Madhav (Seller) 24 February 2011

want to cancel registered agreement to sale

I got into agreement to sale (registered) for selling my apartment in Mumbai.

There was 3 months clause in agreement to sale (verbally it was agreed to be a month though) to complete transaction.

However purchasers bank took some time to approve the loan and disburse the amount. Finally they disbursed the amount to my bank just on completion of 3 months. Now I have submitted orginals documents recieved from my bank to purchasers bank. He is just delaying disbursement even though everything is ready. (It's been than 4 months now from agreement date). He has sent me letter asking me to execute sale deed. However he is not responding well and delaying the process.

I am at the point now where I don't want to proceed with the deal because of the delays. What is best way to get out of it? Do I still need to give him notice and ask him to pay (which will mean further delay and opportunity for him to complete the sale deed inspite of delaying the process)?

or Can I just appoarch court as time has already lapsed and ask for cancellation of the deed?

Any other thoughts?

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6 Replies

Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com ) 24 February 2011

Dear Mahdev,

As per your Agreement of Sale, do u have any clause in the Agreement of Sale with regard to penalty for delay in payment of balance sale consideraiton. It is required by you to issue a prior notice to the buyer stating the reasons for cancellation of AGreement of Sale and then approach the Hon'ble Court of your jurisdiction to cancel the agreement of Sale in case, the buyer not accepting to execute a cancellation of Agreement of Sale.

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Bharatkumar (ADVOCATE ) 24 February 2011

First u give a notice for payment then he not fulfill the condition u file a civil cuit and if he agree to cancel the agreement u registered a canellation agreement at registrar office.

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Madhav (Seller) 24 February 2011

That means I have to give him a chance to execute it in next 15 day after sending notice. I am so much pissed off with him I dont want to go for it. Is there any way to backout without giving an option to him? I still have possession of the apartment.

Raghavendra (DOP) 25 April 2011

Dear Sir,

Please help me in the property matter.

My husband has aproperty in bnagalore ,his brother take a sale deed from my husband, but loan is continue till now, he told me to give the amount in the year 2055, last month he gave 15lac the remaing amount not yet given .he cheated his brother .

Bharatkumar (ADVOCATE ) 25 April 2011

Rekhaji, This is your family matter so u all disscuss about this matter and sloved the problem. In this question without Bank NOC how take a sale deed?