Real estate

ganesh (Querist) 13 June 2015 This query is : Resolved
I intended to sell my flat. A buyer approached me through a property dealer engaged by him. After discussions, the price was fixed. The buyer insisted on part cash and part cheque payment and also 5 months time for full payment and registration. A token advance of Rs 5 lakhs was given by the buyer. A hand written receipt on plain paper with signature on revenue stamp was taken from me. The receipt also mentioned the total sale amount and also the 5 months time for completion of the deal. No copy of the receipt was given to me and the original was kept with the property dealer. The agreement to sell was to be signed the next day. However, after thinking about the deal overnight, I decided against going through the deal since I did not want to accept any money in cash and the time of 5 months was too long. The next day I told the buyer that I was not prepared to go through with the deal and requested him to take back the token advance. He refused to accept the money and instead has issued me a legal notice for cheating and fraud. He claims that he has audio recording of the discussions. I replied to the notice stating that I was prepared to go through with the deal provided the entire amount is paid by cheque/draft before 6th July and the agreement to sell is signed before 5th June. In reply, I received another legal notice, stating that if I do not sign the agreement as per the already agreed terms he will take the matter to court. Kindly advise me as to what are the implications of the notice and whether I am within my rights to refuse to sell the flat. Since the buyer has not signed the agreement before 5th June, can I courier the amount of 5 lakhs by cheque with a letter stating that the deal is cancelled?
Please advise as soon as possible.
Ganesh

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