Legal Question in Real Estate Law in India

I had taken a token money of Rs.51000/- againt Rs.16.5lacs for sale of my flat and it was agreed that the full payment of the flat would be done within 45days. Based on his commitments i too booked a flat and gave a token money of Rs.10000/- and commited 45days for final settlement. Now the buyer of my flat was not able to pay the balance by 45days hence i decided to sell my flat to someone else. Later after 60days the earlier buyer tells me that his loan has been sanctioned.

Also since my earlier buyer did paid the balance money to me i too failed to pay for my new flat and that deal was cancelled. My token of Rs.10000/- was not returned as i had failed to meet the commitments. Hence i too deducted Rs.10000/- from earlier buyer's token money. Now he is insisting to refund the full toek money of Rs.51000/-.

Have i done correct or wrong? Since i had a loss of Rs.10000/- i too deducted to that amount from my earlier buyer.

I had just acknowledge the receipt of Rs.51000/-. Also due to his delay i had to pay 2lacs more for buying my new house due to price increase.


Asked on 3/15/11, 10:25 pm

1 Answer from Attorneys
Mirza Safiulla Baig Baba & Baig Law Firm

if their is forfeture clause in the agreement, which says that if the balance amount is not paid in 45 days the advance of Rs. 51,000/- would be forfeted. then you need not pay the entire advance amount.

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Answered on 3/20/11, 12:17 pm


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