Buying an apartment.

Srinivas (Querist) 05 January 2011 This query is : Resolved
Hi,

I am in the process of buying a second-hand apartment through an agent in Bangalore. My agent tells me that in order to obtain the property documents from the first owner, I need to deposit a post-dated check, for 10% of the total property value, in the first owner's name. Is this the way it works, or is my agent trying to pull a fast one on me?

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A V Vishal (Expert) 05 January 2011
NOT REQUIRED TO DEPOSIT SINCE ONLY THE XEROX ARE GIVEN FOR VERIFICATION, IN CASE YOU BECAME DISINTERESTED IN BUYING BECAUSE OF DEFECTIVE TITLE OR ANY OTHER UNFORESEEN REASONS, THE POST DATED CHEQUE CAN BE MISUSED BY THE OWNER/AGENT. ONLY ON HAVING A CLEAR TITLE ENTER INTO AN AGREEMENT OF SALE AND PAY THE TOKEN AMOUNT.

Vinaya More (Expert) 05 January 2011
It is not at all require to pay 10% amount of the total property

You strictly executed any kind of document/agreement/written documents with the Vendor before giving token amount or half amount whaterver may be the case.
That wiil only proof remain with you in case of any fraud or mis happen

Advocate Bhartesh goyal (Expert) 05 January 2011
Your agent is trying to mislead you.there is no requirement to deposit any amount before execution of sale agreement.