Dear all,
In many cases a plot is transferred before a DD is submitted into the seller's bank account so how does one make sure that a Demand Draft is original before transferring property to someone?
Verify it from the issuing bank… Simple
Tell to buyer make the DD at my Presence at the concern branch.Go to the bank with buyer and also after making the DD verify it.
Can it be verified by calling at bank help line or its must to visit the bank.
Not from help line, it could be verified from the issuing bank over phone, if you have number of that branch. Thanks
Ok thanks khan sb
U welcome bro.
Thanks for the advice Mr Khan, Anti Devilers and Tassadaq bhai..
Actually sometimes one doesn't know which bank's DD will the buyer be presenting. So I guess it is better to ask from the buyer before the transfer that which bank will be issuing the DD so that it can be confirmed via the phone before transferring.
This is not a problem at all........
verification is a tedious job specially on fone
banking in Pk is not good enough for this
solution: when u get 100% payment(in any form e.g. Cash DD etc.) u have to sign a sale deed which clearly states that u r bound to transfer the property in buyer's name
so no need to make transfer until u get the payment gets credit into your account
ppl even do business on cheques coz property transfers are subject to successful credit of payment
If I were you I will definitely ask buyer the name of the bank who will issue draft then I will personally open my own account in that branch and finally I will request a copy of the draft and verify with the branch. If possible as Xahid mentioned have something written on stamp that the property will be transfer on term with the credit of the such amount in seller bank.