Hi All, need an advice from the experts here.
I sold my flat in Thane (Maharashtra) to a buyer in the month of February against a very small token amount as the person was known to me. As I stay abroad, my father-in-law registered the deal with the buyer mid of March. The buyer was to submit the 10% TDS and hence we decided the transaction will be compoleted once their home loan gets approved. Unfortunately due to Covid situation, the bank stopped processing their loan in March.
After many days of follow up, in mid-May the buyer came back saying they cannot buy the house now. They gave range of differing reasons like our jobs are in risk hence cannot go for loan and then also said the bank has approved lesser loan than they expected and hence they cannot fill in the gap.
In expectation of their money coming to me in March, I went ahead and booked a house in my country of residence, and as per the rules here the token money which converts to around Rs.20 lacs will not be paid back if I don't start making my payments 3 months from when I promised, which is in August.
The interesting turn to our discussions with the buyer came, when they said they can at best pay an amount which is almost 11lacs lesser than our agreed and registered amount or cancel the deal. We had multiple discussions and feel the buyer is using this opprotunity to negotiate, as I did reduce almost 6 lacs, but they are insisting on reducing it by 11 lacs, which is a huge loss for me. I somehow have started feeling that I am being put in a spot as they know that my 20 lacs are stuck here and I will have to sell the flat in any conditions. If a person wants to cancel a deal as they cannot afford, how can they afford a amount which is 11 lacs lesser?
Our dilemma is,
1. We have already sold the house and registered the deal, can a buyer come back and cancel the deal just like that?
2. As a seller do I have any rights here? As I am going to lose indirectly 20lacs if I cancel this deal, as I cannot sell the flat in these times within the next one month.
3. Should I go for suit of performance for this deal? How laborious this can be?
Any advice will be highly appreciated.