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Vijay Soni (Article Intern)     12 February 2014

Token money

Dear All,
 

If seller and buyer are entered in a verbal sale agreement and seller received token money approx 0.31% of agreed amount in cash and signed a A7 size plain paper on which total agreed amount, token amount & day in which remaining amount will be paid is mentioned.
After 2 days seller wants to backsteped from the deal but buyer nor agreed upon cancelation neither took his token money back and seller sold that property to another buyer after 2 month in less considration which was originally agreed with first buyer.

Can anyone please tell me what are the consequences for both buyer and seller.



 2 Replies

cyberlawyer (barrister)     12 February 2014

In my opinion i feel that though it is a plain paper, it must bear revenue stamp signed by two witnesses in order to enable a purchaser to go for a specific performance suit. 

since i am not very sure on this point, let the other ld members of the bar comment on this... 

Vijay Soni (Article Intern)     18 February 2014

Thank you Mr. Javed for your immediate response but buyer photocopied that A7 size paper on legal paper and revenue stamp affixed on the same and signed it.
Will it help him..!!


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