I entered in an agreement to sell two of my houses in the month of september 2010. The aggrement was prepared and registered with the registrars office in the month of Dec 2010 by paying stamp duty & registration. I have an ongoing loan on both the houses for which i am paying an emi of 8500. We have already vacated the house but havent given the possesion to the new buyers as the 75% money is still pending from them.
House 1 - sold for 13.25 lakhs - received 2 lakhs and remaining to be paid by loan
House 2 - sold for 11.50 lakhs - received 2 lakhs and remaining to be paid by loan
Now a month has passed and both the parties are still looking for arranging a bank loan to fund the remaining money to complete the sale deed. They say, it would take another 2 months to complete all the formality.
Unfortunately when i scrutinized the sale aggrement there was no clause which states that "pay the remaining money (through loan) before any specified date".
Now i am still paying the emi of the house where i dont stay and waiting for them to clear the dues. I have shifted to a new house where i have additional burden of paying the emi as well.
My question is now....If the new buyers wont finish the loan procedure for another 6 months, i cant do anything as there is no mortguage clause to pay the entire sum before any specified date. Also i have to pay the emi of the house where i dont live. What can i do in this case and how can i oblige the new buyers to stick to a deadline for executing the sale deed.
Can i add a clause in the sale aggrement which is already in records of registrars office?
Plz advice. Prakash
