Hi,
I need some legal advice and hence I am posting my question here. Recently I started a property deal in mumbai for 1 BHK apartment. The seller and I came to an agreement on price of property and we went to the lawyer and did an Agreement to Sell(MOU). The MOU details about all black and white money payments that both parties has agreed upon and also has receipt of token payment I have made to the seller. This agreement was signed by both parties. After MOU I made one more part payment to the seller as a part of agreement.In return I asked the seller to submit his original property deed papers. He submitted his papers which are with the lawyer now. Meanwhile I have been working on getting bank loan for this property. Now suddenly yesterday the seller told me that he doesnt want to sell his property since he has some personal problems and wants to call off the deal. My lawyer has already warned him that he cannot call of the deal at this time as that will lead to breaking of agreement and their can be strict legal action against him. I just wanted to know from you guys if it is possible for seller to cancel the agreement at this stage since property registration is not yet done and if I decide can I take legal action against him using MOU since he is breaking agreement by not completing sell. Does signing of agreement to sell(MOU) become a legal binding of him to sell the property? Please let me know.
Regards
