Bayana Agreement In English

In several states in eastern and northern India, the agreement on the sale is called the Bayana Agreement. The dynamic: Bayana`s amount is expected to account for a quarter of the total property price. It is indicated that the longer the time to clear the remaining amount, the higher the Bayana would be. This is the period during which the seller requests the No Demand Certificate (NDC). This certificate is provided by the relevant housing authority at the centre of both parties. The property is transferred immediately and the seller receives the bank project. If a buyer withdraws from a deal, he cannot claim to collect chips/Bayana. If you still have little land, you can go to the town hall and sell the land to anyone who wants it. The validity of such an agreement in the eyes of the law is null and void and they have no right to keep your property.

Hello. I am a land seller in DHA and I have a 50K token from a buyer by a merchant. The merchant never signed any conditions on his office letterhead. He just shared the 50K deposit ticket with me. I also sent him my copy of NIC and forms to have DHA`s property checked. DHA did not verify this because the signature did not match its registration. In the meantime, I received a better offer from another buyer. Can I cancel the first deal and return the token money because I didn`t have a written agreement and I sell it to the new buyer? So what is token money? Tokens is a small amount of money that must be paid by the buyer in reference to a serious intention to buy a property. The money from the tokens is paid by mutual agreement between the buyer and the seller on the sale price. In most cases, the deal is facilitated by an agent who has the seller`s verified contact information. Token money is the amount the buyer pays to the seller after entering into an agreement to enter into a real estate transaction.

If the buyer is able to acquire the property within one or two weeks, the confirmed token also acts as Bayana. The confirmed tokens are generally higher than the conditional tokens and smaller than the Bayana. As soon as the chips are paid, Bayana is the next step. It`s like token money, except it`s officially written and signed. Bayana after initial documentation: After payment of the initial amount of the chips, both parties begin to formalize the transaction by executing the purchase or sale contract. Under current legislation, this document, on the basis of which the future transaction will take place, must be registered by the parties concerned. During the signing of the document, the buyer pays an additional portion of the contract value, in the form of an advance or Bayana. This can be between 10 and 30% of the final value. The balance is paid to the seller when registering the real estate. Who has the right to transfer property? The answer is simple. The one who is old enough to have a national identity card (CNIC) from the age of 18. There are also various laws for the purchase and sale of real estate in Pakistan.

We will now discuss in detail the concepts of token money and Bayana. It depends on the sale if it is documented on the terms and conditions of the money-to-be agreement, in which the terms between the buyer, seller and agent (if it provides an agent) is called the confirmed tokens. This agreement contains conditions such as the period in which the Bayana must be paid, the sale price of the property and the penalty if one of the parties holds back. If the buyer does not meet Bayana`s deadline, he loses his token money; If the seller withholds the agreement, he is legally obliged to pay double the token`s money to the buyer.