Seller backout of property deal
Prashant Shinde
(Querist) 30 June 2014
This query is : Resolved
Hi,
I have taken a token amount & given receipts affixed with revenue stamp (for Rs.1 lac) to a buyer for buying my apartment. But then I realized the deal is not worthy & want to backout. till the time no MOU is signed between us. The buyer is not accepting the return cheque. Even I don't have his postal address. Will the buyer take any legal action against me on the basis of revenue stamped receipts. Can I issue a notice in newspaper to buyer mentioning that the deal is canceled & he should collect the return cheque else the token money will be forfeited.
Regards,
Prashant.
Devajyoti Barman
(Expert) 30 June 2014
Yes, send him a notice of cancelling the agreement. Make a paper publications as well.
Since you are seller , he can not force you to buy the property.
However if any clause in the sale agreement is in his favour then he can file suit for specific performance of contract.
Rajendra K Goyal
(Expert) 30 June 2014
It seems that only receipt is issued for the money received and no formal agreement entered. May give paper notice and on demand pay him his money by cheque after receiving acknowledgement mentioning full and final payment received.
H.M.Patnaik
(Expert) 01 July 2014
Dear Prasant,
As advised by experts you can notify the cancellation of the deal in Newspaper .But, I think, if you have received the booking amount through cheque, then you can ascertain the address of the other party from his bankers to refund the token advance without furthur loss of time.
T. Kalaiselvan, Advocate
(Expert) 03 July 2014
I agree that in absence of a valid agreement to sell, it is not binding on the vendor to wait for the buyer to buy or that he has to oblige the buyer for sale of the property. If you find a better offer from some other person, you may go ahead with the execution of registered sale deed with the new vendee, however ensure that you are ready to settle the advance amount received from previous vendee and to evidence it, you may publish the same in a local news paper as advised by other experts above.
Prashant Shinde
(Querist) 14 July 2014
Hello experts,
Thanks for the useful information.
Now I had a talk with the buyer to negotiate the adv token money. He is asking for double amount... 2 lacs for one lac. When I denied to pay him the said amount then after few hours he emailed me with content "as per our conversation i m ready to the agreement my payment is ready. plz reply when to the agreement."
Can the experts give me advice on this.
Thankyou.
Prashant.
Raj Kumar Makkad
(Expert) 14 July 2014
You need not to worry but reply the email denying having made any agreement and offer to return his deposited amount as and when demanded.
Prashant Shinde
(Querist) 15 July 2014
Hello Sir,
With ref to above query I have replied the buyer that I am no in any condition to make the deal.
One thing I want to know is what is the procedure to publish a notice in newspaper?
Is it through any lawyer or Individually I can publish it?
Regards,
Prashant.
Raj Kumar Makkad
(Expert) 15 July 2014
You can even get it published without the help of a lawyer.
Prashant Shinde
(Querist) 16 July 2014
Hello Sir,
I am troubling you with some more queries on this topic. Please don't mind.
I just want to ask whether the buyer can take any legal action on the basis of the money receipts which I gave to him? The money receipts have affixed revenue stamps.
We have not yet entered into a MOU.
Regards,
Prashant.
Raj Kumar Makkad
(Expert) 16 July 2014
No action except the recovery can be made by such person.
