Payment made against property is forfieted or refundable?


Hi,

We have made payment of Rs. 1 lac (by cheque)  booking amount on 3rd march. next day made  payment of 4 lacs in order to start the selling procedure. very next day due to wrong guidance from the broker we came to know that property value (as per gvt asseemnt is less by 6 lac) and will not be able to get required loan from the bank. hence wanted to cancel the deal.

In order to save from the hassels we offered some amount as compensation, he agreed to give balance amount but now required affidavit from us where he wants us to put that the deal is cancelled becuase of us ie. buyer and  we are agree for the repayment terms and we will not cause any harm to him and his property in future.   now if we do not want to even compensate any amount to him and send a legal notice for recovery? will we get success?

 
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Adv P & H High Court Chandigarh

You can issue him legal notice as required.

 
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Are there any chances of fast recovery of our money? can we bring stay on this property?

 
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Student

Ms.Nivedita,

The relationship of buyer and seller of the immoveable property is governed through the contract.  In the instant case you have not stated whether there is any written contract and if yes what are the salient provisions of the same.

Please furnish the details.

Best Regards

Daksh

 
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no written contract its oral contract, we needed to proceed immediately with the agreement as to avail the loan scheme which was valid till end march. hence we did not thought of it as we were directly to proceed with the agreement next day. 

 
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Advocate

Dear 

Any property sold/[purchased without written document and duly registered poses its own problems. However, in most of the cases customers have to pay some money without receipt in the ratio of 60:40 with the connivance of the authorities. It is an open secret. Still when the builder or the person you are dealing with has some reputation and is reliable, problem does not arise because in such cases fraud is hardly played. All must understand that the enforcing person has got one up when that person is equipped with documentary evidence. In courts evidence that counts. Here the person asking for affidavit is with prudence and is trying to avoid any future trouble. Litigation is always painful and does not come with its own troubles. It is best to settled outside the court.

 

Valentine,Advocate

 
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Advocate

Dear 

Any property sold/[purchased without written document and not duly registered poses its own problems. However, in most of the cases customers have to pay some money without receipt in the ratio of 60:40 with the connivance of the authorities. It is an open secret. Still when the builder or the person you are dealing with has some reputation and is reliable, problem does not arise because in such cases fraud is hardly played. All must understand that the enforcing person has got one up when that person is equipped with documentary evidence. In courts it is evidence that counts. Here the person asking for affidavit is with prudence and is trying to avoid any future trouble. Litigation is always painful and does not come without its own troubles. It is best to get the matter settled outside the court.

 

Valentine,Advocate

 
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Property due diligence 9422773303

Adv. Valentine's solution is the best follow it

 
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It was not 60:40 contract. We have made all the payment throgh cheques. Within 2 days only, we cancelled the deal. There was no written agreemnet or any receipt though. Since the deal is cancelled and we conveyed the same to the seller immediately, is it inappropriate to ask for our money back?

 
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Property due diligence 9422773303

offcource u can ask. but if he is asking the termination of oral agreement in documents it does not harm buyer.on the otherhand he is admitting the cheque transation took place betn u is for land. he may treat this cheque as deposits.better put the cake in ur hand 

 
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