23 June 2012
I have purchase a flat of Rs 36 lacs and paid part of sum Rs 15 lacs cash portion by cash and receipt of same is with me. While going for loan for paying balance Rs 21 lacs . I came to know that house map is not approved . So I have builder to refund the payment made to him . THe builder was delaying the issue and finally agreed to make new agreement cancelling the old agreement to repay back cash portion paid Rs 15 lacs after 4 months from now. But he want to destory the old agreement . Property is not in the name of his partner and original agreement is made by his partner in whose name propert is . But payment receipt is from builder . Please advise that by destroying old agreements , I am not losing my right to contest payment and by new agreement , I will be able to get my money back
Don't destroy the earlier agreement. Understand that when you entered into the agreement to buy, the seller (builders) gave an implicit guarantee that the property was free from encumbrances & was approved by the concerned authorities. In case such representation turned out to be false. You are free to rescind the agreement on the grounds of fraud/misrepresentation, and claim the refund back.
If the builder promises to pay the amount within 4 months, and you have faith in him, then enter into an MoU - detailing everything signed by both the partners.
Consult a lawyer for this, huge amount is involved - otherwise you might end up losing your investment.