Sell of property at Kolhapur
Querist :
Anonymous
(Querist) 13 February 2010
This query is : Resolved
Dear Sir,
I have a Flat at Kolhapur. This Flat I have purchased through builder and registration Stamp duty was paid with a Sell Agreement. The Loan from HDFC Bank taken by me and Rs 14 lacs cheque from HFDC bank was given to builder which was handed over by him to his banker M/S Panchaganga Bank at Kolhapur. NOC and Release note for the flat given by Panchanganga Bank. The Original documents are available with HDFC Bank.
Till today the Sell Deed was not made by the Builder. On 24th Nov 2009 we have made Sanchkar Patra with one of the buyer whose son is working with Union bank. This formality was completed by Buyers Lawyer by doing proper notice in news paper. The builders consent is also their at Sanchakar Patra. Then we have entered in Sell agreement with the buyer on 30/12/2009 with builders and my signatures.(Trio party Agreement)
Now the Loan amount of Rs 14 lacs is required to be paid by the Buyer to HDFC
By taking the loan from Union bank. Now two months have passed and buyer has
Not cleared the loan amount which is due. My EMI has been deducted by HDFC bank and I am making loses by paying loan emi.
The Buyer has not taken the loan as he wants again NOC From Panchanga Bank as he found that some loan amount of Bulider on building is still pending from builder. He is always telling me this NOC Reason to get the loan.
Panchangana Bank is not giving any NOC as builder has to pay some loan amount to them. Now the matter is pending from buyer as no fault of mine and I have cleared everything from my side.
Buyer has a fear of Notice which Panchanga bank sent to builder to clear the O/S Loan.
Now I have question whether the Bank will give NOC again which already given by them in the past to me. Also do I need to pay my EMI and if I pay then how and from whom to recover.
How to resolve this issue as in Sanchkar Patra Two Months period was given which was notarized and overdue by @ 2 months.
Please advice
Deepak Kulkarni
Mobile 9850985011
Raj Kumar Makkad
(Expert) 13 February 2010
Legally if term has expired, you are not liable to execute it and are not liable to sell on the same terms and conditions which were accepted at that time. Now you have deposited two more EMIs and some next may also be deposited as per procedure of the bank in case buyer do not get executed sale-deed, which is entirely the liability of the buyer.
So it is now upon you to decide what to do. If you rescind the agreement then also you are not at harm. And if you want to sale the property at the same terms then you are legally entitled to recover the entire amount of extra deposited EMIs with interest from such buyer.
So far NOC is concerned, it is sufficient which was given to you. Even then Bank can also provide NOC to the effect that there is no loan against the property in question over the builder.
