Ven (Secretary) 02 March 2015

Selling of flat

Hi,

I am a seller of my flat. Some months back, a buyer approached me some months back and gave me a token cheque of 1% which I did not deposit. In our initial talks, it was decided that we would require 2 months to vacate the place which they agreed upon. In the interim, we found another place but since we had to pay token amt, we asked the prospective buyer to give half the amount and to register or to make an agreement of the said amount paid. They disagreed saying that they would like to register first and at the time of registration, they would pay the whole amount (the deal was in complete white) and moreover, they wanted to make another leave and licence agreement with us from the date of registration for the number of months we would stay which I disagreed as this wasn't what was decided. My question is how valid is their argument and do I have to give back their token amount as I have been told that a token amount need not be returned back. Would appreciate an urgent response. Regards, Venita

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3 Replies

saravanan s (legal advisor) 02 March 2015

Whatever conditions you have specified in the registered sale agreement needs to be followed while executing the sale deed.

(Guest)

if you are in disagreement,just return back his token amount and move on..holding the token advance will only project you as a bad seller affecting chances of getting any future buyers..especially if you are desperate with selling it out.

Jatin Mittal (Corporate Lawyer) 17 March 2015

Hii Ven,

Usually the practice is that the buyer pays token amount at the time of agreement to sell and rest of the amount is paid at the time of registration. I am taking the view that you have also signed the agreement to sell on the mentioned conditions only. Now you cant force the buyer to pay the amount before registration, because when you look from the buyer's perspective, you have paid half the amount and not yet registered the property in your name. That is why only token amount is paid. For any clarifications write to me at mittaljets@gmail.com. No charges for the consultation.