12 July 2014
Party x registered agreement to sell with party y and received complete consideration at time of registration but after party x know that party y only paid amount which mentioned in agreement to sell but party y didn't paid remaining amount as per market rate. now party x want to cancellation of agreement to sell.
Party y promised to give full consideration after registration of agreement to sell but both party had have any written MoU
Any way to cancel this registered agreement to sell?
13 July 2014
Issue legal notice through a local lawyer, give 15 days time for Y to be present before Sub-Registrar for payement of balance consideration and execution of documents. Otherwise, X should refund double of the earnest money received by him/her, if there is a covenant in the agreement to sell and get a cancellation deed (for agrement to sell) registered.
13 July 2014
What I understand is the registration value is paid at time of Sale Agreement. Now the seller wants the block money (difference of market value and registration value) before hand and the buyer wants to give it after registration.
If my understanding is correct, the seller will be at loss as the buyer has every right to ask for enforcement of agreement, as legally he has paid the full sale consideration already.
It is better for the seller to have reconciliation and register the scheduled property first and receive the so called balance consideration.
14 July 2014
If expert Mr. Malipeddi Jagga Rao's observation is taken for true, legally the vendor cannot claim the balance of amount orally greed to be paid in addition to the sale consideration mentioned in the sale agreement deed. However, if the talks or efforts to recover the same fails, the vendor my keep prolonging the issue of registration of sale by using some dilatory tactics which may put mental pressure on the the buyer and make to him to come to a negotiating platform.
14 July 2014
The vendor having received the full consideration amount mentioned in the agreement for sale, it will be difficult for him now to claim any further sum on the ground that the market value is more than what is provided for in the agreement. Any dilatory tactics to delay completion of the sale by executing the sale deed may boomrang against the vendor.AS REGARDS CANCELLATION OF THE REGISTERED SALE AGREEMENT, NO JUSTIFIABLE GROUND APPEARS IN THE FACTS NARRATED BY THE QUERIST.