Conditional Token Receipt
Conditional Token Receipt is a documentary proof of money paid by purchaser to the seller at the time of verbal commitment of the purchase of property. The money paid is conditional and refundable if the buyer is not satisfied after verifcation of the ownership of property from respective society or authority.
When a buyer decides to purchase a certain property, he/she offers a small amount of money as conditional token. If, for some reason, the deal falls through, there is no penalty and the same amount is returned to the buyer. After paying the conditional token amount, the buyer then can verify the ownership of the property, payments, dues or status from the respective housing society or govt authority to make sure the seller is the actual owner and how much amount has been paid till date.
Token money is decided on mutal understanding of both buyer and seller, may be in presence of real estate agent on soft terms and conditions. A sample of conditional token receipt is shown below
The example above is shown for information purpose only. However, you can use and edit the format as per your terms and conditions.