20 May 2019
Respected Sir ? Madam does the bayana get forfeited by default if the buyer fails to honor the initial agreement to sale ? or does it have to be in the clauses of the sale agreement ?? ... . . we r to sell our house. the buyer has paid nothing apart from the bayana.the 6 months period is going to expire on the 6th of june 2019. . he says he does not have adequate money and will pay when he has the money. how long do we wait ?? how shall we approach this now. what options do we have ?? the agreement to sale has interest and penalty (but no rate of interest and penalty specified) clause but nothing pertaining to forfeiture.
reading some articles about the matter i gather that it is advisable to mark our presence at the 'Office of the Registrar'. . . however they have not given us the copy of the agreement to us. .. ( it was around 8.30 pm when we had signed the papers. they said that they will give the copy next day but havent given it till this day. for a month or so they bought time saying 2 days 2 days. after that they have outrightly rejected to give a copy of the agreement. ) do we need to have the copy of agreement when we go to the registrar's office ?? .. .. the buyer has not signed anywhere on the agreement. his name, address are mentioned but he has signed nowhere. . .only we have signed . . is this normal practice ?? looking forward to some guidance .
20 May 2019
You are required to wait for the date fixed for execution of documents as per covenants of "Agreement to Sell". In case the buyer seeks extension of time to arrange money for payment of balance of consideration or some other pretext, shall be considered before taking any action/deciding further course of action. It would be advisable to consult a local prudent lawyer for better appreciation of facts/documents, guidance and proceeding.
22 May 2019
Dr Vashista thanx. . he has already conveyed to us that he does not have money and it could go to oct-nov before he could make any payment. . shall we still go to the sub-registrar's office to mark our presence on the execution date ? . . worst part is we dont even have a copy of the agreement. both the buyer and the middleman are partners actually (which we came to know after a while) and have now said that they will not give a copy of agreement to us come what may . . shall we inform the police about it.?? the buyer has not even signed on the agreement. only we have signed. does it have any repurcussions. ?? .. .. there is a clause of interest and penalty in the agreement if any party dishonors the 6 months time bound agreement. but there is no rate of interest and penalty specified . . is there any standard rate of interest that gets followed as a default in absence of unspecified rate of interest and penalty. . i read a few judgements pertaining to bayana refund etc. . in one of them the magistrate had settled a plaint by using the phrase "common rate of interest 10% of interest" . .in this case also there was no rate of interest and penalty mentioned in the sale agreement. . .pls provide some opinion sir . . my elder brothers took the lead and banked on the agent but he is 1 with the owner. not one sentence he speaks for us .. n as time has progressed he has become quite open about it. ny brother says that "we will cut 10% from the bayana, return the bayana and finish the deal with these guys" . . whats your flow of thought about this scenario. . thank you .. . . anil kumar malhotra.