Land deal
antony
(Querist) 26 August 2011
This query is : Resolved
hello sir,I have purchased a land one year ago.in the deal agreement i paid 5%of the land price as advance then after some days(say 10days)i paid 35% of the land price and taken 7 month time for rest payment(all these things were clearly mentioned in the agreement).After 5 months i again paid 30% of the payment and asked another 7 month time(extended the agreement period).since the land was in a interior place the party agreed to give time without disputes.then after eleventh month i paid 25% of the payment.therefore hereby i have already paid 95% of the payment and only 5% was remaining which i told i will pay on the registration day.the party agreed and i have written ed it in the agreement clearly.Now That party is telling that he is not selling the land.If i want the land i must pay 40% extra money.The agreement time is still valid for 10 days.and in the agreement i have written leagelly. i asked my
lawyers,they told me if i go to court i will win.But the matter is court might take long time.so is there any ideas to settel it down without going to court...? Please suggest me...
prabhakar singh
(Expert) 26 August 2011
so is there any ideas to settel it down without going to court...? Please suggest me...
An one line answer is that a settlement takes place between parties by negotiation.
You are right to conceive that grant of relief by court may be a delayed and time consuming affair.In this light you should, in your circumstances ,go for what is called "trade off"in economics.To do so ,you should consider first what the fair market value of property is on this date and what interest you could have earned on the sum advanced to proposed seller,what should be the reasonable cost of peace you want to value at, if you choose to leave the course of litigation,which comprises the cost expected to be incurred in litigation,the cost of time and effort that may be taken away from you during the course of litigation`and also the loss of income for days engaged in litigation.If the cost of all this in your valued circumstances is grater or even equal to increased cost 40%demanded by him,you may quickly start bargaining him by beginning an offer of 10%increase going upto to your last bargain point,and if he agrees pay him enhanced consideration and get the sale deed registered,or in case you find his 40% increased demand arbitrary in your particular circumstances then except filing the suit no other alternate is left.You need a quick action as you told time is just ten days left.
Raj Kumar Makkad
(Expert) 26 August 2011
Expert Prabhakar Singh has well advised this simple subject by devoting his sincere efforts and full time.
