So, I was selling a car and the potential buyer gave the token money and we sealed the deal. But after two days, he refused to honour the agreement and asked me to return his token money. Can you please guide me that is token money refundable? Though I will refund it after deducting damages .what’s the legal point of this issue?
1 Comment
Gull Hassan Khan
26/07/2017
As a General principle if buy refused to purchase after payment of token money then same money should confisticated and if seller refused to pay then he has to pay double money of token amount.
Legally parties are bound to the terms and conditions of their agreement, So, in your case, as same was an oral agreement, you are free to decide what were terms and conditions were settled.? hope you got the answer.
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