Legal Question in Real Estate Law in India

Me and my wife were trying to sell a shop in Kolkata. The shop is in my wife's name. A party had given a token money of Rs 10000.00. The token money was received & signed by me. All I wrote while accepting the money was- " Received Rs 10000.00 as token money from Mr XXXXX for the sale of shop XXXXXX & the money is non refundable as long as the registry papers given for verification are ok". While taking the token money I had explained to the person that our old electricity , meter was no longer existent & therefore he will have to apply for a new meter himself & will also have to bear the expenses. Moreover I had also told him that the mutation of the shop has not been done & the seller will not be responsible for any pending taxes. At that time the buyer was ok with these terms but now he wants us to bear the expenses of the electricity meter & as a result we want to break this deal with him. We are also ready to return the Rs 10000.00 paid by him as token money but he is demanding Rs 17000.00 saying we need to compensate him for his lawyer expenses. Please note that in this deal the shop is in my wife's name & she has not signed any papers with the buyer & the receipt of the token money was given by me & that too not on any legal paper but only on a A4 size paper. Is there any way that we can get out of this deal without any legal complications.


Asked on 5/13/14, 10:00 am

2 Answers from Attorneys
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Answered on 5/14/14, 12:35 am
Fca Prashant Chavan Expert Edge LLP

14.05.2014

Dear Sir / Madam,

Since the prospective buyer wants certain terms and conditions altered, you have the option to rescind the Agreement and forfeit the token amount.

Regards,

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Answered on 5/14/14, 5:59 am


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