Earnest money return 1
Harsh
(Querist) 08 August 2011
This query is : Resolved
A is a seller and B is buyer. They have executed the Agreement to sale and the seller get 1, 50,000 as an earnest money from B. After few months, B unable to buy the property as per the agreement and wanted back his earnest mony which the sellers has no objection. Now A wanted to give the earnest money back to B. What is the procedure for returning the said amount? This amount was taken by the seller in cash from B (a buyer). Can A buy the 10 Rs. stamp paper on behalf of B for the purpose of making Receipt? What will be the content of the Receipt?
ajay sethi
(Expert) 08 August 2011
1)what are the wordings of agreement of sale ?
2) is the cash accounted for ?
since earnest money of Rs. 1,50,000 was taken in cash return the cash .
destroy the agreement for sale if any entered into
R.Ramachandran
(Expert) 08 August 2011
Get an Agreement for cancellation of Agreement to Sell. In the ageement it should be clearly brought out that party A and B entered into an Agreement to Sell dated .... whereunder the Seller agreed to sell and the buyer agreed to buy the premises ....... at a consideration of Rs....... to be paid on or before ......
That the Buyer made an advance payment of Rs. 1.5 lakhs which the seller received.
Now that the Buyer has represented to the seller that the buyer is not in a position to go ahead with the purchase of the property and as such wants to cancel the Agreement to Sell and to get back the advance of Rs. 1.5 lakhs paid by him to the Seller.
The Seller is ready to accept the proposal of the Buyer and to return the advance money of Rs. 1.5 lakhs to the buyer.
NOW THIS DEED WITNESSETH AS UNDER:
1. The buyer has expressed his inability to give effect to the agreement to sell dated ..... since he is unable to arrange the sale consideration.
2. The buyer has desired that the Agreement to Sale be cancelled.
3. The buyer has desired that the amount of Rs. 1.5 lakh be paid back to him.
4. The seller hereby accedes to the request of the buyer to Cancell the Agreement to Sell dated ...... between the parties.
5. That the seller hereby returns the amount of Rs. 1.5 lakhs paid by the buyer as Advance, to the buyer, which receipt the buyer hereby acknowledges.
6. The parties agree that with the return of the Advance money received by the seller to the buyer, the Agreement to Sell dated ..... stands completely cancelled and each party has no claim whatsoever on the other.
7. The buyer hereby categorically agrees that the Agreement sell dated ..... having been cancelled hereby, the seller is free to deal with the property as he deems fit.
IN WITNESS WHEREOF, the parties hereto subscribe their respective hands and seals to these presence on the day, month and year first herein above written in the presence of the following witnesses.
Party 1
Party 2
Witnesses:
1. address
2. address
Harsh
(Querist) 08 August 2011
R.Ramachandran Sir,
Thanks for your reply. I request you to please mail this format to my mail id harshverma_bvpnlc@in.com. It is very important for me.
Thanks
R.Ramachandran
(Expert) 08 August 2011
Dear Mr. Harsh,
From here itself, you can simply cut and paste on your desk top. There may not be any need for me to send it through email.
Harsh
(Querist) 08 August 2011
R.Ramachandran Sir,
I am not getting the starting point of the agreement. Please give me the starting lines so that i can continue with the remaining one. Here in my case the vendor is Ms. vasudha verma and the purchaser is surender aos dated 24/5/2011.
Please help me sir.
R.Ramachandran
(Expert) 08 August 2011
This Agreement of cancellation of Agreement to Sell dated ..... is executed on this .... day of ..... 2011 Between Mr. (give the complete particulars of the Seller as indicated in the Agreement to Sell) hereinafter referred to as the First Party And Mr. ... (give the complete particulars of the buyer as indicated in the Agreement to Sell) hereinafter referred to as the Second Party.
WHEREAS, the Parties hereto have entered into an Agreement to Sell dated .... whereunder the First Party (Seller) had agreed to sell and the Second Party (buyer) had agreed to buy the premises ....... at a consideration of Rs....... to be paid on or before ......
That the Buyer made an advance payment of Rs. 1.5 lakhs which the seller received.
Now that the Buyer has represented to the seller that the buyer is not in a position to go ahead with the purchase of the property and as such wants to cancel the Agreement to Sell and to get back the advance of Rs. 1.5 lakhs paid by him to the Seller.
The Seller is ready to accept the proposal of the Buyer and to return the advance money of Rs. 1.5 lakhs to the buyer.
NOW THIS DEED WITNESSETH AS UNDER:
1. The buyer has expressed his inability to give effect to the agreement to sell dated ..... since he is unable to arrange the sale consideration.
2. The buyer has desired that the Agreement to Sale be cancelled.
3. The buyer has desired that the amount of Rs. 1.5 lakh be paid back to him.
4. The seller hereby accedes to the request of the buyer to Cancell the Agreement to Sell dated ...... between the parties.
5. That the seller hereby returns the amount of Rs. 1.5 lakhs paid by the buyer as Advance, to the buyer, which receipt the buyer hereby acknowledges.
6. The parties agree that with the return of the Advance money received by the seller to the buyer, by means of cheque No. ...... dated ..... the Agreement to Sell dated ..... stands completely cancelled and each party has no claim whatsoever on the other.
7. The buyer hereby categorically agrees that the Agreement sell dated ..... having been cancelled hereby, the seller is free to deal with the property as he deems fit.
IN WITNESS WHEREOF, the parties hereto subscribe their respective hands and seals to these presence on the day, month and year first herein above written in the presence of the following witnesses.
Party 1
Party 2
Witnesses:
1. address
2. address
Harsh
(Querist) 08 August 2011
R.Ramachandran Sir,
Thank you much for your esteem guidance and assistence. Thank you once again. sir.
ESTHERPRIYA
(Expert) 09 August 2011
you can make a fresh cancellation agreement of sale agreement
