Property deal - cancelled

CreateGoodwill (Querist) 28 April 2012 This query is : Resolved
One of my friend was interested in purchasing the property which amt Rs.3Cr.

he paid 10% down payment
10Lacs earnest money

now he do not want to go further in this deal... and want to cancel the same.

can he gets his down payment and earnest money back

Pl suggest how to get the monies back

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adv. rajeev ( rajoo ) (Expert) 28 April 2012
It is better to convince and settle the matter amicably with the seller regarding cancellation of deal, otherwise your friend my loose the money

CreateGoodwill (Querist) 28 April 2012
Asper law can he get the down payment back and earnest money, if settlement does not work any chances of getting the monies back

Devajyoti Barman (Expert) 28 April 2012
What is the terms of the agreement.

If there is no forfeiture clause then your friend should get back the same, at least through the court of law.

Deepak Nair (Expert) 28 April 2012
I endirse the views of Mr.Barman.
If there is a clause of forfeiture, then your friend cannot claim any amount which is paid as earnest or token money.
But, the advance amount can be claimed back.

ajay sethi (Expert) 28 April 2012
you are buying property worth 3 croes . pay some lawyer fees too

prabhakar singh (Expert) 28 April 2012
go for personal consultation.

bhagwat patil (Expert) 30 April 2012
Go through the closes of agreement find the irregularities on sellers part and start litigation by paying stamp duty in court of law and register les pendence on record of right so that the seller will be restrained from selling the property, then go for compromise.

CreateGoodwill (Querist) 30 April 2012
Thanx to all for your valued guidelines

Dear Sethi, got your point if issue will not solve would take help of Adv.

Deepak Nair (Expert) 30 April 2012
You are always selcome.

Shonee Kapoor (Expert) 04 May 2012
Consult local lawyer with the copy of the agreement to ascertain whether the money is recoverable or not.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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Property deal - cancelled

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