Return of token if agreement is not made
lalitkumar
(Querist) 27 July 2018
This query is : Resolved
Hi Team,
I Took a token of Rs. 1 lakh for selling my property in mumbai few months back and no agreement was made for the same, it was just cheque payment. But due to misbehaviour of the agent the buyer cancelled the deal because of which i took the papers from him and now he says that the deal was cancelled from my side.
The token money which i took, i invested in another property and no agreement was made. Now since this deal was cancelled i had to cancel my deal in another property.
The buyer is demanding full money back. So i contacted the another person to whom i paid the token amount. Now the other guy is refusing to give my money back.
What can i do in this situation? Please help me.
Siddharth Jain
(Expert) 27 July 2018
You should have a legal notice to the buyer asking him to take possession of the property within 15 days, failing which you would for feet the token amount of 100000 rupees given to you by him.
After, sending the legal notice you can legally for feet the money as you had to buy losses due to the cancellation of the deal with the buyer.
For any other queries feel free to contact me at isidjain1@gmail.com
Siddharth Jain
(Expert) 27 July 2018
You should have a legal notice to the buyer asking him to take possession of the property within 15 days, failing which you would forfeit the token amount of 100000 rupees given to you by him.
After, sending the legal notice you can legally forfeit the money as you had to buy losses due to the cancellation of the deal with the buyer.
For any other queries feel free to contact me at isidjain1@gmail.com
manoj
(Expert) 28 July 2018
On any cause the transaction is cancelled, the advance money cannot be kept with you. The buyer is getting interest in the property when he pays advance money towards purchase of the property. But in your case there is no agreement, but there is a cheque transaction between both of you. No dout due to some reasons the buyer wants to cancel the transaction. He is having more faith on you without any undertaking, he paid you advance money through cheque. There is a oral agreement between both of you. Some times in LAW the oral agreement will be permitted in exceptional cases. The buyer is having every chance to file the case for refund of earnest money. Recent Apex Court clarified limitation for refund of advance money, the limitation to file the suit by the buyer for refund is 12 years. So instead of creating your property into dispute you better pay the earnest money. It is my suggestion.
V E MANOJ KUMAR M.B.A., L.LB.,
ADVOCATE
CELL NO 8686159292
