Earnest money return

Harsh (Querist) 08 August 2011 This query is : Resolved
I want to return the earnest money to the buyer of my property. In whose name the stamp paper belongs (buyer's name or in my name). Also what is the stamp duty on the receipt? We both the parties mutually decided to end the agreement and there is no dispute.

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ajay sethi (Expert) 08 August 2011
1)how was the earnest money taken by you in cash or by cheque
2) in case both parties mutually decided to end the agreement just prapare aletter mentioning the said facts and that earnest money has been refunded to the buyer .

prabhakar singh (Expert) 08 August 2011
The very refund receipt can and should be registered with reference to notation of cancellation of original deed,it should involve only revenue receipt stamp payable in state of which the matter is and registry charges extra as payable in state.

Chanchal Nag Chowdhury (Expert) 08 August 2011
A letter from the buyer confirming receipt of refund of the EM is sufficient. However, if the refund is in cash, U will require a separate Money Receipt.

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