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Refund of earnest money because of insufficient property documents
18-May-2023 (In Property Law)
Sir, We paid 10% earnest money to the buyer for a resale society flat and did a sale purchase agreement (notarized, not registered). Now for our home loan bank is asking for a. possession letter given to first buyer (our seller) by the builder and b. no dues certificate provided by builder, which buyer does not have. He is not interested in getting it from the builder, but is forcing us to take loan for a private bank he knows so that deal can be completed. We do not want to shift to pvt bank for loan., How to cancel deal and recover earnest money, Pls advice.
Definitely you can recover your money back with interest from the builder from the date of your payment till realization. As a first step you need to issue him a legal notice through your advocate and thereafter it is advised to approach the consumer forum for claiming compensation.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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