Is token amount refundable?
Tejas
(Querist) 07 January 2014
This query is : Resolved
Dear All,
I have received token amount from the customer before 3 months, and now after wasting such a long period they are asking for returning back their token amount. They paid amount by cash and MOU was also not prepared.
Kindly advice.
ajay sethi
(Expert) 07 January 2014
how much was token amount .although legally purchaser cannot claim from you as he has no evidence of having made payment better deduct 20%^of amount and return balance amount
Rajendra K Goyal
(Expert) 07 January 2014
Legally he would succeed is doubtful.
However, your decision totally depends upon morality, customs, understanding, social pressure, your intention, Any loss suffered by you and many other factors. Decision is yours after consideration of all factors.
Adv.Aiyer VLV
(Expert) 07 January 2014
Returnable? Yes
If amount is big he may have evidence,witness Like sms, email, audio video and claim Even filed cheating case
If small or sure no trail , free to KEEP
Agreed with Experts above
Adv.Aiyer VLV
(Expert) 07 January 2014
Returnable? Yes
If amount is big he may have evidence,witness Like sms, email, audio video and claim Even filed cheating case
If small or sure no trail , free to KEEP
Agreed with Experts above
Adv.Aiyer VLV
(Expert) 07 January 2014
Returnable? Yes
If amount is big he may have evidence,witness Like sms, email, audio video and claim Even filed cheating case
If small or sure no trail , free to KEEP
Agreed with Experts above
Adv.Aiyer VLV
(Expert) 07 January 2014
Returnable? Yes
If amount is big he may have evidence,witness Like sms, email, audio video and claim Even filed cheating case
If small or sure no trail , free to KEEP
Agreed with Experts above
R.K Nanda
(Expert) 07 January 2014
state detailed facts. how much is the amount?
Guest
(Expert) 07 January 2014
Depends upon the nature of transaction, amount and the agreement entered in to between you and the other party. Normally token amount is of the neature of earnest money, which is adjusted in the total amount of transaction, if the eal goes through. If the transaction does not mature, the earnest money is forefieted, subject to the provisions included in the written agreement entered in to by the parties concerned. But, your query does not provide the needed detail.
Sudhir Kumar, Advocate
(Expert) 07 January 2014
despite having sympathy with you one cannot give you meaningful advise without seeing the papers.
Tejas
(Querist) 08 January 2014
Dear All,
Nothing is on the paper, amt. is 21000/- but those people are behaving arogantly and carelessly as if we are bound to return token amt. Actualyy locking our property for 3 months we might have suffered intangible loss. So thats what it is.
ajay sethi
(Expert) 08 January 2014
we have already advised you . legally you are not bound to return token amount
Guest
(Expert) 08 January 2014
You may report the matter to the police.
Rajendra K Goyal
(Expert) 08 January 2014
Already advised, legally he can not take.
For any illegal action from them you may seek help of police.
Tejas
(Querist) 17 January 2014
Thanks all, for your valuable guidance.
V R SHROFF
(Expert) 17 January 2014
the earnest money is forefieted, if purchaser cancell sale
Advocate. Arunagiri
(Expert) 17 January 2014
If there is prior agreement on forfeiting the advance amount he can forfeit it.
On the other hand, he can refund after deducting the expenses / cost incurred just because of cancellation of the sale agreement.
ajay sethi
(Expert) 17 January 2014
thanks for appreciation
R.K Nanda
(Expert) 17 January 2014
UR WELCOME.
Sudhir Kumar, Advocate
(Expert) 15 April 2014
you say that not hing is opn paper. Have you signed blank.
you may say there is nothing on paper but lawyer will say that there is lot on papers.
