BANAKHAT (TOKEN AMOUNT)

BHAVESH Y KAYASTHA (Querist) 20 December 2010 This query is : Resolved
INCASE WE SELLS PROPERTY IN 1000000/- AND SELLER TAKE 150000/- AS TOKEN MONEY ON BANAKHAT BASIS AND PUT CONDITION IN BANAKHAT THAT PURCHASER WILL PAY REST MONEY WITHIN THEREE MONTHS FROM THE DATE OF BANAKHAT TIME TO SELLER.

NOW PURCHASER CANNOT MAKE REST PAYMENT WITHIN 03 MONTHS SO NOW THIS BANAKHAT CAN BE FORFITED EVNTHOUGH SELLER HAS TAKEN TOKEN AMOUNT MORE THAN 10% OF TOTAL SALES AMONUT

Follow Query

Report Abuse

Sachin Bhatia (Expert) 20 December 2010
Terms and conditions of aggrement to sell will decide what ammount should be forfited.

Khaleel Ahmed (Expert) 20 December 2010
It depends on the terms and conditions of the written sale agreement. If there is a clause of the forfiet of the amound paid towards Token amonout or initial payment towards part payment of sale consideration.If the agreement is silent, after the expiry of the time of three months mentioned in the agreement, the agreement stands cancelled.If the parties approached to the court, court will award liquidated damages to the seller.