Pankaj-Jha (AM) 04 February 2013

Purchaser is delaying in payment

Hello,

I have sell a flat to a party. The registration has already been done on 27th dec 12, they are chosen a payment through home loan. Now as per the agreement they should give us the complete payment within 45 days from the date of registration. So their 45th day is somewhere around 13th/14th feb, but now they are delaying for home loan paper work, thinking that on 10th of this month(feb) they will escape from the EMI, but even I have purchased a new property and some amount is still pending to give to my seller, which we are planning to give from my purchaser's home-loan cheque.

We dont wnt to delay anymore, but our purchaser is delaying intentionally to escape from paying this month's EMI, which we are paying right now on the current flat.

Any suggestion is highly appreciated.

Thanks.

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3 Replies

SAA_Bombay (Pro) 04 February 2013

Official options are close for you till 45th day. what is clause in agreement if party fails to pay on 45th day? Your party has time till 14th Feb, till that time whatever they do, it is non of your business.

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Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 04 February 2013

Though time seems to be of the essence of the contract, only a delay further than 45 days as originally agreed would entitle you to avoid or rescind the agreement, in which case by a notice by you the contract may stand rescinded and parties would stand in a position immediately before they entered into it, all restitution would be done, however since you rescinded the contract because of their default - you'd be entitled to appropriate a reasonable sum from the earnest (if any) or claim liquidated damages for non fullfillment of contract in time on their part.

Bharat Chugh - Advocate Supreme Court of India

Blog : www.advocatebharatchugh.wordpress.com, www.bharatchugh.wordpress.com

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Pankaj-Jha (AM) 10 February 2013

thankyou for your adivice...