mathew (owner) 19 July 2011

sale agreement value

hello sir,

i have enterd in a sale agreement with one party for selling my site in bangaloreon 25th september 2011.the purchaser has given an advance of 100000/-( of the sell value of 2200000/-)the time frame for registration given is 90 days in the agreement.we have given all the documents copies for their legal scrutiny.but later i come to know that they are trying to resale the property to others by using this agreement as hold.they are not responding on our repeated request to complete/cancel the deal and pay the balance amount.now 9 months over the property price also gone up 50% more.how could i legaly fight this and release the porperty from their clucthes .the negative covenent in this agreement is "if the purchaser would not complete the registration with in 90 days, the seller will forfit 10% advance amount and cancell the deal,or the seller would not able to do the registration in purchaser/his nominees name the seller would refund the advance with 10% penalty tyo the purchaser after the termination of agrement"

even they made the mistake I am ready to pay them 10% extra to cancel the agreement.but they are not coperating .if i would sent a legal notice to them to cancel the deal first before they sent me any legal notice ,will i get any importance in legal procedure? or please advice me to come out from this deal.

regards

mathew

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4 Replies

Sajeev Menon (Legal Consultant Dubai 00971 508836442) 19 July 2011

You can sent legal notice to them, advising them to get that document registered by complying the contract formalities or if you want to rescind the contract you can sent notice statying that you have been requesting them several times to get the document executed after remitting the balance amount but you were they wer not ready to abide the conditions as they dont have such intention to get the document executed but they are in seach for a prospective buyer.

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Mahadeva Rao G (ADVOCATE) 19 July 2011

Hi mathew, This is Mahadeva Rao G, Advocate from Bangalore,

First of all I would draw u r attention towards the date 25th September 2011. it cannot be right. Well considering that u have entered in Agreement of Sale on 25th Sept 2010 in that case

I fully agree with Sri. Sajev menon, he is right in guiding u in the most appropriate way. The error on your part is that u have delayed enough by almost 6 months. U should have sent notice immediately after 26th of December 2010. However that is not a big issue to solve it with, but the real pain is if your buyer is ready with the cash and is willing to perform his obligations in that case u will only get what u have originally agreed to and the buyer will enjoy the appreciated value of your property. Once he replies back to your notice saying he is ready and willing now to perform his obligation, then sadly u do not have any other option but to execute the sale deed as per the terms of your agreement of Sale. So atleast now do not delay any more.

For further assistance u can get back to us on 9845285555 in Bangalore.

Good luck & Warm Regards,

Mahadeva Rao G ( 9845285555 ) Bangalore. dated 19th July 2011.

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mathew (owner) 21 July 2011

.the agreement holder is no way coperating to settle the issue.,if i could deposit the advance money to the purchasers account and giving a public notice in news paper waiting for 15 days and sell the property to other party ,will it legally ok?

Mahadeva Rao G (ADVOCATE) 21 July 2011

Mr. Mathew, it is good to you that he is not co operating , we do not want him to co-operate either. Also it wil be no more than foolishness to deposit the advance in his account. Unfortunately there is no provision for any sentiments, emotions, foolishness in the court of law. Only the set rules and procedures as per the LAW prevails. u r not understanding that u r not at fault. In your case u can have the cake and eat it too situation for you. Giving Notice in newspaper @!#$#@ ...???????? Pls go through my earlier post, it is very clear . for you to proceed in the proper and right direction.

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