LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

manish (hhh)     27 December 2016

Mou

Dear Sir,

We had a small piece of land in Pune. Recently we signed an MOU for a land sale with a local person in Pune. The aggreement was in Marathi so we were not clear with the technical terms and language . It was discussed that the balance payment would be made in a months time. But now we found out that the time schdule for payment is not mentioned in the aggrement . The party has paid only a token amount and delaying the balace payment inspite of giving repeated reminders. Now two months are over . Will we be able to look for a new buyer ? Will this Intent aggrement stop us from selling our land to a other party. They have only notarised this MOU , does it have a legal binding ? Kindly advise at the earliest . Thank you . God Bless



Learning

 2 Replies

Bhawani Mahapatra (Law Officer)     27 December 2016

Manish

First make it clear about the doc. Was it a MoU signed in a plain paper or a formal agreement signed in a stamp paper ??

Is the physical possession of the property is still with you or already handed over to the  prospective buyer ??

manish (hhh)     27 December 2016

Thank you for replying Sir. It was a stamp paper formal aggrement and also notarised.But it is not regietered or paid stamp duty .

The property is still with us , we haven't given the possession to them. Only on giving complete payment we intend to handover the property.

 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register