We are in the process of buying a flat in Bangalore.
We have issued a post-dated cheque as token amount to the seller and got the xerox copy of his flat's agreement. There are no documents signed bewteen us, however we did mention the flat address on back of the cheque for safety. We have the xerox copy of the same with us.
When it was showed to our lawer there are some irregularities, which needs to be resolved first from the buyers end and it may take a couple of weeks time atleast. We have requested the buyer to not deposit the cheque until everything is sorted out from his end which he has agreed. The buyer has engaged a lawyer and a CA to carry out the needful to sort out his property documents.
We are still interested to buy this property but due to these minor hiccups in their title, we have now also started looking for other opportunities in the property market. So that just incase if it takes longer than expected we are not kept held up and miss better opportunities.
If we find another better deal and want to go ahead with the new deal and if the 1st buyer refuses to return our token amount cheque, can we go ahead with stop cheque payment option? Can the seller file any case against us for stop payment?
Thanks for your advise.
