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Author Topic: Potential buyer disagree to buy property and asks to return money  (Read 93 times)

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Offline johnybhn

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A person agreed to buy my property and he paid INR 50,000 as advance payment for surety. After 4 months of waiting he said he is no more interested to buy this property and asked me to look for another buyer. Now he is asking me to return his money. We have not engaged in any sort of agreement or contract everything was oral, and nothing in writing. Hence do I need to return his money? Can I consider the amount paid against the issues caused by him (Not selling the property on time and waited for almost 4 months for nothing? Is there any valid legal claim for him to put a case against me?

Offline advJitu

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Re: Potential buyer disagree to buy property and asks to return money
« Reply #1 on: November 08, 2016, 08:38:00 AM »
If the amount paid was by way of check than he has a case against you.
if he goes to court he can make your property disputed, than the value of your property will drip considerably
Advocate Jitu, Champion -
Company law expert from Mumbai City

Offline adv.amarnath

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Re: Potential buyer disagree to buy property and asks to return money
« Reply #2 on: November 08, 2016, 11:22:37 AM »
Hence do I need to return his money?
Ans: Be honest and refund his money. But you can deduct some money for causing you waiting for while.

Can I consider the amount paid against the issues caused by him (Not selling the property on time and waited for almost 4 months for nothing?
Ans: Replied above

Is there any valid legal claim for him to put a case against me?
Ans: Yes, he may file a criminal case against you under Section 420 of IPC
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

Offline johnybhn

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Re: Potential buyer disagree to buy property and asks to return money
« Reply #3 on: November 29, 2016, 10:27:10 AM »
He paid via bank transfer

[/quote]quote author=advJitu link=topic=7266.msg15682#msg15682 date=1478619480]
If the amount paid was by way of check than he has a case against you.
if he goes to court he can make your property disputed, than the value of your property will drip considerably
[/quote]

 

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