Am I liable to pay a deposit before agreement completion?
I have taken money (8.5 lakhs) on my property under a heavy deposit scheme for 3 years, and my property is under a home loan. There have been some delays in the home loan payment, and the tenant has found out and is now asking for the entire amount back. The agreement period has not yet been completed; it’s only been one year. How can I handle this situation, as I have used the money for business expansion? Am I liable to pay before the agreement is completed?
If you have used the deposit money for business expansion and the tenant demands the full amount back, you are generally required to honor the agreement unless both parties agree otherwise. However, as the agreement is not completed, you may negotiate or seek legal advice to avoid premature payment. For further legal assistance contact us on our helpline number.
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