Going straight to the point.
I have a property which I wanted to sell and buy bigger property. We found a prospect buyer though an agent and did MOU with some token amount. We have not yet entered into any kind of agreement or contract or sale deed. Now due to some unexpected and unavoidable reasons I need to cancel the deal.
However, the buyer is pressurizing me to pay him compensation for the cancellation of deal. I am ready to pay his amount back but he is asking me to pay interest on that amount and in addition to that some compensation against the price hike in real estate market.
I would like to seek advise from you elites if I am liable to pay any compensation to the buyer in such scenario.
eagerly awaiting for your kind advises.