vaibhav 05 April 2018

Regarding refund of token money against property

DEAR ALL MY NAME IS VAIBHAV AND IN AUG 2017 WE DECIDED TO PURCHASE A FLAT OF RS 1500000 LAKH THE PERSON WHICH OWN'S THE PLACE TOLD US TO GIVE SOME TOKEN MONEY FOR SECURITY AND HE ALSO TOLD US WHICH WILL BE REFUNDED IF BANK REJECT'S THE LOAN, WE GAVE THEM THE CHEQUE OF RS 40000 AS TOKEN MONEY IN THE NAME OF THERE COMPANY, AFTER GIVING TOKEN MONEY THEY APPLIED FOR LOAN AND AFTER SIX MONTHS WE GOT TO KNOW THAT OUR LOAN IS REJECTED WE TOLD THE PROPERTY HOLDER TO GIVE OUR TOKEN MONEY BACK AFTER THAT THE OWNER APPLIED FOR LOAN AGAIN FOR US AFTER TWO MONTHS OUR LOAN IS ACCEPTED BY BANK BUT THE BANK IS GIVING US ONLY 6 LAKH LOAN WHEREAS WE NEEDED LOAN AMOUNT OF 10 LACK AFTER ALL THESE THINGS NOW WE DONT WANT TO BUY THE FLAT COZ IT TOOK TOTAL 8 MONTH AND STILL THE LOAN AMOUNT IS NOT DESIRED SO WHAT SHOULD I DO FILE A CASE OR WHAT?

Reply Follow

4 Replies

Yusuf Rampurawala 05 April 2018

Iusse a legal notice to owner calling upon him to refund your token amount as the terms of the oral agreement could not be fulfilled. as per oral agreement, the sale would be finalised once you would obtain bank loan for the desired amount. since that has not happened, you become entitled for refund. see what the owner replies. if no reply from owner or if he denies to refund your money then you will have to file a police complaint. a court case is not advisable as the expenses will be more than the money to be recovered.

1 Like

R.Ramachandran (Advocate) 05 April 2018

What evidence you have to prove that you gave Rs. 40000/- to the Company?

What evidence you have to prove that the Company said that they will refund the amount, in case loan is not sanctioned?

1 Like