The intention of the parties concerned and the reasonable steps taken prudently assumes significance for the performance of agreement by both the parties. It is no doubt true that the agreement holder does not hold any rights to the property until the sale deed is registered. But however, as soon as an agreement is entered, the purchaser's interest (as third party) created in the property. In case he fails to pay balance consideration to the seller in pursuance of the sale agreement due to the reasons beyond his control, the purchaser shall send a letter (a written communication by RPAD) expressing his inability to pay the seller and seek extension of time and mark a copy to the banker who processes the loan application in order to bring knowledge to all concerned. The purchaser has to demonstrate clearly why he is not honouring the date of payment and that he is not intentionally delaying the payment or playing dilatory tactics. Further, in the said letter, it should be clearly mentioned that the seller already knows that the purchaser is not buying the property with his own money and he buys it only with the loan money. Then only it will carry evidentiary value. It is better to send this kind of letter through a lawyer to be more effective. If it is possible, some more amount by way of advance can also be paid through the letter to show the bonafides. If the seller still adamant of not yielding to the request for extension of time, then the purchaser may get an ad-interim injunction from the jurisdictional Court against the seller not to alienate the property to anyone except to the purchaser for such an extended period.
