Property

PROPERTY STUCK IN SALE

Hello Sir/Madam. I have a house in Mumbai, which I want to sell since 2011. In 2011, my friend Mr. Bala was interested to buy the same for 80 lakh Rupees. He immediately transferred an amount of 5 lakh Rupees to my account by online transfer. But till date, he has not paid the balance amount as he doesn't have the balance money. We did not sign any agreement for selling the house, but there are few emails in which we discussed the sale and I acknowledged the token payment. I now have another purchaser and he is ready to buy the property by paying the full price at once. I am in need of money I am trying to return Mr. Bala’s money but he is refusing to take it back. If I try to sell the property to the new buyer can Mr. Bala create any issue? Can he stop us from selling the house even if I want to return his money?

Expert Advice


Did you enter into any agreement or MOU with the purchaser at the time of receiving the money? The best course of action is to return the money paid as advance in the form of Cheque or Demand Draft to the previous purchaser following which you can issue a Public Notice concerning the facts of the matter and that you have refunded the token money due to the purchaser’s unwillingness to go ahead with the transaction. This shall relieve you of any liability in the future.

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There are a few steps to resolving your problem. The first thing to do is serve a notice upon the previous purchaser to pay up the remaining amount and finish the transaction. Then you can refund the advance paid by him by way of a Demand Draft of the advance amount of Rs. 5,00,000/. After this you can go ahead with the transaction with the new purchaser.

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