We have entered into sale of agreement and registering the agreement according to that we had taken 2 months of time from the date of registeration of sale agreement to register the sale deed.
during this time
we (2 brothers and 3 sisters) obtained Khata in each of our names.
and also during this 2 months time the buyer had applied for bank loan, the bankers when came for measuring our property they found that the measurement falls short of some 5X20 sqft. Since even we were not aware of this miscrepancies. Both the parties are not agreeing to the terms of negotiation and the buyer is not willing for cancellation he wants to pay very less if not wishes to go to the court.
However our period in the registered sale agreement is expired.
Per the agreement our breach terms are if we default we forfeit the amount with the whole amount with 12% pa interest and if he defaults we return 1/3rd of the advance.
can you please guide how do we go forward for cancellation? Cancelling after expiry of registered date can the buyer still go to the court and challenge? if we cancel the agreement we will follow the cancellation procedure of registered agreement, can the buyer refuse?
We have also spoken to our neighbours who have encroached our property since this is a more than 50 yr old property we do not from when there is the shortfall, we have been living in this property since our parents bought while our neighburs property has been sold several times, we dont know when this encroachment happened.
