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ashish nigam (service)     20 February 2014

Agreement of sale

Sir,

We have done the agreement with the party regarding sale of Landed Property situated in the village, with the condition written :-

"That the buyer will pay the full amount within 6 months and get the Property register. But, if the seller refuses to register the property within the prescribed time, then the buyer will have the right to get the registry of a property from the Court".

The said Agreement of Sale has been registered in the registry office by paying required Stamp Duty along with the Signature of both the parties.

But, within 2 months the BUYER has refused to take the property and asked the money back. More than 50% of advance given has been returned back and it has been decided that rest will be returned after sale of property.

THE TIME LIMIT (6 months) FROM THE AGREEMENT HAS BEEN PASSED FOR 2 YEARS. But the buyer is saying that he will not allow us to sell the property to others and IS SAYING TO SELL TO THE PROPERTY either to him or to the Party which he will bring, also SAYING TO PAY THE HUGE amount in the name of developement.

So, kindly let me know what we can do.



Learning

 9 Replies

m.kupparaju (Advocate)     20 February 2014

Dear Ashish,

In your Agreement of Sale you have failed to mention that the aggrieved party is entitled for specific performance, instead of that you have favoured the Buyer stating that  if the seller refuses to register the property within the prescribed time, then the buyer will have the right to get the registry of a property from the Court" this has made the buyer for crooked thinking and the buyer took advantage of this and refused to  pay the balance amount. If you could have mentioned that the aggrieved party is entitled for specific performance, when the buyer failed to pay the balance amount within 6 months from the date of registration of Agreement of sale you could have entitled to get the transaction completed from the Court after collecting the balance sale amount from the Purchaser. Always conditions shall be applied for both the Parties. Better settle mutually or wait for 3 years to for expiry of time limitation.

With Regards,

 

M.Kupparaju,

Advocate.

 

 

adv.raghavan (Advocate,9444674980)     20 February 2014

file a suit in concerned jurisdiction civil court for cancellation of sale agreement as the clauses of the agreement  were  flouted by the buyer . 

ashish nigam (service)     20 February 2014

Sir,

Also I want to tell something:-

(1). The buyer has given me Rs.60 Lacs through RTGS and Rs.I Lac Cash in advance. But in agreement written that Partly he has given us Rs.20 Lacs and Rs.10 Lacs , the rest he will give during registry of Land.

Also returned him back Rs. 35 Lacs through cheque as demanded by him.

(2). In the agreement the time limit in which the promise for doing the registry and giving the BALANCE PAYMENT is 6 MONTHS.

(3). Kindly let me know can  I sell the land to other party by giving him the Power of Attorney.

What will be legal implications.

Regards.

The buyer is related with the Ruling Party of U.P.

ashish nigam (service)     20 February 2014

Sir,

Also I want to tell something:-

(1). The buyer has given me Rs.60 Lacs through RTGS and Rs.I Lac Cash in advance. But in agreement written that Partly he has given us Rs.20 Lacs and Rs.10 Lacs , the rest he will give during registry of Land.

Also returned him back Rs. 35 Lacs through cheque as demanded by him.

(2). In the agreement the time limit in which the promise for doing the registry and giving the BALANCE PAYMENT is 6 MONTHS.

(3). Kindly let me know can  I sell the land to other party by giving him the Power of Attorney.

What will be legal implications.

Regards.

The buyer is related with the Ruling Party of U.P.

adv.raghavan (Advocate,9444674980)     21 February 2014

Clarify what is total sale consideration, your statement is confusing, as i said earlier file a suit for cancellation of agreement, as it is registered. Even if you try to alienate through sale or POA it wont not  be helpful rather harmful.

ashish nigam (service)     21 February 2014

Sir, the total sale consideration is Rs.60 Lacs(40 Lacs + 20 Lacs).

Kindly let me clarify if the time to complete the agreement is 6 months AS the buyer has said to do the registry within 6 months even if I objects anyway, then why to wait for 3 years. Already the time has been elapsed for 1.5 years from the date of completion of 6 months.  I EARNESTLY REQUEST YOU TO PLEASE CLARIFY IT.

Sir, as you have said earlier it would be harmful, kindly let me know how.

Regards.

ashish nigam (service)     21 February 2014

Sir, the total sale consideration is Rs.60 Lacs(40 Lacs + 20 Lacs).

Kindly let me clarify if the time to complete the agreement is 6 months AS the buyer has said to do the registry within 6 months even if I objects anyway, then why to wait for 3 years. Already the time has been elapsed for 1.5 years from the date of completion of 6 months.  I EARNESTLY REQUEST YOU TO PLEASE CLARIFY IT.

Sir, as you have said earlier it would be harmful, kindly let me know how.

Regards.

adv.raghavan (Advocate,9444674980)     21 February 2014

As i said earlier cancellation suit is the best possible way, to regularise things. since the sale agreement is registered it cannot be confined to 3 years. Even if you try to sell, the  new buyer has to face the wrath of  your ex buyer along with you. From your statement it clearly shows  your ex buyer will be cooperative in finishing things amicably/

ashish nigam (service)     04 March 2014

Sir, kindly please clarify me what does it meant "CONFINED TO 3 YEARS" and what will be the consequenses after 3 years.
Regards.

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