We are about to enter into a deal to buy a flat in Mumbai.
However there is another buyer who has already paid Earnest Money for the said flat about 3 months back and was in the process of getting a loan approved from a bank.
They have a writtern agreement between them on a plain paper where it clearly mentions that the deal will be completed in 2 months (already 1 month overdue) and incase deal can't be completed the earnest money will be forfeited (15 lakhs).
The seller have waited patiently all this time and now they want to cancel the deal with 1st buyer and go ahead with us.
However seller is saying they don't have 15 lakhs now with them as they have used it at some other place. And asking me to give the 15 lakhs so they can return the token earnest money back to buyer 1 and start with the similar MOU with me.
But we are suspecious if the seller will actually return 15 lakhs to buyer 1 or not as he was cribbing about this long wait and mental suffering due to buyer 1.
What should we do now? It's like a bottleneck situation.
