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Ninu (COE)     17 July 2011

Return of Token amount

Sir, My father has entered into a agreement to sell for his property through  property dealer and get 20% as Token.

As per agreement, buyer take 45 days time to execute the agreement and to pay the balance 80% sale amount but he has failed to pay the part payment and register the property.  The Agreement date has got Expired and he hasn't turned up.

After 9 months, My father sold the property to another buyer, After 3 month the first buyer comes back and asks the Token amount (In the agreement their no refund of token money clause).

I want to What is expiry of Agreement (Time Limit) & What shall we do?

Kindly advice us at the earliest.



Learning

 2 Replies

adv. rajeev ( rajoo ) (practicing advocate)     17 July 2011

Within three years from the date of expiry of 45 days he can initiate legal proceedings against your father.  He can file Suit for specific performance of contract.  Your father has not given any notice to him cancelling the agreement of sale for breach of conditions.


(Guest)

Does the agreement contain the clause that the token amount would be forefieted if the buyer fails to get the property registered in his name by paying the balance by the fixed dated?


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