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When to Pay Money to Dealer For Buying Plot?,

(89889)
Thursday, June 11, 2015 06:33 PM 

Dear Brothers

If we have to buy a plot then at what stage we need to pay money to the dealer? I do not want to give all money to the dealer before plot transfer in my name. I want to pay at time of plot transfer. Is there any standard procedure to safeguard the interests of the buyer? Does each housing society has its own procedure for it?



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Jameel replied on Thursday, June 11, 2015 07:47 PM 

100% payment at time of transfer not even 1% at token, If Biana is 3 Months then sometimes they ask 50% Commission which is justified.
Better avoid biana, Give Token of one Lac and verify and arrange property in 2 weeks. I always bought on Token and Full payment. Only exception was house which was was with 5 Lac Biana and 3 Months was given to get LDA NOC, I did Not pay any Commission only gave at time of transfer. Neither dealer demanded.


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Admin Edit: Re Post Due To Posting Errors

In society office, when final steps of Purchase take place, The seller surrender his original Documents to office they recognize the papers and verify the ID of seller, and Let You sign every thing etc including signature and Bio metric, Then You come out of Office and get Full payment receipt from seller on stamp paper, and get receipt on Copy of Pay order get dealer as witness.
After all you usually pay cash Commission of dealer at the same time.

Society may give you allotment latter at later stage can take few days to 6 weeks depending upon the Process of Society. Commission is not delayed till that time.

Salman Maqsood LRE replied on Thursday, June 11, 2015 07:51 PM 

Dealer is paid only after full transfer is complete in society office

kamran replied on Thursday, June 11, 2015 07:57 PM 

Dear friends, I am going to buy a 12 marla house in eden value homes. The demand was 165 and finally 150 is the asking price. I like the location of this closed community. I am going to finalise within a few days. Any suggestions? Is that price, 150, ok? Thanks

Aslam replied on Thursday, June 11, 2015 08:57 PM 

@Jameel & Salman. Thanks for clarifying. I actually wanted to ask that when we should pay the money to the seller? So I can assume from above that we pay to the seller at time of plot transfer in society office. So we pay to seller by cross check or Pay Order?

Thank you again for clarifying these issues.

Aslam replied on Thursday, June 11, 2015 09:00 PM 

@Jameel Sb. Also what is difference between Bayana and token?

mubashar replied on Friday, June 12, 2015 05:42 AM 

Token is an intial little amount one gives to seller for locking the deal whereas Bayana is one third of total amount which was decides by seller and buyer to finlalized the deal.
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