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When is the Right Time to Pay Brokerage?

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When is the Right Time to Pay Brokerage?

Last updated: November 15 2009
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  • When is the Right Time to Pay Brokerage?

    I have just completed an agreement for an underconstruction flat in Mumbai. I would like to know when I should pay the Broker. He is charging me 1% for the deal.
    He is asking for full payment right away, while the building will be completed after a year.
    Is it normal to pay the entire amount to the broker before the building is completed or before possession. Or should the broker be paid a percentage of the amount first. I don;t know what the protocol is.
  • #2

    #2

    Re : When is the Right Time to Pay Brokerage?

    For an underconstruction building why did u need a broker???
    Did he get a better rate for you than the builder?

    VK

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    • #3

      #3

      Re : When is the Right Time to Pay Brokerage?

      Don't pay him full money now

      pay him minimal money now. pay remaining once all the formalties are over and keys are in your hand.

      Sanjay
      Kind regards.

      SKG

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      • #4

        #4

        Re : When is the Right Time to Pay Brokerage?

        whats the protocol

        How is it normally done? I mean what is the accepted rule for making the payment to the broker in such cases? If the possession is in dec 2010, then should I pay him 40-50% only on possession and the rest right now?
        Broker says (not surprisingly) that he has never heard of such payment arrangement and that his job is over once the agreement is registered.
        Thanks for the previous replies.

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