Sale agreement validity
TAMILSELVAN S
(Querist) 09 September 2012
This query is : Resolved
I had sold a piece of land in TN to a party through an unregistered sale agreement on Rs.20 stamp paper in Jul 2010. The sale price was Rs.8 lacs and Rs.5 lac was paid by the party with the condition that the party should register the property on or before three months i.e Oct.2010 failing which the party shall lose the advance. Having failed to register the property in his name within three months, the party also left for an overseas assisgnment. Now, the family of the party insisting to register the property in the name of the party's mother after paying the balance amount as per the original agreement. Meanwhile, after nearly two years over, the value of the property has gone up and guide line value also increased by the govt. in that location. Kindly clarify the following points,
1. Though unregistered sale deed, is it that sanctity of the agreement holds for three years ?
2. Am I entitled for ask for an enhanced price as per the present value ? nor the nominal interest for the balance amount to be paid to me ?
3. Is it fair to accept for registering the property in party's family member name in case of mutual settlement of issues ?
Submitted for kind advise please.
SELVA
ajay sethi
(Expert) 09 September 2012
the purchaser has failed to comply with the provisions of agreement . the purchaser has failed to pay balance amount of rs 3 lakhs nor regiseterd the agreement . as per agreement you can forfeit the advance . however the forfeiture of more than 60%of considertaion seems to be harsh .
2)an un regsitered agreement is not admissible in evidence . it is better to resolve issues amicably .
3) you are justifed in asking for enhancement of consideration .
4) resolve all issues amicably . contact a local lawyer . it is also necessary to go through provisons of agreement entered into
