Interest on amount paid if the deal is delayed.
Querist :
Anonymous
(Querist) 10 October 2011
This query is : Resolved
Hi Expert,
I had selected a property (flat<1yr old), and our deal is finalized at a particular amount.
I booked the property on a token amount of 1 Lakh more than 4 months back. Also i paid the remaining amount(9L) more than a month back (rest i have applied for loan and have a approval letter for the same). All these payments were done via cheque and i have a signed paper(with revenue stamp) regarding these payments.
From last many days the flat owner is delaying the registration with one excuse or another.
I would like to know if there is any way i can force him legally as i am in anyway loss (interest on the amount) and that person is enjoying the rent on that flat as well as bank interest on 10 Lakhs. Alternatively, if i cancle this deal how much amount can i claim on the flat owner?
Please note i have also made some other expences related to this such as fees to broker, lawer and bank loan fees. Other expences includes creation of DD for stampduty/registration, photocopies of various documents, pre maturity fixed deposit breaking, telephon calls and petrol charges etc. Also i am suffering from extream mental preasure due to this.
Please help!
Thanks in advance.
ajay sethi
(Expert) 10 October 2011
if you have incurred fees of lawyer was agreement if any drafted by him ?
no lawyer will advise you to part with 10 lakhs without executing an document in writing wherein it is mentioned that time i sessence of contract .
also provision is made in said agreement that in case seller deys in execution of conveyance he will be liable to pay interest at 18%etc.
Querist :
Anonymous
(Querist) 10 October 2011
My lawer had shared me a sale deed draft mentioning all these payments and we have mailed it to owner as well. All the payments can be cross checked from my bank statement and the paper signed by the seller (with rev. stamp).
Case1: What can i do further to make this deal complete as soon as possible?
Case2: If there is no document till now talking about conveyance etc, what can be done to get the amount refund from seller.
ajay sethi
(Expert) 10 October 2011
has the seller signed any agreement ? what were terms and conditions of said agreement ?
if no document signed start preparing a case . send letter to him ( no legal notice) mentioning facts of case . that you had paid 10 lakhs and that seller had agreed to deliver posession withinn 4 months etc .
request him to refund money in case he is unable to deliver posession
Querist :
Anonymous
(Querist) 10 October 2011
no document signed till now (apart from money reciept).
Will send him a letter.
How much can i claim from him in case he is
unable to deliver posession on time? Is there any time limit as a standard if not already signed in any document about the posession of a ready(already on rent) flat?
ajay sethi
(Expert) 10 October 2011
you have been very careless in your dealings . you have advanced 10 lakhs without any document in writing .
first send letter . request him to submit reply within 15 days . after you receive reply inform us the contents of his reply . then we cna proceed further
Querist :
Anonymous
(Querist) 11 October 2011
Ajay, completely agree with you regarding carelessness. I was suggested to keep a reciept of the payment with a revenue stamp which i have. Saying X amt recieved on Y date as an advance against Z property, along with signatures of 2 witness. All this on the page that has cheque xerox at the top and cross sign on revenue stamp at the bottom. Could you please enlighten me on the signed documents that i could have installed during this deal. Are you talking about MOU? What are the other options?
Querist :
Anonymous
(Querist) 13 October 2011
I am loking for an answer can anybody help me?
Querist :
Anonymous
(Querist) 03 November 2011
Happy to see that people here are very good at telling what someone has done wrong, how bit disappointed seeing that they are not really interested in telling how things can be done better.
Anyway thanks for the time and help provided.
