Hi,
Sometime last year (12-02-2015) we have gone for sale agreement(for property in Bangalore) with one buyer who paid 8 Lakhs as advance for the property and buyer agreed to go for registration procedure within 90 days from the date of sale agreement by paying remaning balance amount.
The buyer failed to register the property within 90 days as per the agreement and on MAY 21st 2015, buyer has paid 8 lakhs more and extended the agreement upto JULY 20th 2015 .This extension of agreement was handwritten on back of same old agreement and new clause "If both parties come to conclusion and cancel agreement ,50% of the advance amount would be refunded by the rejected persion" was added and both parties singed on it.
Now its been more than one year, buyer has not paid remaining amount to us and has not gone for registration procedures. Everytime we call buyer, he will give new dates and will assure that registration will be completed within that date.
Now we want to sell the proeprty to new buyer and we agreed to return complete 16 lakhs advance amount to old buyer after selling the property. But Old buyer is insisting that we cannot sell the property without his approval and he mentioned that the SALE agreement we had with him is valid for 3 years. Now i have following queries
Queries:
1. Is the SALE agreement really valid for 3 years?
2. Do we have right to ask buyer to pay interest ( planing to ask 1 Repuee interest rate) for remaining amount for this one year before going for agreement?
3. Do i need to inform my old buyer before sellin property?Do i need to involve old buyer for any procedures when selling property to new buyer?
Appreciate your time and effort on addressing my queries.
Thanks.
