Refund of token amount

Sneha Jamsandekar (Querist) 04 December 2014 This query is : Resolved
Dear All,

I had received a sum of Rs. 1,00,000 as token amount after a good one month the buyer has cancelled the deal, so while refunding the amount what is the percentage that i need to deduct from the amount? As i have lost on the rent and also on the had to pay my EMI which cld have been transfered ...

No agreement has been made .. its all verbally said and done with mutual understanding
Plz advise

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Anirudh (Expert) 04 December 2014
That will depend upon the terms of the agreement under which you received the token amount.

ajay sethi (Expert) 04 December 2014
terms of agreement are sacrosanct . if there is clause in agreement that in event of cancellation of deal earnest money paid would be forfeited you can forfeit the amount .

Shailesh Kumar Shah (Expert) 04 December 2014
without going through the agreement, no advise can be given. it would be better to consult local lawyer with agreement.

R.K Nanda (Expert) 04 December 2014
agree with experts.

Guest (Expert) 04 December 2014
Your agreement with the buyer can be the best guide.

Devajyoti Barman (Expert) 04 December 2014
Both of you are bound by the terms of the agreement. Show this to a local lawyer to get proper advice on it.

Sneha Jamsandekar (Querist) 05 December 2014
There was no agreement made ... it was in mutual understanding and verbal talks.

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