Cancellation of sale
Royal
(Querist) 09 October 2013
This query is : Resolved
Sir/Madam,
I wanted to buy a residential house cost of RS.7 million and for that I gave 1 lakh as a token amount on 1st September. There after, on 4th September I paid 8.5 Lakhs to him. For some financial reason I cancelled this verbal sale agreement. The seller repaid me 100,000 but now he is refusing to repay the money saying that 10% is the token amount of the total price according the Law and after cancelling the deal I can not get back token amount which is 7,00,000. Please guide me. Is it true that token amount can not be got back after cancelling the deal? Here we don't have any legal agreement and for what he got the money but I have the written confirmation that he got the money.
ajay sethi
(Expert) 09 October 2013
ridiculous . the mistake you made was entering into verbal agreements . you ought to have spent some money on legal fees engaged a lawyer and entered into written agreement . i do hope you have made payment by cheque . contact local lawyer and issue legal notice to the seller
Rajendra K Goyal
(Expert) 09 October 2013
If such big amount was paid by cheque, issue legal notice.
Anirudh
(Expert) 09 October 2013
As the agreement is oral, the seller may equally claim that as per oral agreement 10% or whatever is to be forfeited in the event of cancellation of the agreement by the buyer, and therefore the said amount stands forfeited! You may get the same reply even if you send any legal notice. True Royals never grumble or complain.
Sudhir Kumar, Advocate
(Expert) 09 October 2013
Agreed with Mr Anirudh. You behaved in Royal manner. Money is given to other person in such manner either by Royalty or by gangsters.
What ever you get back is you luck. Anything above zero.
Raj Kumar Makkad
(Expert) 10 October 2013
Well advised by experts so no more to add.
