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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Noida > Advice needed : Broker says flat in name of some Company
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Old November 2 2012, 11:35 AM   #1
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Default Advice needed : Broker says flat in name of some Company

Senior members please advice :

Broker is selling me under construction flat but says some random company owns it. So there is no seller/buyer meeting. He says you can check at builder office if the random company owns that flat. But I need to give token first and then I will get photocopies to check at the builder office.

Any of you heard of this type of deals ? I have dealt with brokers in past and knew in advance they are taking extra margin and commission but never heard if some company owns it.

 
Old November 2 2012, 12:13 PM   #2
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Yes, flat in companies name and no one there as seller?? seems something fishy here....You can check with builder, who owns that flat. Hope broker has provided you flat no. give token in cheque in name of that flat owner(if company also). i think he will not agree to that also, if something is wrong.



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Originally Posted by desibabu View Post
Senior members please advice :

Broker is selling me under construction flat but says some random company owns it. So there is no seller/buyer meeting. He says you can check at builder office if the random company owns that flat. But I need to give token first and then I will get photocopies to check at the builder office.

Any of you heard of this type of deals ? I have dealt with brokers in past and knew in advance they are taking extra margin and commission but never heard if some company owns it.
 
Old November 2 2012, 01:34 PM   #3
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Quote:
Originally Posted by desibabu View Post
Senior members please advice :

Broker is selling me under construction flat but says some random company owns it. So there is no seller/buyer meeting. He says you can check at builder office if the random company owns that flat. But I need to give token first and then I will get photocopies to check at the builder office.

Any of you heard of this type of deals ? I have dealt with brokers in past and knew in advance they are taking extra margin and commission but never heard if some company owns it.

Is the company name to do something with car parts or car leasing and address is somewhere in / around Karol Bagh?
 
Old November 2 2012, 01:45 PM   #4
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Hi,

You are buying a flat & have every possible right to inquire about the owner details etc .. Give a firm word to broker that you are not going to carry on with the deal until/unless you check all details with builder .. Forget the token even ..

If he denies , stay away from such a property . don't get yourself into unnecessary hassles ..

Please always always insist on meeting owner of property , all negotiations /discussion for property must be done with the owner not any broker ..
Brokers should be only interested in their commission ..
 
Old November 2 2012, 02:13 PM   #5
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I think its possible that the flat is in the name of the company. But why would someone have to pay the token amount to see the papers. You may be inviting the trouble here. Tell broker, you would not pay the token unless you see all the papers. If broker does not agree, move on. There are hundreds of flats/builders in the market.
If you go ahead with the deal, try to get more information about the company. Some companies, may be fictitious, just to park the black money and their ownership is also not clear.
If I were you , i would back out.
 
Old November 2 2012, 02:24 PM   #6
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It is very much possible that Flat is registered in name of company...there is also nothing to worry about it. You may proceed as normal deal.
1. When you give the token dealer is liable to show you the original allotment letter, receipts and statement of accounts. Just verify the name of company. Ask him to get the resolution letter of the company. Resolution shall mention the authorized signatory and registered address.
2. Token receipt shall be signed by authorized signatory.
3. You may call builder and inquire about the unit anytime you wish after/before token.

Proceed normally after that.
 
Old November 2 2012, 05:42 PM   #7
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Not sure if I fully understand ... why do we need to pay token money to see PHOTOCOPY of papers.
- What happens if I decide not to buy the property ... then another hassle to get that token money back.
- What happens if I am planning to buy one of, say 4 properties that I am interested. I shouln't be paying token money at 4 places to view their details.

I understand only once you have checked the papers and agreed on price/location/property then only token amount should be given. After that things should proceed form there.


Something like getting engaged before seeing that very girl :-)
 
Old November 2 2012, 05:47 PM   #8
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Quote:
Originally Posted by GoGetit009 View Post
Not sure if I fully understand ... why do we need to pay token money to see PHOTOCOPY of papers.
- What happens if I decide not to buy the property ... then another hassle to get that token money back.
- What happens if I am planning to buy one of, say 4 properties that I am interested. I shouln't be paying token money at 4 places to view their details.

I understand only once you have checked the papers and agreed on price/location/property then only token amount should be given. After that things should proceed form there.


Something like getting engaged before seeing that very girl :-)
You are right, you don't need to pay token to see the papers. You will see the papers and then only pay token. Usually this happens on same day.
 
Old November 2 2012, 06:31 PM   #9
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try whatever has suggested but if i'm not very wrong then deal won't go through.
there is something fishy, i doubt if broker would able to clear it, because if could have, he would have.

Forget it and move own. the deal is fishy and broker S_hol. dont waste your energy.
 
Old November 2 2012, 06:47 PM   #10
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Originally Posted by Masque View Post
You are right, you don't need to pay token to see the papers. You will see the papers and then only pay token. Usually this happens on same day.
By seeing paper, I mean verifying it with my lawer. Belive me, if it goes this way, then brokers can even proivde you papers of Taj Mahal (sorry for exaggeration, but for all you know those papers are not correct).

Also, I don't see any harm with brokers sharing the Photocopy of papers without commitment (in terms of token money). I can do nothing (legal) with it. They why do they want token money before.

Whereas, money is a "legal" document, I mean that money once given to broker he can use it for anything.

But still if brokers want to gauge seriousness/genuineity of buyer, then they should be given a post dated check (as token amount). The date should be by when buyer will be able to get the doucments reviewed by lawer.

I mean "is common sense" not so common ?

G
 
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