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SMRUTIRANJAN (serving)     26 October 2020

Return of token money

1.  I have made an agreement with someone for selling of my flat and got a token money. As per agreement the purchaser had to pay full amount after a period of 45 days and taken all soft copy of my flat paper to apply for a loan. The loan has been sanctioned by a bank and payment has not been released to my account after two months because the purchaser has changed his mood not to purchase. After repeated reply on mobile, now he says he will not in position to pay the full amount due to his financial crised and requested to cancell the agreement.

2.   My house was on rent and has been vacated after the agreement was made.  In this situation, whether I have to return the token money to the purchaser  or not?



Learning

 3 Replies

Real Soul.... (LEGAL)     27 October 2020

No, since the agreement is voilated by the buyer you need not to return the token money ,but if you have agreed in the agreement to return the token money upon default by either party or buyer then, only you have to pay that. Actually the agreemnt will guiede you properly. IF there is no mention of return money then the agreemnt is breached already but you issue a lega notice to other party stating clearly that the agreeemnt is breached and as such shall terminate and the token money forfeits...

P. Venu (Advocate)     27 October 2020

In my understanding need to return the token money less the loss or the damages because of the failure on his part.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     27 October 2020

1.  Return the Token Money ELSE the Buyer party may put you in legal trouble and you will not be able to sell your property to anyone else, till such legal dispute is resolved.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com


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