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RAJEN RAVI (nil)     09 March 2012

Agreement to sale of land in chennai

SIRS, RECENTLY I  AGREED TO SELL A LAND AND SIGNED "AGREEMENT TO SALE" DOCUMENT IN RUPEES 20 STAMP PAPER TYPED AND BROUGHT BY BUYER. HE GAVE ADVANCE OF RS.400000 . DOCUMENT STIPULATED A PEROID OF 45 DAYS  FOR SALE COMPLETION AND IT ALSO MENTIONED  "SPECIFIC PERFORMANCE" OF THE AGREEMENT. ALSO DETAILS REGARDING SALE VALUE, ADVANCE PAID AND 45 DAYS TIME SPECIFICATION. PLEASE TELL ME WHETHER IAM SAFE IF THE BUYER WANTS ME NOT TO SELL THE PROPERTY FOR NEXT FEW YEARS TO ANYONE BY DEFAULTING BALANCE PAYMENT. THEREBY LOCKING MY FUNDS ARISING FROM SALE. "TIME LIMIT" SPECIFIED WILL THAT HELP ME . BUYER MOTO IS TO STOP  ME FROM SELLING TO OTHERS. PLEASE ADVICE ME SIRS.



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 2 Replies

sri (ceo)     09 March 2012

you are on the long wrong side of law... what if...

1. adverse possession, it drags in court for a decade from now...

2. who will bear your legal expenses running courts around these years...

3. any price decrease or increase will result in loss how do you deal with it...

hence it is always advisable to consult a lawyer who can fix these points to negotiate with a performance fee... advance paid does not amount to fee but returnable amount.  what if he claims bank interest on this amount after 10 years say... double the amount while the case is litigated in courts...

performance should be limited to one week and advance paid shall be forfeited. advance should not be advance but a performance fee normally 10% of the value of the amount.  generally these sort of agreements are done by real estate monkeys who hang on to the beneficiary with muscle power... be ware

RAJEN RAVI (nil)     09 March 2012

a new agreement of sale with proper non covenant clause may help me iam i right sir. please advice.


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