Property Owner Not Returning Earnest Money Post Deal Cancellation
Hello Sir/ Maam,
I had decided to purchase an apartment in the city and made earnest payment (a total of 8 Lacs) towards the purchase. The property is from 2016-17 (non-RERA years) and is still unregistered by first owner and therefore required involvement of developer in addition to the owner for doing registration documentation. While processing home loan for the property banks denied loan processing due to improper documentation by the developer and not mention of full sale value on the sale deed, leading to cancellation of the property deal - no clarity about the developer documentation and final sale deed amount was provided by the seller or his property broker. In the process the seller had paid transfer charges to the developer for preparation of assignment agreement and registration documentation from the money paid by me as token. He also claims to have paid charges to the property owners association to acquire a no dues letter or NOC for transfer of his flat.
Upon communicating to the seller about cancellation and asking for refund of earnest money, the seller says he will return the balance money (not paid to the developer and property association) only once he finds a buyer. And the money paid to the developer and association only once he gets a clearance from them, if not he will not return the money at all. Post this initial conversation he is reluctant to discuss and says he will get his property broker to communicate with me
Please advise what should I do now as I need my money back urgently as I have again started looking for another property to purchase as I am staying on rent. What should I do now to get my money back.