Hi,
I am in the process of selling a piece of land that I have. Here are the chronological series of events
1. I, seller, gave photocopy of the papers to the buyer for verification.
2. Buyer was satisfied, gave me the token amount and we went for Sale Deed.
3. Post the Sale deed the buyer wanted to give me the rest of the money via bank loan.
4. The buyer took the Sale-deed and the photocopy of the land documents to the Bank, the bank found a 'typo'/discrepancy and would not sanction the loan.
Now the buyer says -" I want this land. But I want you to get this paper corrected. I will not pay the remaining amt till the papers are corrected. I will not cancel the sale deed."
My position as a seller is -" I want the paper to be corrected, but this will take any amount of time ( it could be 15 days or a year). I want the sale deed to be cancelled and I will repay all the token & registration amount. I have prospective buyers who are okay with the 'typo' and their bank will sanction loan"
I have talked to other banks and they feel a small affidavit can rectify the paper. I had also got a bank loan when I purchased this land. But the buyers bank is not ready to accept it.
What options do I have.
How can I cancel the sale deed? What legal options do I have?
Any advice would be highly appreciated.
Thanks
DS
