Hi,
I have made an agreement with a property last week and paid him Rs.10,00000/- as an agreement amount. I am supposed to do the registration before 15th of January. But 2 days back I came to know there is a problem in the RTC (pahani) /Revinue Record for that land, which actually says it's not belong to any Owner and in 2004 there is a partition in that survey number. Locan enquiry suggested not to go ahead with this property as it will be problamatic in future.
I informed to the land owner and he agreed to back off the deal. He informed me he need two months to return the amount as he already spend the amount buying some other property. He agrees to sign any other agreement to confirm the refund of the amount. Following are my question.
1. Sale agreement was printed on a Rs.500 e-stamp and signed in all pages with 2 witness. Do we need to register this agreement.
2. How much time I should give to him? is there any risk if I give him more than a month. OR do I need to ask him to refund the money before the agreement end date (15th Jan).
3. What kind of agreement I can sign with him now. Canel agreement will apply only when I received the refund.
4. Suggest me what would the best way to procceed
-Rajeeb
