Dear CMY will you give an detailed account of Open Files.
Many scheme open File this is on one instance good for revival of real-estate sector but on the Other hand evasion in taxation system. what is legal status these days.
For the people who dont know I give the Basic detail, open File is issued by some housing societies when someone pays the seller but dont want to transfer the Plot in his name and keep on Paying some fees to Society office every 3 months to keep it up to date. Open File is like a Currency note and who ever have in hand is Holder of Plot there is no name mentioned on it. It is Like an open transfer letter the only difference is office of society is involved. It can be sold to 2nd or third person without involving the Housing scheme. In Past many housing schemes especially Bahria also issued many open files.
In general purchases on open files are not recommended and DHA, LDA and other well known names dont deal with open files.
Tahir replied on Monday, February 21, 2011 03:10 AM
In case of file owner's demise, the decedents of the owner can claim the plot, if the file remains open till such an eventuality. |
