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How valid is taking token money and giving confirmation over notebook
18-Aug-2023 (In Property Law)
Have taken 50k rs as token money from buyer 15 days before and have given in written about it on notebook page and now we don't want to sell the flat. When we are returning the money he is not willing to take and saying that he has already started the paper work. What should I do?
Since it was only a token money received from the buyer, you can anytime cancel the deal and repay him the money received in advance as token money may be probably with some interest. He cannot force you to sell your flat as there is no full payment received yet and also no formal sell agreement is executed.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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Well your query is little bit complicated. As per law of contract even oral agreement can be considered. But as in your you have taken loan in writing so you will be liable to return the money only and you can chose for not to sell the property as are ready to pay the amount borrowed. More over I will have to see your documents and then I would be tell you perfectly as to what can be done extractly to get rid of this. If need further suggestions please contact.
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Adv. Ujwal Phasate
Nagpur | 100+ Answers
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