Dear Sir/ Madam,
I and my spouse are in the process of buying a Resale Flat in Mumbai.
We have Registered the Agreement with the Buyer after paying the Stamp Duty and Registration.
We have paid 20% of the Property cost to the Seller and also the Society Transfer Charges.
Now the seller whose property was mortgaged with a bank, closed his loan and got the original documents from the bank. This was done after he entered the agreement of sale with us. We also have an NOC from the Seller's Bank regarding the sale of the property. After closure of the loan, the seller came to know that the Seller's Bank has lost the original share certificate document. He only has the xerox of the share certificate with him. The Bank has made an FIR and also given the Notice in 2 Newspapers regarding the loss of the Share Certificate. The Society will then issue a duplicate share certificate to the Seller after 15 days of the FIR/ Advertisement.
Now the Seller was insisting on the disbursement of the remaining 80% of the amount without the share certificate which we did not oblige to.
Now there is no word from the Seller regarding the next step that he would be taking.
We have already send a mail to the Seller as to what he wants to do next. Also he the Seller is to purchase a new flat but is stuck up in the deal due to some issues. This is affecting my deal.
Though we have mentioned in the sale agreement that the possession is to be given immediately after handing over the 80% amount he wants to extend his stay in the flat after receiving the amount, which we do not want.
My questions regarding the above scenario as are follows:
1) We feel that now the seller is not willing to sell of the flat. In the agreement it is clearly mentioned that if the Seller backs off he has to pay all the cost that the Buyer has incurred till date with an additional of 24%. Please let us know how can we execute this. Also note that we still are in favour of buying the flat, if the original papers are submitted in totality and the possession is received as soon as the amount is paid.
2) In the agreement it is not mentioned the time in which the seller is to payback the amount to the buyer. How can we define the time period of repayment of the cost incurred by us.
Please help me in tackling the above scenario....
We have paid 20% of the amount and have incurred the cost of registration, stamp duty, lawyer charges, brokerage and society tranfer charges till date.
Need urgent help!!
Regards
- Dhanlakshmi Patil