the time of accepting token the buyers and sellers agree on conditions about time of transfer and mode of payment. if buyer needs more time than agreed he should request for that as a courtesy from seller not as his god given right to extend the time of payment as and when he wants. you have to be fair to both sides
Observer replied on Tuesday, December 16, 2008 09:39 AM 

@Dealer's side

Dont speak out of your greed to keep some one's money. If the advance cant be made than the token is returned, end of story. Dont try and make it a conclusion that the money has to be forfeited.
dealers side replied on Tuesday, December 16, 2008 10:08 AM 

if you dont know the meaning of commitment you should not confirm a deal with token. honour your commitment. buying selling is not joke. if a confirm token is returned because buyer does not honour the agreed time and amount then it can be misused by investors who will give many tokens. if price goes up they sell for profit if not they get token back. what a joke
Observer replied on Tuesday, December 16, 2008 10:27 AM 

@ dearler

I think we need to stress the importance of having an express understanding of what are the terms of transaction. Where is a reuglatory authority that judges the fairness of transactions in property matters. I suppose such thing would benefit dealers, sellers and buyers.
CMY replied on Wednesday, December 17, 2008 11:51 AM 

Arbitration system for the real estate market is available in Pakistan but only for DHA Lahore properties through DHA registered dealers association.

One must buy or sell property through DHA Registered dealers to protect them self from any trouble if they show up at any point.

Problems like above Riaz sahib could have been solved in one day if deal was done through DHA Lahore registered dealers.
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