What is token receipt?

(c) Payment details: The token receipt of MOU should mention the expected time of signing the sale agreement, the money paid as the token amount, and the amount due at the time of signing the sale agreement. Also, if the agreement is terminated by the seller, there should be a provision for a monetary penalty.

How do I get my builder token money back?

You issue a legal notice to the builder to return the amount based on the evidence for having deposited the token amount with the builder, if he is not returning or not replying or responding, drag him to consumer court for recovery and compensation or file a civil suit for recovery of money.

How much is token money?

Token is a small amount of money that has to be paid by the buyer as an indication of serious intent to purchase a property. Token money is paid on mutual agreement between the buyer and seller about the selling price.

How can I check my token amount?

How to check KPLC token balance

1. Open a new SMS message on your phone.
2. Type 95551 in the Send to box.
3. In the message field, input the first part of your account number.
4. After a few seconds, a reply with your account details including account balance will appear.

What happens to Your Token money if you don’t pay?

If, for any reason, the buyer fails to complete the transaction, the seller would forfeit the token money, unless the parties have made a notarised agreement stating otherwise. “The token amount is usually paid by the buyer to the seller, directly after the verbal commitment.

Who has to return the token money to the buyer?

The seller, on the other hand, will have to return the token money to the buyer, if he cannot complete the transaction, because of any reason. How much money has to be paid as token amount?

What happens to the token money if the property purchase fails?

As there is hardly any way to ensure refund of the token money, in case the property purchase fails, the buyer must keep the token amount as low as possible and commit to a seller, only after making all monetary arrangements to complete the transaction.

What to do if a builder does not return a token?

You issue a legal notice to the builder to return the amount based on the evidence for having deposited the token amount with the builder, if he is not returning or not replying or responding, drag him to consumer court for recovery and compensation or file a civil suit for recovery of money.