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buyer asking for token money back
13-Jul-2023 (In Property Law)
Buyer asking for token money back of 11thousand after wasting our 8months. He made an aggrement deed with us in month of sep 18 nd paid 11k by cheque and made and aggrement in which the clause is written that sale and purchase should be completed within 30days and if buyer fails to pay the money the seller ha the right to dedute at bank rate of intrest against the the token money.what to do? The value of property is 23lakhs. At what amount will the intrest be calculted?
issue a legal notice for cancellation of the agreement for breach of contract and seek damages at the rate of interest of 10% pa (simple) on the entire consideration amount. Generally when the buyer back out of the deal the entire token money is forfeited by the seller.
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Adv. Robert D Rozario
Mumbai | 100+ Answers
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