MOU - waitage
Querist :
Anonymous
(Querist) 15 July 2011
This query is : Resolved
a group of land owners have form a society. & started construction of Residential property. A is life member of the society. A is not having money to pay for the construction of flat. B is ready to pay the money to A if A sing MOU with B.
The terms are When ever A Will sell the Flat he has to Pay B ( agreed %)/ A has to return money with within 3 years from the date of possasion with interest @ 2.25 % p.m.
What is the waitage of MOU if Mr A after receiving possasion not able to pay money & not ready to sell the said property?
Here A is not getting bank loan since the said property is not in his name & he is only life member & also letter of allotment is not given to any member by society.
A do not want to sell the property since one more falt can be developed agais remaining FSI & if he sell the property he has to transfer his membership rights.
Dhiren Akbari
(Expert) 09 November 2011
MOU should be drafted in such a way that it creates obligation on the part of A and consequencies in case of failure. inspite of clear MOU, if A negates or fails to fulfill the obligation then the only way to recover the amount is court under claim of specific performance of agreement
Querist :
Anonymous
(Querist) 10 November 2011
can Mr A put any condition that once the sociery is registerd & he got possasion after that he will repay within the agreed time of say 2 to 3 years or he can sell the said property & repay?
