I had put my house on sale due to some family reasons and got a buyer who was interested. We signed the agreement on 30th April and he presented me with two cheques - one for a smaller amount and the other for a large amount. I deposited the cheque in the bank and the cheque for the smaller amount got cleared, however the cheque for the bigger amount got returned due to "KYC" non complaince. I informed the buyer and he called back in a day's time and asking me to deposit the cheque again as his account now is "KYC" compliant, however the cheque was rejected once again. I informed the buyer about the same and he asked for some more time... in the meantime the rates for the property I was looking to buy went up ! making this deal in feasible for me.
Now, I want to cancel the deal as I cant afford to buy the house I wanted after selling this one. The buyer has agreed to cancel but is asking for double the earnest money (even the bigger amount, that I never got) + plus the expenses he incurred in getting the loan sanctioned. He is also asking that I pay 2% commission to the dealers - these two conditions were part of the contract.
Please advise if there is way to solve this as this is not feasible at all. I have offered him to returned the earnest money + some expenses that he bore for getting his loan sanctioned etc.
I really need help..
