Memorandum of understanding (mou)

Sonali Powar (Querist) 22 November 2012 This query is : Resolved
Hi, Myself Sonali Powar. I am looking to buy a resale flat through one agency which deals only in bank auctions. The agency suggested me one flat of Rs. 1200000, which is also from bank auction. According to them only after payment of 30% amount of total we can see the property from inside and on 70% amount loan will be available from any bank. They said if we didn't like the property then 30% amount which we paid will be returned to us. Also, MOU will be signed between both of us. I have attached format of MOU for your reference.
Now, my question is that, is MOU legal to challenge in court? Umfortunately if they cheat us then can we claim for our 30% paid amount only on the basis of MOU. Since we dont have any other proof. Also, suggest if there is any other option
Please go through it & advice on the same.
Thanks in advance.

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ajay sethi (Expert) 22 November 2012
According to them only after payment of 30% amount of total we can see the property from inside and on 70% amount loan will be available from any bank.

why should you pay 30%for inspecting the property . what if tomorrow they refuse to refund 30%advance .

forget it . today it is buyers market . no shortage of properties avilable for sale

Raj Kumar Makkad (Expert) 23 November 2012
I agree with the advice of Sethi who has touched the true sense of query perfectly.

Guest (Expert) 23 November 2012
The condition is quite illegal. Instead of the agency to act as middleman, why don't you contact the bank directly and see the terms and conditions issued by the bank and also request for seeing the property to decide whether to buy or not?

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