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Returning advance payment of property to the buyer
27-Apr-2023 (In Property Law)
Hi We have planned to sell our property. Purchaser and we sign agreement for 29 lakhs and he paid amount of 1 lakh as advance money. Now purchaser saying he not required that property due to over price and he want advance money back. But in agreement its clearly states that with in agreement peroid he is not purchasing advance money will not be returned. So what can i do now? Shall i return that money or not. Please suggest your points. Thanks in advance
As there is a forfeiture clause in the agreement of sale, as you say, you are legally within your rights to retain the advance paid by the purchaser. However, if you feel that the buyer's case is genuine, both of you can reach an agreement on the price.
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Adv. Swaminathan Neelakantan
Coimbatore | 700+ Answers
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