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Good for Payment Cheque mandatory for property purchase and sale

Published On: Nov 26, 2017 04:54am
After the threshold for purchase and sale of real estate property dropped to Rs.10, 00,000, the Land and Revenue Office (Malpot Karyalaya) has started ownership transfer only on the submission of 'Good for Payment' Cheque. The Land and Revenue Offices have started seeking banking evidence of the cash transaction for purchase and sale of properties. Seeing the risk of cheque bounce on deposit of cheque, the offices seek the evidence of Good for Payment Cheque issue. However, prior to the introduction of this rule, no evidence had to be submitted at the Land and Revenue Office for any sum of transaction. Introduction of Good for Payment Cheque is believed to avoid the problem of cheque bouncing or the possibility of the seller not getting the sum of transaction.
In addition, this system has replaced the requirement of asking whether the seller has received money or not at the Land and Revenue Office. This system mandatorily requires the seller to have a bank account. Also, the payment made in advance (Baina) has to be made via bank, or in case the transaction has been made on cash, the evidence must be shown via a brank transaction.
The provision of Good for Payment Cheque has surely stricken the tendency to transfer the ownership of the property and then clear the amount in coming months. Thus, if your property for sale is worth more than Rs.10, 00,000, you should compulsorily show the evidence of cash transaction via the Good for Payment Cheque, otherwise, you have to return back from the Land and Revenue Office. Even if you have already received some money in advance, you must show the bank evidence of this transaction. This secures the seller to get all the money before the ownership transfer of the property, and saves from the bouncing back of the cheque. The Land and Revenue Office, won't otherwise proceed the transfer of ownership of the property. The evidence of the Good for Payment Cheque itself is a proof that you have received money from the sale of your property, in which occasion, the office used to ask if you have received the money, before the introduction of this system.
MeroProperty is a leading real estate agency in Nepal that brings the buyer/tenant and seller/house owner at a common online portal. In addition to the properties arrangement, we also take initiation for financial arrangement if required. Our wide and dense networks with buyers and sellers shall certainly benefit you; for purchase/sale/rent of any property in Kathmandu or in Nepal, do remember us.
 
 

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