I have got into a agreement to purchase a flat on 9th of November 2010 with a deadline of 30th November. Before the agreement was executed i had completed 50% of the payments part of which was in cash. The remaining amount was to be paid via home loan. Until this moment I was told by the seller and her broker that the chain of agreement is in original. By the time the loan pay order was ready for disbursement and i had informed the seller to collect the same and deposit the original agreement (i had intimated via SMS on 25th Nov and have the proof) I got to know the chain of agreement is in photocopy and the registration and stamp duty was done on the photocopy. For this the bank had asked for indemnity bond, public notice and FIR. The seller is ready for everything except the FIR, for reasons best known to him. And on top of it, the seller is asking for 20 percent more money citing agreement deadline date. On my part I completed everything prior the deadline and the seller hid the fact of the photocopy documents which is leading to the delay.
What actions can I take against this person? How am I positioned legally for specific performance? How long does specific performance take? Can i take police action for extortion/cheating..etc?
Below are paras from the agreement regarding deadline and specific performance.
"IT is expressly agreed between the parties that the transaction will be completed by 30th November 10. In the event of Transferees fail and neglect the pay the balance consideration by 30th November, then in that event this agreement shall automatically come to an end and the Transferors shall refund the entire amount received by them under this agreement after deduction Rs. 1,00,000/- and the transferees shall not be entitled to seek specific performance of this agreement in that event"
"The parties have agreed to complete this transaction by 30th nov 10. The time shall be essence of this contract. In the event of the Transferees fail to make the payment in the stipulated period then in that event agreement shall automatically come to an end without any notice. However the Transferors shall be at liberty to extend the said on mutually agreed terms and conditions. The Parties Hereto shall be entitled to seek specific performance against the other party in case of breach/default committed by either party"
I am very much tensed by this episode. Your opinions are truly appreciated.
Thanks in advance.