All you need to know about the token and the bayana
For the occasional property buyers and sellers, the procedure of carrying out a real estate transaction is anything but simple. From a distance, real estate dealings seem overwhelming, especially with twisted stories about scams flying around all the time.
If you, too, have similar concerns and aren’t familiar with the related procedures, congratulations! You have landed on the right page of this magazine. In a bid to make the property buying and selling procedure comprehendible, I have gotten down to the nitty-gritty of two crucial terms: the token and bayana.
The token is a small amount of money (compared to the market value of the property) that has to be paid by the buyer as an indication of serious intent to purchase a property. This step is taken after mutual consent has been established between the buyer and seller about the selling price. In most cases, the deal is facilitated by an agent, who possesses the verified contact details of the seller.
If you are dealing with an agent who is registered with the respective society where a property is located, the agreement details are written on the agent’s letterhead. This includes information about the token money, the name of the buyer, plot number, society name, the size and price of the property, and the time frame in which the buyer has to make the remaining payment.
There are two types of token: conditional and confirmed.