Subash Gopalan (Factory Manager) 22 November 2010

Property Buyer not Paying after Registration, Pls Help me

Dear Members

I have Executed a sale deed of my property on June 2010, The buyer agreed to pay by 4 cheques, 1 current dated and 3 post dated ( 1cheque every 15 days from the date of registration) all the Cheque particulars mentioned in the registered sale deed, the 1st cheque got materialised without any problem and the 2nd cheque got materialised after a month ( 15days late) the 3rd & 4th Cheque we could not present it to the bank because the buyer requested not to present because he did not have enough fund in his account, at first he asked a months time and he kept on postponing and it is 5 months now still there is no hope of getting our money,

Pls advise me is it possible for me to terminate the registration or is there anything I can do,

Pls help me

Thanks

Subash

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3 Replies

A V Vishal (Advocate) 22 November 2010

Mr Gopalan,

Since the Cheques would become stale after 6 months (5 months already elapsed) it is advisable to present the cheques immediately and issue notice. Once the cheques become stale it would be difficult and weaken your case. Further, the vendee is communicating only verbally and not in written, send a lawyers notice asking the balance payment and institute a suit for cancellation of the sale. The registrar is not empowered to cancel the sale deed and he can do it only on direction of a court. Contact a good advocate locally and initiate action immediately else you are bound to lose financially.

suresh (Advocate) 22 November 2010

Dear Mr.Subash Gopalan,

You need to present the cheques immdieatly, upon non clearance of the cheques you can file a case for necessary relief/s in accordance with law.

regards

Suresh.N.V.

sanket (Advocate) 23 November 2010

Non presentment of cheque would certainly weaken your case. The principle laid by Negotiable Instruments Act is that when a person handover duly filled cheques to any person for discharging legal debt then he is duty bound to keep the balance amount at his account as the cheque is valuable security therefore u must present those cheques as early as possible let the bank dishonor it and you will have multiple causes of action against buyer and it will give a strong ground for instituting proceeding against buyer for cancellation of Sale Deed in civil court