my uncle is a senior citizen of 82 years
my uncle entered into an agreement dt 1.10.2012 to sell his house for 6.5 crores in which he was to get a flat amounting 3.50 crores and balance 3 crores in cash for eleven months expiring 0n 30.9.2013
since the flat was to be built the builder promised to pay 1 crore till 30.11.2012
two interdependent agreements were signed on the same date (1.10.2012) and an advance of 50 lakhs was given on account of flat and 1 crore advance was taken against the sale of the house.
what happened
(a)the buyer did not pay 1 crores in time. he paid only 60 lakhs . issued a cheque for 40 lakhs on account which bounced back as 'funds insufficient
(b)the buyer sold the built flat to third party before the expiry of the agreement( in june 2013) for 90 lakhs.
now the buyer wants his paid money back based on lame excuses for which he has got no proof
now if the buyer goes to court, what the judge will decide?
(a)what i want to know is that is the buyer entitled to get his money back without paying any penalty even if there is no penalty clause in the agreement
(b) is there no penalty if the seller sells the property to third party before the expiry of the agreement..
what are the normally implied terms in the property dealings
. is.nt it that if the buyer backs out , his advance is forefieted and if the seller backs out he pays double the amount of advance
now in this case the buyer has violated the agreements both ways.
valuable opinions with reference to case laws will be suitably rewarded
