Token money

advocate (Querist) 04 May 2012 This query is : Resolved
i had taken a token amount in cash of rs.50k for my flat in amritsar.i had clearly mentioned in the bayana papers that i have taken loan from nbfc against the flat.the buyer promised me to pay another rs.1 lac as part payment and directly deposit into my account by 10 sept 2011.however the buyer didnt deposit the stipulated rs.1 l in my account by 10 sept and made a cash deposit 49k in my account only on 13 sept.it was clearly mentioned that the token money shall be forefitd if the buyer does not deposit rs 1 lac in my account latest by 10 sept.however without seeking my consent the buyer arbitarily deposited cash in my account on 13 sept and that also just 49k.i sent the notice to party in oct which came back undelivered with remark no such person stays there.i had sent innumerous notices thru sms to buyer regaerding the deal called off in sept itself.buyer threatens me saying contract valid for 3 yrs inspite of the fact the contract clearly says the money forefited.what to do?

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Guest (Expert) 04 May 2012
Depends solely on the conditions stipulated in the agreement to sell.

However, please clarify the following points:

1) Was the fact about loan from HDFC against the property and mortgage thereof included in writing in the said agreement?

2) Was the condition of part payment of Rs. 1 lakh included in writing in the agreement?

3) What date of registration of sale deed has been mentioned in the agreement?

Any verbal information to the buyer may not constitute as a proof in support of the statement made in the query.

ajay sethi (Expert) 04 May 2012
need to see the papers signed by you . what is value of flat?

was time the essence of contract?
you have mentioned 1 lakh by 10th september was part payment . when was balance amount payable?

it would be diffuclt to advise without going trhough the agreement . contact a local lawyer

Shonee Kapoor (Expert) 05 May 2012
What did the agreement say about this situation.

Regards,

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

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