Dear Friends,

I am first time buyer of resale (Jaypee Kosmos) flat so i have some confusion abt resale deal. I am going to have deal through Allcheckdeals. How to check that deal is fair or not.

Step1. To give token amount
Step2. To make an agreement between two parties by paying premium
Step3. Apply for home loan and get disburse the amount paid by Ist buyer to builder.

In the above Steps, I have some confusion.
1. How to check that flat (unit) has been allocated to Ist buyer?
2. He may take cash and run away. How to trust on that guy?
3. After deal, How to check that flat has been transferred at my name?

Pls help me as i am in great need.

Thanks
Read more
Reply
19 Replies
Sort by :Filter by :
  • looks like iref is for fresh deal only ........
    CommentQuote
  • Originally Posted by man4ish
    Dear Friends,

    I am first time buyer of resale (Jaypee Kosmos) flat so i have some confusion abt resale deal. I am going to have deal through Allcheckdeals. How to check that deal is fair or not.

    Step1. To give token amount
    Step2. To make an agreement between two parties by paying premium
    Step3. Apply for home loan and get disburse the amount paid by Ist buyer to builder.

    In the above Steps, I have some confusion.
    1. How to check that flat (unit) has been allocated to Ist buyer?
    2. He may take cash and run away. How to trust on that guy?
    3. After deal, How to check that flat has been transferred at my name?

    Pls help me as i am in great need.

    Thanks

    1. Always meet the actual seller in case of resale..check the papers are in his/her name...
    2. Pay token only in white...no cash.
    3. Pay cash only at the time of transfer..the day you are filing papers for transfer...
    4. Once the builder accepts the transfer paper...deal is almost done...you will get papers on your name after 10 days or so..depends on builder...
    5. Make sure to check the seller account at builder office..make sure there is no late payment charges...or pending interest...
    CommentQuote
  • Originally Posted by maddy87
    1. Always meet the actual seller in case of resale..check the papers are in his/her name...
    2. Pay token only in white...no cash.
    3. Pay cash only at the time of transfer..the day you are filing papers for transfer...
    4. Once the builder accepts the transfer paper...deal is almost done...you will get papers on your name after 10 days or so..depends on builder...
    5. Make sure to check the seller account at builder office..make sure there is no late payment charges...or pending interest...


    very useful thread for everyone going in for resale deal for the first time.
    just to share my experience .. i have so far gone in for steps 1 and 2 given above ..

    would request others also to share their resale experiences here for the benefit of iref new members

    thanks in advance
    CommentQuote
  • Originally Posted by trialsurvey
    very useful thread for everyone going in for resale deal for the first time.
    just to share my experience .. i have so far gone in for steps 1 and 2 given above ..

    would request others also to share their resale experiences here for the benefit of iref new members

    thanks in advance


    I had a horrible resale experience once with a crooked lady and her husband ... where later we discovered the broker was also part of it all !

    It was for a 3bhk in Ridgewood Estate in Gurgaon back in 2006... paid the token money of 5 lks in cash - And told them verbally that we will bring in the remaining through a bank loan within a month ...

    The loan was sanctioned in around 34 - 35 days time cause i was not in india for that month mostly - And then we go to the broker and he says - the deal is off because it has taken 1 week more than the time you confirmed to us !

    The token money was ofcourse not returned and we had no proof to show it either !

    Then we had to harrass them with some connections with the cops - And finally they agreed to return 3 lks of the amount - cause the cops started harrassing them every day landing up at their office and house...

    But in the end 1 lk toh cops hi kha gaye - And i learnt a good lesson in resale - Dont ever trust the Party & Broker... no matter how sweetly and nicely they talk with you to finalise the deal !

    And never give your token money in cash ( black ) - cause then u have no way to prove anything !

    Infact after this case - Personally i think ppl should also get a stamp paper signed from the party that in case the bank loan is not sanctioned or delayed or there is any dispute on the property - then the token money will be returned back in full amount within a certain stipulated time !

    Once they have signed this and you get this attested - U atleast have some written document to contest with the attested and signed from the party that you gave them some token money - And if things dont work out fine - then they agree to give the money back !
    CommentQuote
  • Originally Posted by Anirudh113
    I had a horrible resale experience once with a crooked lady and her husband ... where later we discovered the broker was also part of it all !

    It was for a 3bhk in Ridgewood Estate in Gurgaon back in 2006... paid the token money of 5 lks in cash - And told them verbally that we will bring in the remaining through a bank loan within a month ...

    The loan was sanctioned in around 34 - 35 days time cause i was not in india for that month mostly - And then we go to the broker and he says - the deal is off because it has taken 1 week more than the time you confirmed to us !

    The token money was ofcourse not returned and we had no proof to show it either !

    Then we had to harrass them with some connections with the cops - And finally they agreed to return 3 lks of the amount - cause the cops started harrassing them every day landing up at their office and house...

    But in the end 1 lk toh cops hi kha gaye - And i learnt a good lesson in resale - Dont ever trust the Party & Broker... no matter how sweetly and nicely they talk with you to finalise the deal !

    And never give your token money in cash ( black ) - cause then u have no way to prove anything !

    Infact after this case - Personally i think ppl should also get a stamp paper signed from the party that in case the bank loan is not sanctioned or delayed or there is any dispute on the property - then the token money will be returned back in full amount within a certain stipulated time !

    Once they have signed this and you get this attested - U atleast have some written document to contest with the attested and signed from the party that you gave them some token money - And if things dont work out fine - then they agree to give the money back !


    yaar waise token money 5 lakhs ?? isnt that a bit too much too give
    CommentQuote
  • Originally Posted by trialsurvey
    yaar waise token money 5 lakhs ?? isnt that a bit too much too give


    Bhai ... the price for that place was around 50 lks at that time - And that ladies broker told me - Beta, u always give a 10% as token money ... And believe you me - that Old uncle broker was so weak and fragile and soft spoken - i mean - u always thought - he will never give you wrong advice !

    And i was just 26 yrs old that time... had very little clue of how things are actually done...!!! I would say - i was just a guy who had some money and wanted to invest in property !

    Yaar guys like me who have studied from 2 - 12 in Boarding schools and then go away for further college studies - and always protected by parents ... by the time you come back and start earning and living on ur own ... U have very little knowledge about the real world - And u never think someone else can be so manipulative or dis-honest in life...

    But sadly u can either learn from your own mistakes - or be smart enough to understand from others !!!
    CommentQuote
  • Originally Posted by Anirudh113
    I had a horrible resale experience once with a crooked lady and her husband ... where later we discovered the broker was also part of it all !

    It was for a 3bhk in Ridgewood Estate in Gurgaon back in 2006... paid the token money of 5 lks in cash - And told them verbally that we will bring in the remaining through a bank loan within a month ...

    The loan was sanctioned in around 34 - 35 days time cause i was not in india for that month mostly - And then we go to the broker and he says - the deal is off because it has taken 1 week more than the time you confirmed to us !

    The token money was ofcourse not returned and we had no proof to show it either !

    Then we had to harrass them with some connections with the cops - And finally they agreed to return 3 lks of the amount - cause the cops started harrassing them every day landing up at their office and house...

    But in the end 1 lk toh cops hi kha gaye - And i learnt a good lesson in resale - Dont ever trust the Party & Broker... no matter how sweetly and nicely they talk with you to finalise the deal !

    And never give your token money in cash ( black ) - cause then u have no way to prove anything !

    Infact after this case - Personally i think ppl should also get a stamp paper signed from the party that in case the bank loan is not sanctioned or delayed or there is any dispute on the property - then the token money will be returned back in full amount within a certain stipulated time !

    Once they have signed this and you get this attested - U atleast have some written document to contest with the attested and signed from the party that you gave them some token money - And if things dont work out fine - then they agree to give the money back !


    Resale is always risky and now days every rikshaw wala and dhoobi turned into a broker. Deal goes wrong, dhoobi ki aukaat nahi ki kisi ko jutte laga sake. MBA graduate 20 some year old kids are also brokers and a kid is a kid I was almost in a risky deal because of these inexperienced MBA kids sitting at builder site office. 20 years ago dealers were DABAANG so there were less cheatings.

    ONLY, give 10,000 rs token. Tell seller to meet you at builder office for cancellation the next morning. Give him premium at builder office and get cancellation form signed. Anything above 10,000 rs in resale is way too risky unless you are a GUJJAR with the whole village connections to get your money back. Property dealing is really meant for strong connection people.
    CommentQuote
  • Originally Posted by Anirudh113
    Bhai ... the price for that place was around 50 lks at that time - And that ladies broker told me - Beta, u always give a 10% as token money ... And believe you me - that Old uncle broker was so weak and fragile and soft spoken - i mean - u always thought - he will never give you wrong advice !

    !!!



    let me tell you this, consider old people as wicked/short tempered/cheat as any young urban villager.

    And please don't blame me for being rude, its a proven fact that old people are skeptic which makes them behave irrationally.
    Our society projects elders as angel, obvious coz our society is ruled by elders, which is false.

    Old people play a big role in many crimes (dowry deaths, honour killing) but are not blamed sweepingly the way younger generation is blame for a hit-n-run case. Again the reason is same that old people save thier bretheren and defame younger generation because they, psychologically, are face-off with young
    CommentQuote
  • Originally Posted by Jai_Singh
    let me tell you this, consider old people as wicked/short tempered/cheat as any young urban villager.

    And please don't blame me for being rude, its a proven fact that old people are skeptic which makes them behave irrationally.
    Our society projects elders as angel, obvious coz our society is ruled by elders, which is false.

    Old people play a big role in many crimes (dowry deaths, honour killing) but are not blamed sweepingly the way younger generation is blame for a hit-n-run case. Again the reason is same that old people save thier bretheren and defame younger generation because they, psychologically, are face-off with young


    I agree with you to a large extent on this... !

    Infact i see the struggle our generation is facing against matters of corruption & Protection of even a persons fundamental right in our country... And all these problem have been layed on our heads due to the last older generation - that has allowed the country to fall into the hands of a few corrupt and dirty politicians - And they did nothing about it for so many years !!!

    I think they took Gandhiji's 3 bandar's very seriously !

    Sometimes - i seriously cant understand where our country is heading to ... Are we actually moving ahead - Or r we the hard working donkeys in this country where the politician who sits on top of us has a carrot dangling before us !

    Inflation is not coming down any time soon... The rupee is loosing ground every week... The trade deficit keeps increasing every quarter... The RBI cannot bring down the interest rates even though the markets desperatly need it .... The manufacturing sector is growing at 1%... New Jobs are getting difficult to come by... FDI has been reduced considerably ...And the Govt. is finding ways to keep themselves in power by making their Allies happy ( Mulayam... Mamata... Powar etc etc. )... And no strong policies seem to pass from those parliment discussions !

    But all said and done - Real estate in India - Defies all rules and theories of a slow down - That is when you understand how HUGE this black money and corruption has seaped into our lives today !

    And Mr. Shivpal yadav toh has taken the cake with his theory..Thoda khao - Thoda phenko !!! ( And still no body could take any action against him )

    Happy Independence guys !!!
    CommentQuote
  • Originally Posted by Anirudh113
    I agree with you to a large extent on this... !

    Infact i see the struggle our generation is facing against matters of corruption & Protection of even a persons fundamental right in our country... And all these problem have been layed on our heads due to the last older generation - that has allowed the country to fall into the hands of a few corrupt and dirty politicians - And they did nothing about it for so many years !!!

    I think they took Gandhiji's 3 bandar's very seriously !

    ....Happy Independence guys !!!



    i know its off topic but see the way old people are projected as "Mahatma".

    Just look at the way Mahatma Gandhi is projected in India as if "HE WAS ALWAYS OLD".

    He did his real work when he was young and adult. But there is not a single picture of a "Young Gandhi".

    If we logically critisize the life you Gandhji, we would note that he screwed big times in his old days but no, it is projected as if he did real work when he was old and wasted his younger days.
    CommentQuote
  • Originally Posted by Jai_Singh
    let me tell you this, consider old people as wicked/short tempered/cheat as any young urban villager.

    And please don't blame me for being rude, its a proven fact that old people are skeptic which makes them behave irrationally.
    Our society projects elders as angel, obvious coz our society is ruled by elders, which is false.

    Old people play a big role in many crimes (dowry deaths, honour killing) but are not blamed sweepingly the way younger generation is blame for a hit-n-run case. Again the reason is same that old people save thier bretheren and defame younger generation because they, psychologically, are face-off with young


    Bro, I am not talking about 65 yr old dealer who walk with a stick. But I would rather deal with someone in their 30's then some 20 some year old who just got out of his mother womb and into market. I am in my 20's but do see these idiots who think they are big time dealers and risk buyer's hard earned money because they dont know how to play it safe. Most of these kids don't have a strong back, so all they lose is commission when the buyer loses few lacs if seller cheats.

    I dealt with one 27 year old dealer sitting at builder office who told me a lot of information after I paid token. He said I forgot to tell you that apartment was of guys bua's son who lives in UK. It is in joint of brother and sister. By that time I couldn't even back out. After the deal was done, mene khud us ladke ko jutte lagaye the and then gave him commission.
    CommentQuote
  • Originally Posted by vlord0007
    Bro, I am not talking about 65 yr old dealer who walk with a stick. But I would rather deal with someone in their 30's then some 20 some year old who just got out of his mother womb and into market. I am in my 20's but do see these idiots who think they are big time dealers and risk buyer's hard earned money because they dont know how to play it safe. Most of these kids don't have a strong back, so all they lose is commission when the buyer loses few lacs if seller cheats.

    I dealt with one 27 year old dealer sitting at builder office who told me a lot of information after I paid token. He said I forgot to tell you that apartment was of guys bua's son who lives in UK. It is in joint of brother and sister. By that time I couldn't even back out. After the deal was done, mene khud us ladke ko jutte lagaye the and then gave him commission.



    Bro i'm not protecting any one, read my first line i said that consider old people as bad or good as young.
    and when it comes to RE, dont trust any one; infant,teen, young, old. Trust None.

    As for topic on how to avoid fraud:
    Talk rash, avoid english, be abusive, mention your rural and political connections and show your self deffiecient of funds and suffiecient of muscle.
    CommentQuote
  • Originally Posted by maddy87
    1. Always meet the actual seller in case of resale..check the papers are in his/her name...
    2. Pay token only in white...no cash.
    3. Pay cash only at the time of transfer..the day you are filing papers for transfer...
    4. Once the builder accepts the transfer paper...deal is almost done...you will get papers on your name after 10 days or so..depends on builder...
    5. Make sure to check the seller account at builder office..make sure there is no late payment charges...or pending interest...


    Any tips for seller? How can someone transfer the flat without getting the entire amount? Don't need any cash, but all in cheque.
    CommentQuote
  • Originally Posted by LBNOIDA
    Any tips for seller? How can someone transfer the flat without getting the entire amount? Don't need any cash, but all in cheque.


    If you as seller took loan to buy the apartment, you will take premium at builder office sign cancellation form. Builder will give buyer 45 days to pay up and builder will pay your bank the loan amount and get NOC.

    If you as a seller who didn't take out any loan then you take premium and the payment you made to builder before signing cancellation form.
    CommentQuote
  • Originally Posted by vlord0007
    If you as seller took loan to buy the apartment, you will take premium at builder office sign cancellation form. Builder will give buyer 45 days to pay up and builder will pay your bank the loan amount and get NOC.

    If you as a seller who didn't take out any loan then you take premium and the payment you made to builder before signing cancellation form.


    bit confused now .. i was under the impression that only transfer form needs to be filled ? where does cancellation form come into the picture ?
    CommentQuote