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Return of token amount for shop on rent

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Return of token amount for shop on rent

Last updated: June 18 2020
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  • Return of token amount for shop on rent

    Hi. I had planned to take a shop on rent and I had paid 11000/- as token. In 3 days I changed my mind and didn't want to take the shop on rent. I informed the same to the shop owner and now he is not refunding the token. I transferred the token amount online to the shop owner. He now denies to pay back the token. We have nothing in written.

    Kindly suggest what can be done.
    Last edited June 18 2020, 12:19 PM.
  • #2

    #2

    Re : Return of token amount for shop on rent

    This needs to be settled mutually, as nothing is in written there.

    Go and meet the Shop owner and try settling the advance amount at 50-50, meaning you negotiate with the owner & get a refund of half of 11K.

    If he does not agree, you would need to bear the loss of advance paid.
    Please read IREF rules | FAQ's

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    • #3

      #3

      Re : Return of token amount for shop on rent

      Originally posted by kchand View Post
      Hi. I had planned to take a shop on rent and I had paid 11000/- as token. In 3 days I changed my mind and didn't want to take the shop on rent. I informed the same to the shop owner and now he is not refunding the token. I transferred the token amount online to the shop owner. He now denies to pay back the token. We have nothing in written.

      Kindly suggest what can be done.
      Like MANOJa said - it is a mutual thing now as you had not decided upon the course of action if you ever changed your mind and have nothing in return. You should know that 'token money' is hardly returned in property deals unless promised in writing. You will have to convince him to return a percentage of the amount. What was the rental amount?
      Talk TRUE; Talk IREF

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      • kchand
        kchand commented
        Editing a comment
        45k per month

      • MANOJa
        MANOJa commented
        Editing a comment
        As said, try negotiating with the owner & try getting the best possible refund.
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