Urgent help needed regarding a token receipt - land purchase

Ravi Kumar (Querist) 08 November 2011 This query is : Resolved
Hello Sir/Madam,

I need an advise on the following scenario, we have a land and were trying to sell the same. One broker came along with a buyer and after negotiations we agreed an amount and they paid us an amount of 10,000 as a token advance. After the token they filled in a locally printed token receipt, not a green paper , no stamps paper and also no revenue stamp etc.. Its just a locally printed token advance receipt. Now that they are delaying the registration and we have decided to sell the property to a different buyer. Now we are planning to refund the token paid to the old buyer.,
I have a question whether the receipt they has any effects / impacts on the sale?

Kindly advice.

Your help is much appreciated!

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prabhakar singh (Expert) 08 November 2011
The refund should also be against the receipt.

Ravi Kumar (Querist) 08 November 2011
Thanks Sir,

So we could collect the original receipt and refund the money right?

That should solve the issue?

s k s k sarma (Expert) 08 November 2011
u can cancel the oral agreement through legal notice as the buyer failed to fulfill his part of obligation in time. at the time of negotiation if any time is fixed the buyer has to fulfill his part of obligation within that period and to get register deed from you because time is essence of contract. so u can forfeit the advance amount as the buyer failed his obligation. so issue notice intimating about cancellation of agreement