token amount
Querist :
Anonymous
(Querist) 21 April 2011
This query is : Resolved
i have recived token amount of Rs 11000/- from buyer of my flat i forgot to mentioned in agreement that i will not return token amount and there was not mentioned any time period but i told him for two months.. before deal i provide him all xerox copy of property papers throgh agent and also i told that i have no OC on the flat but my flat is 19 years old and my loan from ICICI Bank is going on.but buyer was unable to pay after two months after 5 months buyer replied that you have no o which my bank required so deal is cancelled and return my token amount..i told him that my flat was vacant and i have given you five months my one month rent is Rs 7500/= i lost Rs 37500.you are not able to ask the token money.it came to know that his loan was rejected because he has already 3 loan and he does not come in loan criteria..kindly suggest me..
Guest
(Expert) 21 April 2011
Omission cannot be rectified at this stage. If there is no mention about non-refundability if deal is not honoured within the stipulated time, he can claim refund on non-maturity of deal.
Even had you served any notice for voluntarily extending the date on the expiry of the first verbally notified date, and would also have stated that his token amount could be forefieted, your case would have become sound on non-reply or even any reply given by the other party.
Now, that is another thing if both of you come to some mutual term, as legally the chances of winning are 50:50 for both the parties.
