Sale agreement & mortgage fraud
navin
(Querist) 01 November 2014
This query is : Resolved
PLZZZZZZ HELP!!!!!!!!
i had entered sale agreement on 3/3/2012 with X for 20 lacs(as per sr value of property) on 200 rs stamp paper for which i had confirmed to hv rcd 5 lacs payment by cash & 5lacs by chq .
on 10/3/2012(about a week after above transaction) i entered a simple mortgage (registered @ sro)with Y with the brother of x who is a moneylender for 10 lacs. for about 6 months i repayed them the intrest on time.till this dt i have not payed any intrest to them. totally i have borrowed 20 lacs from them.both of the above transactions were purely done for finance.
now this property is worth 60 lacs.
1.X has issued notice for specific performance.
2.Y HAS ISSUED NOTICE TO CLEAR THE MORTGAGE DUES. both brothers r eyeing this property for 20 lacs . please help me wat 2 do??????plzzzzz help me out.......i am having a very bad financial crunch........
ATUL KUMAR
(Expert) 02 November 2014
the answer of first question is that the agreement to sale is a kind of preliminary agreement which is non-binding in nature some time and some time not but totally depends on the conduct of the parties but subject to condition fulfillment. So if X issued the notice of specific performance then you have to look in the agreement to sale whether the clauses are binding or non-binding in nature or not.
the answer of second question is very easy look in the mortgage agreement and act accordingly. becaus this kind of agreement is binding in nature normally.
Guest
(Expert) 02 November 2014
Since X and Y are Brothers IF the Sale agreement had been Entered only for the mortgage Loan purpose Issue a Legal Notice Stating the Facts that Sale agreement is Only a Support to the Mortgage Deed.Better Sell the Property at the earliest and get rid of the Loan.Consult a Local,Good,Competent Advocate and be Protected at the Earliest.
Anirudh
(Expert) 02 November 2014
Dear Mr. Navin,
What you have stated here is highly sketchy and leaves lot of patches.
I honestly feel that you have a real problem in your hands and that can be appropriately addressed only when you approach a Lawyer in your area, show him all the papers and give him the complete facts and discuss things.
navin
(Querist) 02 November 2014
how to sell as property is mortgaged & orginals r with x&y?
can i file a cheating police complaint?????
Guest
(Expert) 02 November 2014
Try and Get a Genuine Buyer who could redeem it from Mortgage before Settling you the final Payment with the help of Local Good Advocates.
Anirudh
(Expert) 02 November 2014
Mr. Navin,
OH MY GOD!
How can anyone sell the property to a fresh buyer, when one has already entered into an agreement to sell of the property for a value of Rs. 20 lakhs (which is the value even as per Circle/Guidelines rate), and when the original buyer is seeking Specific Performance of the Agreement to Sell dated 3.3.2012?
Guest
(Expert) 02 November 2014
When Both the Transactions have been made only for the purpose of Finance you Do Not Worry God will be with you only.As advised by me kindly proceed.(Kindly ignore anonymous who could be identified by their Profiles)
Anirudh
(Expert) 02 November 2014
Whether any Expert in this LCI want to give their legal view on the latest three posts?
Please do so now.
I will wait for 2 more hours i.e. up to 6 pm. If nothing is heard, then I will respond in the thread. Thereafter, please do not say enough is enough!
V R SHROFF
(Expert) 02 November 2014
dON'T SEEM TO BE REAL TRANSACTION. iT SEEMS mONEY lENDING..
Anirudh
(Expert) 02 November 2014
Dear Mr. Shroff,
Please go through the query.
The querist has stated that "I had entered sale agreement on 3/3/2012 with X for 20 lacs(as per sr value of property) on 200 rs stamp paper for which i had confirmed to hv rcd 5 lacs payment by cash & 5lacs by chq. .... 1.X has issued notice for specific performance."
With this limited information, please clarify whether the Querist can legally enter into a fresh sale transaction of the same property with a new buyer?
Guest
(Expert) 02 November 2014
Dear Experts ( Specifically Not Anonymous He/She)Please read the Query Fully."Both the Transactions were made Only for Finance"Many Financiers some times even some Bankers have the habit of getting plain stamp papers signed by borrowers,Some times Un filled cheques also from Borrowers Which they misuse for Collections.Here all the documents were executed only for obtaining Finance.An immediate Police complaint regarding the same would also protect the Author.Nothing Could stop the Author from Selling the same for Market Price so that the Loan also would be cleared and Author would also get Funds for him self.Speedy act of Author is the Need of the Hour
ajay sethi
(Expert) 02 November 2014
1) once you had entered into sale agreement with Y and has received part payment how can you mortgage the same property to Mr X .
2) you cannot sell the said property to third party .
3) you will end up running around courts for years at an end .
4) in the unlikely event you find a buyer he will on being appraised about the real facts file criminal complaint of cheating criminal breach of trust against you .
5) further sue you for refund of amount paid with interest
Guest
(Expert) 02 November 2014
Dear Author,Do not worry,Immediately File a Police complaint that Sale agreement and Mortgage deed were executed only for the purpose of Finance Only as said by you.Since you are in Financial Crisis get a buyer immediately and settle the Loan.Police Complaint to be filed immediately Before other side could convert it as a Civil Suit.Consult a Good,Competitive,Helping Minded Local Advocate at once and Proceed.
Rajendra K Goyal
(Expert) 02 November 2014
The situation seems to be adverse for you in the given facts, You should consult a local lawyer and show hi all the documents.
If the property is of 60 lacs and you are able to sell it for this amount pay against the agreement to sale as per penalty clause and to mortgage also.
Anirudh
(Expert) 02 November 2014
Dear Mr. Rajendra K. Goyal,
If the querist has entered into an agreement to sell for Rs. 20 lakhs (which is the guidance value), and when he has already received part consideration of Rs. 10 lakhs, whether he will be able to avoid specific performance, when the buyer is ready and willing to pay the balance consideration, and when the buyer has already given a notice seeking specific performance?
Guest
(Expert) 02 November 2014
Dear Author,Just Proceed as Advised by me Please( and Just ignore the comments of Anonymous He/She)
Anirudh
(Expert) 02 November 2014
One specific word in the title of the query perfectly describes this fellow. (No prizes for guessing rightly)
navin
(Querist) 03 November 2014
sir pls show me a way out.......................
ajay sethi
(Expert) 03 November 2014
honour your commitments . register sale deed in favour of Mr X . with the balance amount of Rs 10 lakhs received from X at time of execution you should repay the loan to Mr Y and collect your original documents and hand it over to Mr X
T. Kalaiselvan, Advocate
(Expert) 05 November 2014
This is an unregistered sale agreement which will not be maintainable in the court even if he is filing a suit for specific performance of contract, however the sale agreement can be considered as money receipt and as an alternative arrangement the court may at its discretion pass an order to refund the the advance amount received.
However, the mortgage deed is a registered deed which has to be dealt with accordingly. Therefore, wise thing is to consult a local lawyer, discuss the entire issues at length and decide further course of action.
