It is okay to pay some amount as advance to the owner as ‘token money’. As you may know token money is an advance payment done to the owner after a verbal agreement about the property. In case you fail to pay the entire amount, the owner has the right to forfeit this token money. And if the owner fails to complete the transaction selling his property to you, he/she has to return the token money back to you.
A lot of this advance payment also depends on the trust you have in the owner. You must research thoroughly about the property and the owner before making advance payment. Since not all properties are verified, Do your search and then proceed with making any advance payment.
Also, make sure your loan has been finalized before making any advance payment.
I hope this helps you.
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If it is about buying a property, I suggest you check all the property documents before buying or investing in any kind of property. It will help you get better clarity of the property and its specification.
If you are talking about paying advance rent for a property you found on NoBroker then I would say that NoBroker claims to verify owners and properties, so it should be safe enough.
Buyer plans from NoBroker will verify and check properties on your behalf. Read More: How to check if a property is legally verified? How to verify property documents online?
Is it okay to pay the advance before meeting the owner? Are all houses/property verified?
Maz
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2
3 Year
2022-03-31T19:15:11+00:00 2025-02-20T23:06:15+00:00Comment
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