Hi All,

Need help from IREF members.

I have a property in Noida and i was trying to sell it. A broker contacted me and fixed me a meeting with a buyer. He also paid token amount and we signed ATS document also.

Now i have come to know that the buyer is actually brokers player and the broker is trying to sell my property at a higher rate to someone else and then pay me the remaining money after taking his profit.

The ATS mentions that i can not have any issues if final transfer of property is done in someone else's name.


What can i do in this situation?? The broker will get double benefit in this case. he will take money from me as commission and will earn profit from sale also.

Please provide your valuable inputs.... thanks in advance.
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  • Brokers mostly do these kind of things. You can return his token amount saying that you are no more interested in selling at this moment. search for another buyer online...


    Originally Posted by InDilemma
    Hi All,

    Need help from IREF members.

    I have a property in Noida and i was trying to sell it. A broker contacted me and fixed me a meeting with a buyer. He also paid token amount and we signed ATS document also.

    Now i have come to know that the buyer is actually brokers player and the broker is trying to sell my property at a higher rate to someone else and then pay me the remaining money after taking his profit.

    The ATS mentions that i can not have any issues if final transfer of property is done in someone else's name.


    What can i do in this situation?? The broker will get double benefit in this case. he will take money from me as commission and will earn profit from sale also.

    Please provide your valuable inputs.... thanks in advance.
    CommentQuote
  • Originally Posted by dw2noida
    Brokers mostly do these kind of things. You can return his token amount saying that you are no more interested in selling at this moment. search for another buyer online...


    The issue is that ATS also mentions if i withdraw from the deal then i will have to pay twice the amount of token money.....

    Not sure what are my options.... :(
    CommentQuote
  • Forget Broker's business
    All brokers are same -- Alll most same.

    1. Are you happy with your deal with broker.
    2. What is the time line of deal for final payment?? (After that time u can just say no and keep all the token money)
    3. How eager are you to sell the property.
    4. You can put a board on your door that property already sold.---- But not suggested.
    CommentQuote
  • Originally Posted by InDilemma
    Hi All,

    Need help from IREF members.

    I have a property in Noida and i was trying to sell it. A broker contacted me and fixed me a meeting with a buyer. He also paid token amount and we signed ATS document also.

    Now i have come to know that the buyer is actually brokers player and the broker is trying to sell my property at a higher rate to someone else and then pay me the remaining money after taking his profit.

    The ATS mentions that i can not have any issues if final transfer of property is done in someone else's name.


    What can i do in this situation?? The broker will get double benefit in this case. he will take money from me as commission and will earn profit from sale also.

    Please provide your valuable inputs.... thanks in advance.


    This is everyday practice, soon as you accept the fact easier your life will be. Why do you care if the broker is making more money? As long as the broker gives you the amount you agreed upon initially, you shouldn't care. Plus, be careful trying to return the token. Usually, you have to double the amount or face issues (you better have strong back support if you are going to cancel the deal).
    CommentQuote
  • Originally Posted by planner
    Forget Broker's business
    All brokers are same -- Alll most same.

    1. Are you happy with your deal with broker.
    2. What is the time line of deal for final payment?? (After that time u can just say no and keep all the token money)
    3. How eager are you to sell the property.
    4. You can put a board on your door that property already sold.---- But not suggested.


    1. Its an under construction property so cant put a board.... :(

    2. I am satisfied with the amount i am getting....its just that i know i am being cheated and i am not able to do anything

    3. the ATS says that deal must conclude in 50-55 days....its 50 days already and i have yet to receive final payment.

    I am from a normal background.....i cant do gunda gardi.....dont know what to do???
    CommentQuote
  • Originally Posted by InDilemma
    1. Its an under construction property so cant put a board.... :(

    2. I am satisfied with the amount i am getting....its just that i know i am being cheated and i am not able to do anything

    3. the ATS says that deal must conclude in 50-55 days....its 50 days already and i have yet to receive final payment.

    I am from a normal background.....i cant do gunda gardi.....dont know what to do???


    This is why, you deal with one of your trusted brokers who you dealt with in past even if he gets you 50 rupee less (ha ha I am talking about his TANKAA). My broker is transparent, we usually agree on whatever he gets me above certain amount is his. This way he is happy and I am happy.
    CommentQuote
  • i ALSO HAD DONE SAME ONCE.

    I had given the token money and then sold to another Party. But no cheating at all. Main issue was to give the full payment to 1st Party in two months. I Just got the new customer otherwise I would have to keep that property or loose my token money.

    Broker is doing the same thing I think.

    But you can cancil the deal and keep all the advance if that time (50-60days) is over.
    I suggest to take help of any advocate.

    BTW how many days are written youtr contract to close this deal.

    Friends --- Advice him more
    CommentQuote
  • Originally Posted by planner
    i ALSO HAD DONE SAME ONCE.

    I had given the token money and then sold to another Party. But no cheating at all. Main issue was to give the full payment to 1st Party in two months. I Just got the new customer otherwise I would have to keep that property or loose my token money.

    Broker is doing the same thing I think.

    But you can cancil the deal and keep all the advance if that time (50-60days) is over.
    I suggest to take help of any advocate.

    BTW how many days are written youtr contract to close this deal.

    Friends --- Advice him more



    As per the ATS.... the deal should conclude in 50-55 days.......today is 50th day and all i have received is the token money.
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  • See I dont understand that how is the broker cheating if you are satisfied with the amount he is paying you. You should be worried about your amount and not about what broker will be getting. What if he keeps the property for few days and there is a downfall in BSP rates. Would you take a cut from your amount too? No. Right?
    So I think you should be happy that you are getting what you asked for. Just make sure that you get your full money.

    On a side note - why dont you directly talk to the broker regarding your query. He might agree to give you some more amount.
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  • Originally Posted by InDilemma
    As per the ATS.... the deal should conclude in 50-55 days.......today is 50th day and all i have received is the token money.



    50 days is over as per u wait for 5 days more if broker don't give u anything other than token money ( which u all ready received ) then token money is urs and that token money is urs
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  • Dear friend,

    I am sorry being little straight in this matter but first,

    1. you must had been tried your level best to sell the property on your shoulders if not then that was required. I sold my property in best rates through website portal dedicated to these jobs.

    2. As Planner asked, Are you happy WITH THE AMOUNT which you have finalized yourself earlier with the same broker. (Then why to worry further?)

    I find little bad on the part of Broker but in the end it is a business and it happens in all the trade , it is up to us , “the buyers” to actual home work done before agreement to sell. As you mentioned about the “clause of transfer”, it manes that broker was well prepared, surely better than you.

    Solution

    1. Speak one more time to broker and ask him to share a profit with you as you are aware of new price - otherwise you are no mood to finalize further.

    2. IF you are sure, you would be able to fetch better price in future (calculating total time taken as per your next move to buy further) , either wait that he eventually (pray to GOD) lapse time duration or say somehow you are not able to sell it due to some family issue and show him a sorry face with giving 10000 Rs a “Sorry charges” and take in written that he is no way going to disturb you in future.

    I still feel that broker seems well experienced with this kind of situation as you need to be either tactical or just being a bigger mean than him and let him go to hell.
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  • Original Poster

    1) Don't ask the broker to share profits, it's pure business and he has not cheated you by making extra cash if he pays you the amount you agreed upon initially.

    2) Be very careful, unless you have contacts/sources try not to return token or cancel deal. No money is worth putting family in danger. This is why you should deal with only one trusted dealer instead of hopping to every broker that pops up.

    Aaj ki date me hur rikshaw wala, dhoobi, paan wala turned into a dealer so go with either the trusted or educated professional property consultant who at least has an office.
    CommentQuote
  • Originally Posted by InDilemma
    Hi All,

    Need help from IREF members.

    I have a property in Noida and i was trying to sell it. A broker contacted me and fixed me a meeting with a buyer. He also paid token amount and we signed ATS document also.

    Now i have come to know that the buyer is actually brokers player and the broker is trying to sell my property at a higher rate to someone else and then pay me the remaining money after taking his profit.

    The ATS mentions that i can not have any issues if final transfer of property is done in someone else's name.


    What can i do in this situation?? The broker will get double benefit in this case. he will take money from me as commission and will earn profit from sale also.

    Please provide your valuable inputs.... thanks in advance.


    Wait for 55 days and then send a legal notice to the broker through an advocate about cancellation of the deal.

    The broker would try to create a scene; maximum bargaining that he has after the 55 days is that he would insist on returning the token amount.

    Next time onwards -:
    i) Ask for photo identity proof, pan card of the person with whom you are making deal.
    ii) Never sign an agreement in which buyer's name is not specifically mentioned. Don't allow for clause that enables dealer to sell further.
    CommentQuote
  • Originally Posted by vlord0007
    Original Poster

    1) Don't ask the broker to share profits, it's pure business and he has not cheated you by making extra cash if he pays you the amount you agreed upon initially.

    2) Be very careful, unless you have contacts/sources try not to return token or cancel deal. No money is worth putting family in danger. This is why you should deal with only one trusted dealer instead of hopping to every broker that pops up.

    Aaj ki date me hur rikshaw wala, dhoobi, paan wala turned into a dealer so go with either the trusted or educated professional property consultant who at least has an office.



    This proves the fact that-:

    UP has GUNDA RAJ.
    CommentQuote
  • This happens everywhere. Builder floors etc in south delhi are being sold like for ages.
    Deal is struck for 5 cr with seller by paymnt 50L as token and time taken is 3 months to complete the payment. New Buyer(broker) is able to find another buyer within 3 months for 5.5cr, till the time he would have paid 20% or 30%.

    Risk is buyer should have holding capability.

    2nd alternate-Deal secured at 3 cr, home improvement, interiors upgraded etc, (cost of 10 lacs)sold at 3.5cr.

    Risk is holding capability.
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