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CT Srinivas (Chief Manager)     01 December 2010

Advance for property Buy out

Dear All,

I went thru a property deal of buying a independent house. The deal had the follwoing agreemnts and signed by each party

Buyer to pay advance of 12.5 lacs and ensure Bank loan approval

Seller to ensure the property is encumbrance free and free from all loans.

It is almost a year  the seller is unable to full fill the requirements and is very rude in response. Please advise what are the steps that can be taken .. Please advise Please

My hard earned 12.5 lacs is stuck for 1 year now )-:

Thanks



Learning

 4 Replies

A V Vishal (Advocate)     01 December 2010

Well you have not stated what conditions are unfulfilled and what is the time limitation imposed for completion of the agreement. You have remedies in form of specific relief for performance of the contract.

Swami Sadashiva Brahmendra Sar (Nil)     01 December 2010

Well advised by Vishal sir. You have to file suit for specific performance which shall be tried in view of condition sof agreement.

- Team Tripathi


(Guest)

agreement details and time for performance of contract or advance money paid has not stated.  

 

disclose the facts    to know guidance. 

CT Srinivas (Chief Manager)     02 December 2010

The agreement was effective for 5 months from last November to April 2010. He did not dispute to pay me. He kept on making false promises and he was not willing to pay a post dated cheque also.

On humanity grounds since he had a old mother, I tolerated. Now he is very rude and trying to evade from the payment

Advance was paid 12.5 lacs for a property worth 91 lacs

Also pls let me know that the property is from Bangalore. Does it matter to choose from Bangalore or some one from Mumbai can handle the same since I am at Mumbai. The agreement does not say anything on court of juridisfic


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