On 9th of May we had shown interest in purchashing a property in Shriram Samruddhi. To close the deal we had paid the token amt of 1 lac rs to the owner. However, due to some medical emergency in the family, we need to back out of this transaction. We have the screen shot of the money transfered to his account and the receipt. However, no legal agreement was done till now. Owner is now refusing to refund the entire token money stating that he is not legally bound to do so. Please guide us about the legal procedure in this case. Is it correct that under the law token amount is non-refundable even when sale deed or any other legal agreement is not entered into.
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Hema
