Hello,
I am having a property (House) in Eluru that i have decided to sell off. I have got into the agreement with a party. As per the agreement we have sold the house for 13.5 lakshs. The party has paid me an advance amount Rs 1.5L. I have availed a home loan on the scheduled property from ICICI bank and i have told the party this clearly that they need to clear this loan and this was also mentioned in the agreement. The agreement was written on 16/May/2010. As per the agreement the party has to pay the pending amount with in 3 months i.e on or before 16/Aug/2010 and get the property registered on their name.
The party also said that they need to get a loan. This was not specified in the agreement. The party had stayed calm till two months.On regular follow up from us the party had initially applied for loan in ICICI bank and the bank had accepted to give only Rs 10L on the scheduled property as the agreement was written for 13.5 laksh. Then the party has requested us to sing on a different agreement for an amount of Rs 15.75 lakhs to obtain more loan from the bank. However, ICICI bank has only accepted to give an amount of Rs 10L on the property.The party has also failed to arrange for co-application which is mandatory for the bank to sanction the loan.Hence the bank has rejected to sanction the loan. By this time limit which was mentioed in the agreement was over.
The party then requested us to extend the date to 15 more days and they wanted to apply for loan in Andhra Bank. We have told her that we don't have any problem even if they extend the time to another one month and if this time they fail they are ready loose the amount paid as advance and also the agreement will be cancelled and the we will have full rights to sell the property to anybody that we desire. Also the agreement that was written for Rs 15.75 Lakhs that we signed for the bank purpose will also be cancelled.We wanted this to be written..The party is has got this written, took signatures from us and attached that to the original agreement. As per the new deal the party should get the property register on the their name on or before 15/Sep/2010.
Now the party is saying that she is having problems for arranging co-applicant for the loan and looks like this time also she will cross the agreement date.
Initially they said to us orally that they will get the property registered in the 20 days form the day of agreement. So i had asked my tenants to vacate immediately.
I had to pay an EMI for an amount of Rs 10K every month for the loan availed on that house. I had to pay one month excess EMI than expected as the party has asked for an extension and also loosing the rent for the past 4 months. If the party has delay to get the registrations done - what rights do i have.
Please suggest me what actions i can take.
Regards,
Nehru
