Gaurav Srivastava (Manager) 25 November 2013

Cancellation of property buying deal

I did a house purchase deal on 31 Oct by paying 10% of the overall deal (amount greater than 5L). When i applied for the loan, i came to know that the loan cant happen from PSU (whereas private banks can do loan) because of legal issue.

Basis this advice, i want to get away from the deal. I have following queries:

1. What is the legal way to withdraw the deal. So that the owner / property deal put me in trouble later.

2. Is there a way to get the money out of owner in case he create a problem in retunring the advance money

I have made the payment using cheque.

Thanks

Gaurav

Reply Follow

3 Replies

adv.raghavan (Advocate,9444674980) 25 November 2013

if u have a valid agreement in place, u have to go by that and claim ur amount.

Gaurav Srivastava (Manager) 25 November 2013

The agreement doesnt state the condition of loan getting approved. The property was earlier approved by PSU so we went ahead with an assumption. The situation when PSU approved the loan was different that this time and hence the loan was approved.

The bank is advising that the selling process has a flaw. All the floors on that plot should be on the name of same owner. Where as thats not happening in my case. The seller is selling the ground floor to me and rest of the 2 floors are of other guys.

My query is, can i take a legal action telling that the seller is selling the property incorrectly?

adv.raghavan (Advocate,9444674980) 25 November 2013

if u have decided to withdraw from the contract, inform the seller about this within the stipulated period of contract, about ur inability to make up. If there is any cancellation clause mentioned in the contract and if u have agreed upon, u have to pay that amount, or he will adjust the amount and refund u back the balance amount, if he fails to give u the money, and if he has any ill intention to cheat u ,have all the right to for a civil suit against the seller for recovery of money, and make the concerned property as disputed one.