Legal Question in Real Estate Law in India

Hi, i took a token advance of Rs. 51000 for a sale consideration amount of rs. 3500000.00 from a prospective buyer and gave him a receipt . Since i am not a professional property dealer i did not mention the last date , till he should close the deal now it's more than 60 days and he is not taking loan from bank even after getting sanction letter from bank saying that rate of interest is high. I am still ready to wait for another 30 days .... But i wanted to ask do i still have to return the token advance? What is the validity of the token advance receipt in case no date has been mentioned in that ?


Asked on 7/12/16, 9:05 am

2 Answers from Attorneys
Dr Katta Venkata Rama Krishna Drkattavrk

1) If there is no sale agreement, then u can ask him to return the advance and cancel the deal and receipt.

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Answered on 7/12/16, 9:13 am
Vivek Mapara Vivek N. Mapara

Sir

First of all issue him a legal notice to pay the entire consideration money ad conclude the conveyance in his favor within a stipulated period of time. Do mention it specifically that in the event he does not pay the consideration money before the date, then the agreement will be cancelled and the earnest money will be forfeited by you.

Should you require any assistance to draft notice then feel free to contact me.

Vivek N Mapara

www.vnmlaws.com

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Answered on 7/12/16, 8:29 pm


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