As a first-time buyer of a cda plot, i had two questions:
1. Is there a general rule about what the bayana amount should be? Is it a percentage of sale price? If so, what percentage?
2. A dealer has told me that half his commission is due at the time of bayana, and the other half at the time of transfer. Is this how it is done, or is commission paid only at transfer time?
Experts in the islamabad area, please advise.
AOA,
Bayana is no fix amount. It can be anything between Rs.50000 to 100000/- Its an amount paid so the property can be taken off the market and consider it sold.
Commission is normally 1% which needs to be agreed before any sale purchase.
I have always paid my commissions after the transfer of the plot.I believe this is the normal practice.
Did this bugger arrange your meeting with the owner or not. Make sure you meet with the owner and negotiate price. Otherwise this cheater will add his on top up on price and ask you to make one payment in draft and another (his top) in cash.
He will also try to tell you story of an investor. Never indulge in such shady deals no matter how lucrative it sounds to you.
Commissions are always paid after completion of deal, there is no practice of paying 50% in advance.
(My detailed post held for review). There is no established practice of charging advance commission. It is almost always after the transaction is completely and securely done. Any demand for advance commission raises suspicion.
And never finalise the deal and pay biana without meeting and negotiating price with the property owner.
Don't pay advance commission.
Bayana is not fixed. It is on mutual understanding.
Thank you all for your valuable input. I could not give best reply to all, so I gave it to the first responder
No problem.
As per my experience if you want to secure your deal and trying to sell your constructed house, beyana must be at least 15% of property amount. However market practice is limited to 100,000 or 500,000.
Commission is subject to be paid at the time of completion of deal rather advance payment. There must be something fisghy. Can you state the dealer location or name.
Update: he backed off very quickly from the advance commission demand when I told him you all’s feedback. ( 'Aaap ko mashwara karnay ki zaroorat nahin thi ’ ). So far things are going OK, a lawyer has confirmed plot is clean, and is drafting sale agreement. So just for now I will keep the dealer identity confidential, but it is disappointing that he is one of the ‘verified’ dealers on zameen.com. I wonder what this term ‘verified’ means…does it mean he is honest? Accountable? Please pray that the deal closes in a few days without issues and the plot is transferred to me. I may come back for more advice from you all, this is a most helpful forum
In my opinion if I were to sell a property I would prefer at least 25% of the sale price as biyana but it depends from seller to seller it’s a mutual understanding between the purchaser and seller. Commission is always paid after the transfer and there are two things to consider whilst negotiating one is the price reasonable and/or less than the market price if not call in a meeting with the owner of the property that is normally done by handing over a small amount of 50000 or 100000 as token money. Hope this helps
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