Return of token amount

Querist : Anonymous (Querist) 07 April 2011 This query is : Resolved
We have entered in property deal 8 months ago and have received a token amount for the same as the purchaser insisted us to have the token amount. Now as our papers are not clear we are unable to sale the property. so we want to return the token amount with saving bank interest on the same for 8 months. but now the purchaser is not ready to accept the amount and he is telling that we have to sell the property to him whenever the papers are clear may be after year or two and at the same old rate which was agreed. can we return the amount? What is the correct legal procedure to return the amount? if we give him a cheque but if he does not encash the same what will be the proof to prove that we have returned the amount? we dont want to sell the property to him. the token received was acknowledge on simple paper with revenue stamp and was signed by one of the owner and not all who has equal share in the property. but the token was equally divided between them through cheque by the purchaser. can we return the cheque through online transfer?
Please do guide us.

Regards.

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adv. rajeev ( rajoo ) (Expert) 07 April 2011
issue notice to the purchase informing your inability to execute the regd., sale deed and send the cheque to return the token money.

Kirti Kar Tripathi (Expert) 07 April 2011
If the the property's papers are not clear for any reason whatsoever, this renders contract between parties frustrated and none of the party has a right to get a frustrated contract enforced under he law. Thus in the present case, the purchaser can not force you to sell the property unless there exist any contract for future sale of property after removal of defect Thus if you have offered for return of token amount, the burden from your side is discharged. In case, you have not offered make offer in writing stating therein the reason and tendering the amount taken as token amount immediately.

bhagwat patil (Expert) 07 April 2011
first of all deposit the amount to the purchasers a/c with the sign of depositor of respective owner,keep all photocopies of bank receipts with you, then let him issue the notice. while replying it mention that the contract was cancelled mutually as a result we have deposited the amount in you a/c.

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