If a buyer withdraws from a deal, he cannot claim to collect chips/Bayana. Who has the right to transfer property? The answer is simple. The one who is old enough to have a national identity card (CNIC) from the age of 18. There are also various laws for the purchase and sale of real estate in Pakistan. We will now discuss in detail the concepts of token money and Bayana. The documented token money that defines the terms and conditions between the buyer, seller and agent (when an agent provides an agent) is called confirmed tokens. This agreement contains conditions such as the period in which the Bayana must be paid, the sale price of the property and the penalty if one of the parties holds back. If the buyer does not meet Bayana`s deadline, he loses his token money; If the seller withholds the agreement, he is legally obliged to pay double the token`s money to the buyer. Even in the event of sudden death of the seller or buyer, the legal inheritance has the same rights. If the seller dies, his heir must repay the symbolic amount or return the built property to the buyer.
The down payment is the initial amount you pay for the purchase of a property. The amount of the disposable is a small part of it. Conclusion: – If you want to buy a property, it may be mandatory to pay token money to book the property. As a buyer, you must take certain precautions while paying the amount of the chips and keeping the proof in relation to the same thing. In addition, the amount of the disposable is only part of your down payment and cannot be used interchangeably. Existing procedures suggest that you return twice the amount of the jeken if a transaction is abandoned. I gave an advance to a contractor 1 Lakh Rupien and he gave me a receipt from his own company. Now I would refuse the agreement, because he made false promises regarding property. Can I get my advance back if no legal document has been signed by me? If the buyer does not close the transaction for any reason, the seller will lose the symbolic money, unless the parties have entered into a compliant agreement indicating something else. “The symbolic amount is usually paid by the buyer directly after the oral commitment to the seller. At this point, most buyers don`t pay on paperwork because it seems like an unwanted problem.
However, a notarized document would be practical, as proof that the symbolic money was paid to the seller and that it would also lay down the basic rules of the purchase,” says Manoj Kumar, a Delhi lawyer specializing in real estate registration. There are no fixed rules regarding the amount the buyer must pay to the seller, such as token money. This amount differs from case to case. “A buyer pays part of his down payment for the property like token money if he buys the property from a developer. So if a buyer plans to pay Rs 10 Lakhs out of pocket for the purchase of a property that is worth 50 Lakhs, he would usually give developer Rs 1 Lakh as tokens or booking amount,” says Gaurav Singhal, a Delhi-based real estate agent. Since there is little way to ensure the refund of the money from the chips, the buyer must keep the amount of the chips as low as possible and commit to a seller only after making all monetary arrangements to complete the transaction. For example, it may be risky to pay token money unless the bank has approved your home loan application.