Property sale deed on BOND PAPER Against CASH taken

Querist : Anonymous (Querist) 03 December 2009 This query is : Resolved
Sir,I took 4 lac cash from relative in 2007 april to buy flat for me.I bought flat in my name.When i took cash,i had signed agreement on bond paper with my relative that in 2 yrs time if i failed to return 4 lac cash then he will buy my flat at total 9 lac rs & bal amount of 5 lac will b paid by my relative to me..The bond paper agreement was not rgistered.Now i am unable to pay him 4 lacs.I need another 3 yrs to pay back with bank interest & dont want to sell the flat.Also relative is not ready for this term....CAN HE SUE ME ON THAT BOND PAPER signed by me with 2witness under any law....Pl advice me..I wld b gr8ful to u.

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Raj Kumar Makkad (Expert) 03 December 2009
No. The term mentioned in the agreement is that he shall buy your flat. There is no term that you shall be bound to sell that flat at a certain amount on your failure to repay within the stipulated period of 2 years of taking the loan from your relative. The agreement is not based on free, fair, without any pressue, without any influence sweet will etc. which are necessary for the agreement for sale hence you cannot be compelled to dispose off your flat to your relative.

Devajyoti Barman (Expert) 03 December 2009
Your relative can file a suit for specific performance of contract after expiry of 2 years on the basis of that agreement though you will have several defenses to make including undue influence and coercion.

Querist : Anonymous (Querist) 04 December 2009
Thanks Raj sir & Barman sir.But in agreement,it is mentioned that in case of failure on my part,i bound to sell flat at agreed price which is 9 lacs.Also making the said agreement without any undue influence/coercion,All standard terms of sale deed are there.I also wanted to pay back but not this way?CAN HE SUE ME?Any remedy avlble to me?Pl suggest sir.