agreement
rajesh
(Querist) 01 December 2009
This query is : Resolved
DEAR SIR,
ABOUT 12 YEARS AGO MY FATHER HAD GOT INTO A AGREEMENT I.E MEMORANDAM OF UNDERSTANDING [MOU] WITH A PARTY FOR SALE OF HIS PROPERTY ON A PLAIN PAPER WITH A REVENUE STAMP ON IT AND ACCEPTED SOME TOKEN MONEY AGAINST IT .
DUE TO UNKNOWN REASONS THE PARTY WHO WERE BUYING THE PROPERTY BACKED OUT AND DID NOT PAY US THE DECIDED BALANCE AMOUNT.NOW THIS DEAL HAS GOT STUCK FOR LAST 12 YEARS AND WE CANNOT SELL THE SAME PROPERTY TO ANYBODY ELSE AS WE HAD ENTERED A 'MOU' WITH THIS PARTY AND IF WE LOOK FOR A NEW BUYER THEN THEY ARE NOT INTERESTED AS THEY SAY IT IS A DISPUTED PROPERTY WHICH HAD ENTERED INTO A AGREEMENT WITH SOME ONE ELSE BEFORE .NOW MY FATHER HAS EXPIRED.I WOULD LIKE TO KNOW WHETHER THIS 'MOU' SIGNED BY MY FATHER STILL HOLDS ITS VALIDITY WITH THE PARTY IT WAS SIGNED WITH OR AFTER A PERSONS DEMISE THE'MOU' NULLIFIES AND DOES NOT HAVE ANY VALUE .
BASICALLY WE WANT TO SELL THIS PROPERTY AS IT HAS BEEN MUTATED TO OUR NAME[I.E IN THE NAME OF MY MOTHER,MYSELF AND MY SISTER] AFTER MY FATHERS DEMISE.CAN THE FIRST PARTY TAKE ANY ACTION AGAINST US IF WE SELL THE STATED PROPERTY TO SOMEBODY ELSE OR CAN HE TAKE A COURT STAY AGAINST THIS PROPERTY IF WE TRY TO DEVELOP IT ..AS I HAVE WRITTEN EARLIER FIRST PARTY HAS NOT KEPT THEIR PROMISE AND DID NOT PAY US THE BALANCE AMOUNT AS PER THE 'MOU' AGREEMENT MY FATHER HAD MADE WITH THEM.I WOULD LIKE TO KNOW WHERE DO WE STAND IN ACCORDING TO THE INDIAN LAW..THANKS …
Manish Singh
(Expert) 01 December 2009
Dear Mr. Rajesh,
the property is not disputed and you need not worry about any legal dispute and you can freely and lawfully sell off the property since the limitation for filing a suit for specific performance is three years from the date of expiry of the contract period. so legally the other party cant bring any suit against you.
N RAMESH.
(Expert) 03 December 2009
The limitation for filing a suit for specific performance is three years from the date of refusal to perform the contract. When the other party had refused to pay the balance amount, then the period starts. I agree with Manishji.
