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.
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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