Refund of booking money when buyer is unable to buy the flat
2 years ago
I have booked a flat with booking money 5,00,000/-. Total cost of flat is near about 1,11,00000/-. This is an Investor Property. I have got the Nomination Agreement but it is not signed by any parties. Now I’m unable to pay the rest amount due to lack of funding. There is a clause in that unsigned agreement that if I fail to pay the balance amount within the scheduled time , the agreement will be canceled. The scheduled time is 45 days from the signing of the agreement. Although the agreement is not been signed yet. There is nothing about refund, penalties due to cancellation from the buyer in the agreement. Now, when I am asking for more time or refund the booking money, they are not willing to give neither more time not refund booking money. They are saying that it is not necessary to sign the agreement. This is not a RERA project. At this situation, what should I do ? Please advise me.
You can take legal action against them if they do not pay you the advance money, the payment is an essential step to completing the established contract. First, write them a legal notice, which will assist you in recovering your funds and establishing the existence of a contract between you and the concerned party.
Thank you!
Let me know if you wish to send them a legal notice through our firm.
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