Sale of property

The terms and conditions of agreement to sell / purchase has to be pursued before forming an opinion on the issue of refund or refuse to refund earnest money received.

However, regarding the issue as to who will refund, if required i.e., you or your son has to be decided between both of you, it is not a legal dispute.

If sale agreement is signed by both of you then both are liable to refund token amount. 

The property is reportedly owned by both and also the sale agreement has been executed jointly by both hence both are liable to refund the amount amount upon cancellation of the sale agreement, however for further opinions a persual of the sale agreement is essential. 

Thank you sir.

You are welcome...

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Is there a written agreement of sale? What does the agreement say about cancellation of sale? Does the agreement say that the amount is refundable or non-refundable? 

Irrespective of what the agreement says, my advice is to refund the entire amount. However, before doing that, please obtain proper legal advice and do everything in a legally valid manner. 

Just as he deposited the amount into your son's bank account, you too deposit the amount into his bank account. Check and cross-check that the account is in his name. 

You may also think of formally cancelling the sale agreement through Court, if the amount involved is high. To be safe. Consult more than one lawyer before you do anything. 

Very well analsyed by Law Student, I concur and appreciate his/her opinion and advise.

Many thanks to you for your appreciation, sir, Dr. J. C. Vashista!

What are the terms of the agreement as to refund of the advance in the eventuality of cancellation of the agreement? Any how, the general principle is that the purchaser entitlement less the expenses/loss the seller has incurred. 

In the given facts both the owners are liable for making the refund severally and jointly.