Refund of Token Ammount
Gurdeep
(Querist) 19 May 2011
This query is : Resolved
Hello,
I have given a token of 1 lac for a flat in malad west. 50,000 Cash and 50,000 check. We have signed an MOU with the seller for the above said flat. Cost of the property is 36L but the valuation of the property is not coming till 36L, so we are not getting the amount of home loan to complete this deal. We were also wrongly informed by our brokers that we will take care of the home loan and they approached every bank and financial compnies but we are ot getting the the ammount we need to complete this deal. When the token was given the owner told us he will be using th money because his dad id in icu and is the reason why he is selling the flat. Now since we cannot complete the deal we have canceled the aggrement. As per mou if the deal is canceled from us he will cut 10,000 and return the balance ammount back. We took a meeting with the owner and told hime that we are not getting enough loan on the property and that my brokers have fooled us that we will get enough home loan on the property, we gace him 2 options one is the cancel the deal and return 90,000 back and second that we are falling short of 3 L and sell the flat to us in 33 Lakhs. The owner tolde he will not sell the flat for 33 lakhs and will return 90.000. First he was giving us a 90,000 check without date and told when i am able to sell this flat he will give the money, he told us he will be able to sell the flat in 10 dsys so we insisted him to put a date on check and he gave us post dated check. Now 2 days are left for the check date and the owner of the flat is still not able to sell the flat and telling us not to put the check. He was also forcing us to buy the flat and he will wait for some time for the remaining money. We have gien the owner time to put the money in the account but he failed to do that. Now we fear that the check will either bounce or he will stoppe payment. What actions can we take against the owner if any of the above cases happen. he is failing the terms of the paying back the money in said time can we take full 1 lack back and charge him 10,000 the way he was charging us. We need this money urgently because we have a different flat booked.
Please advice
R.R. KRISHNAA
(Expert) 19 May 2011
Dear Gurdeep
You may present the cheque in the bank and if it dishonours you may issue legal notice under section 138 of NI Act or if the seller gives stop payment instructions you may send legal notice for claiming the advance amount back.
Best regards,
Gurdeep
(Querist) 20 May 2011
Thank You Sir :)
Guest
(Expert) 20 May 2011
Let the cheque be dishonoured and then take the legal route to claim for the clearance of the liability by the property owner. Otherwise merely on verbal discussions you can even lose your money by wasting your time in that process.
Gurdeep
(Querist) 20 May 2011
I have got an SMS from the back that the check has been dishonoured. I am waiting for the letter and the check from the back to know the exact status why it has been dishonoured :(
Guest
(Expert) 21 May 2011
Yes, you must be prepared for some appropriate action and collect the cheque with memo for dishonour of cheque with appropriate reason for that given by the account holder's bank.
