Hi Experts,
I need your opinion on cancellation of sale matter.
I planned to buy a 2 BHK flat and sale of my one bhk flat, I already booked my 2 bhk apartment with builder on reasonable price. One buyer approached me for my 1 bhk flat and I informed them of back to back sale condition and checked if they can clear full payment in one month. They agreed on this (all communication verbal). After paying off 20% of amount buyer backed out of transaction stating they dont want to go ahead with transaction. I had to cancel my 2 bhk booking as time given by builder was over. I received money from buyer around 15% in cheque and 5% in cash. I deposited cash in my account. As buyer backed out last minute and other properties in area very expensive from my budget I had to rent a flat. Basically I incurred sufficient loss due to renting out new place other expenses associated with it. Builder returned all money on cancellation, I plan to deduct 3% of total transaction amount as loss. I was thinking if I should go for cancellation of sale deed or a stamp paper declaration of full transaction and deductions signed by both party is sufficient? There wasn't any sale deed signed or receipt of money given by my side.
Please suggest.
