Rental token paid and cancelling the deal in 2 days

Anub Issac (Querist) 27 May 2012 This query is : Resolved
Hello,
The tenant liked the flat we had shown and willing to shift in immediately so paid a token of advance.Documentation was started and after 2 days he has said he is not interested. A token of 5000/- was given. What percentage should be deducted and given to the tenant back. Kindly advice.
Thanks and Regards.

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ajay sethi (Expert) 27 May 2012
keep rs 2000 and return back rs 3,000 . no formal agreement has been entered into between parties . only token advance was paid

Raj Kumar Makkad (Expert) 27 May 2012
It depends upon you how much amount to return as there is no any law to govern oral token advances in such matters. Many persons return entire receipt if such situation arises and on the other hand many retain 100% amount with them.