We have one piece of small plot in Nuzvid, Andhra Pradesh which is an ancestral property. In 2013, one buyer wanted to buy the plot and approached our relatives in the town through some mediators. Our relatives had shown the plot to him and he agreed to buy for 12 Lakhs. Upon getting the information, i went there and signed the agreement and took 50 thousand as advance.
It is written in the agreement that he will get the registration done in 3 months. On the day of signing, due to a power cut in the town, i could not take xerox copy of the agreement. Asked the buyer and the mediator too many times over phone to send a copy of the agreement. But i didnot get the copy of agreement and i dont have that till date.
At the end of the 3rd month, he gave a lawyer notice (not to my address, but to the address of my relative who is also a witness in the agreement). In the notice, he wrote that wrong location has been shown to him, the actual location will not cost that much and wanted to buy the plot at 6.4 lakhs.
We dint want to sell at such low price and thus opted to quit the deal. Since then he stopped responding to the calls and messages. However, we have not responded to his notice since we dont really know what to do and how to do.
He called twice or thrice to ask us to sell at reduced cost. I clearly told that we will not sell and asked him to take the advance with the accrues bank interest rate. However, he didnot turn up.
Yesterday, he called and told that he want to cancel the agreement and wanted money back. I agreed for that and he told that he will come on Sunday. I asked him to withdraw the lawyer notice for which he agreed.
Will there be any problem regarding this in the future? I am worried and doubtful.
Asked 2 days ago in Property Law from Visakhapatnam, Andhra Pradesh