Hello,
I have a property that I am looking to sell. A prospective buyer gave me a token amount of 1 lakhs through bank transfer (no agreement was signed for this). I shared the property documents with him. He took some weeks to verify the document while I was pushing him to do the sale agreement. Finally, he didnt do the agreement and backed out of the deal. Now he is asking for the token amount back. Am I liable to return the token deposit if the buyer backs out of the deal? I have incurred expenses in holding the apartment for him.
Please help.
Thanks,
Sumit