Lahore Real Estate Forum

Start NEW Topic Or Post Advertisment

                                                          
 
Back to Forum |

Procedure to purchase a plot,

(62018)
   Khan
Wednesday, December 15, 2010 03:32 PM 
Reply: >
When deal of a residential plot is finalised between the parties, what are the next steps? What percentage is usually paid immediately/up front? By when the remaining amount is paid? What are the legal documents that buyer should insist for completion upon payment of initial partial payment? What is the generally accepted tradition? How much time is given to buyer to come up with the remaining money? Your input will be great help to me.
Guest replied on Thursday, December 16, 2010 01:52 AM 

Dear Khan
Generally, it is a mutual understanding between the parties and there is no hard a fast rules. However following guidelines may be followed:-
1. See the ownership title of the plot ie allotement letter etc
2. Ensure you are dealing with the owner and not withsome else on his behalf except if he is a holder of valid Power of Attorney
3. Token may be given but biana amount and formal sale agreement be made after verifying the allotement letter from the concerned society if considered an appropriate.
4. Biana be made on a Stamp Paper incorporating all the details agreed upon like, total cost, Biana Amount, susequent payment periods and final payment at the time of transfer, of course the transfer date etc.
5. Get photocopy of allotement letter + photocopy of CNIC of seller
Habib replied on Thursday, December 16, 2010 11:51 AM 

I make it simpler
1. After verbal price agreement and agrrement of mode and time of payment Give Token Loke 10000 and Take Copies of Owner ship letter and ID of Person. [Some people write palin paper deed with both parties sign]
2. After that Check papers thoroughly by society experts and varify NIC copy
3 Then make Biana in Pay order can be 10% to 30% depending upon how late the payment will be.
4 Then Make pay order of full payment and give its copy to seller and give original on day of payment.

This basically a concept detailsmay vary slightly

5. When every thing done then pay comession to dealer
Khan replied on Thursday, December 16, 2010 04:31 PM 

Thanks a lot for the guidance. It is helpful.
>