Earnest Money-Can I get it back?
Manu
(Querist) 18 October 2009
This query is : Resolved
I had paid the earnest money for a flat and due to some issues, I am unable to arrange the remaining sum to be paid soon. Is there a way by which I get, if not all, but some part of the earnest money back. The seller is not interested in returning the money due to issues with his own next purchase etc etc. As there is still some time remaining for the final date of paymemt... is there a way out? The earnest money is not a small amount by any means. Please help.
joyce
(Expert) 18 October 2009
You can issue a request letter to the person to whom you have given the earnest money on which you agreed to purchase a flat, incase, he replies positively to give back the amount its ok , otherwise issue legal notice thru Advocate, ur advocate will help u to take defense grounds. file recovery suit. agreement deed has three years limitation period other party has chances of filing suit for specific performance aganist u.
adv. rajeev ( rajoo )
(Expert) 19 October 2009
returning of earnest money by the seller depends on the contents of the agreement of sale.
Just you do as advised by the joyce.
Manu
(Querist) 19 October 2009
Thanks a lot for your prompt replies.
Is there any specific format for the Request letter. I shall now start finding a suitable advocate in Delhi to take this forward. :-) Thanks again.
Raj Kumar Makkad
(Expert) 20 October 2009
If u engage a lawyer, he himself shall initiate all actions connected with the matter and you need not wory for the format of letter.
J K Agrawal
(Expert) 21 October 2009
There is difference in term 'earnest money' and 'Part payment'. earnest money (which is only token money just one or two percent of total consideration) is not refundable but part payment is recoverable. But if value of property declined the other party has a right to reimburse all his actual losses.
