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mathew (owner)     19 July 2011

sale agreement value

hello sir,

              i have enterd in a sale agreement with one party for selling my site in bangaloreon 25th september 2011.the purchaser has given an advance of 100000/-( of the sell value of 2200000/-)the time frame for registration given is 90 days in the agreement.we have given all the documents copies for their legal scrutiny.but later i come to know that they are trying to resale the property to others by using this agreement as hold.they are not responding on our repeated request to complete/cancel the deal and pay the balance amount.now 9 months over the property price also gone up 50% more.how could i legaly fight this and release the porperty from their clucthes .the negative covenent in this agreement is "if the purchaser would not complete the registration with in 90 days, the seller will forfit 10% advance amount and cancell the deal,or the seller would not able to do the registration in purchaser/his nominees name the seller would refund the advance with 10% penalty tyo the purchaser after the termination of agrement" 

 even they made the mistake I am ready to pay them 10% extra to cancel the agreement.but they are not coperating .if i would sent a legal notice to them to cancel the deal first before they sent me any legal notice ,will i get any importance in legal procedure? or please advice me to come out from this deal.

regards

mathew



Learning

 4 Replies

Sajeev Menon (Legal Consultant Dubai 00971 508836442)     19 July 2011

You can sent legal notice to them, advising them to get that document registered by complying the contract formalities or if you want to rescind the contract you can sent notice statying that you have been requesting them several times to get the document executed after remitting the balance amount but you were they wer not ready to abide the conditions as they dont have such intention to get the document executed but they are in seach for a prospective buyer.  

1 Like

Mahadeva Rao G (ADVOCATE)     19 July 2011

Hi mathew,  This is  Mahadeva  Rao  G,  Advocate from Bangalore,

First of all  I would  draw u r attention towards the date 25th September 2011.  it  cannot  be  right.   Well considering that u have  entered in  Agreement of Sale on 25th Sept 2010  in that case

I fully agree  with  Sri.  Sajev menon,  he is  right in guiding  u  in the most appropriate way.  The error    on  your  part  is that  u have delayed  enough  by  almost  6 months.  U  should  have  sent  notice  immediately  after 26th  of  December 2010.       However  that is  not a  big  issue to solve it with,   but  the  real pain is if your  buyer  is  ready   with  the  cash  and  is  willing  to  perform  his  obligations in that case  u  will  only  get  what  u  have originally  agreed  to  and the buyer  will  enjoy  the appreciated  value of  your  property.    Once  he replies  back  to your notice  saying  he is ready and willing  now to perform  his  obligation,  then  sadly  u  do not  have  any other option but  to  execute  the sale deed  as  per  the terms of your agreement of  Sale.     So  atleast  now  do  not  delay  any more.  

For  further  assistance u  can  get  back to us on  9845285555  in  Bangalore.  

Good luck  & Warm Regards,

Mahadeva  Rao G ( 9845285555 )  Bangalore.   dated  19th July 2011.

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mathew (owner)     21 July 2011

.the agreement holder is no way coperating to settle the issue.,if i could deposit the advance money to the purchasers account and giving a public notice in news paper waiting for 15 days and sell the property to other party ,will it legally ok?

Mahadeva Rao G (ADVOCATE)     21 July 2011

Mr. Mathew,  it  is  good  to  you  that he  is not  co operating ,  we  do not  want  him to co-operate either.  Also it wil be  no more than  foolishness  to   deposit  the advance  in  his  account.    Unfortunately  there  is  no  provision  for  any  sentiments,  emotions, foolishness  in  the  court  of law.    Only  the  set  rules  and procedures as  per  the LAW   prevails.         u   r  not  understanding  that  u r not at fault.    In your case  u can  have the cake  and  eat  it  too  situation for  you.    Giving  Notice in  newspaper  @!#$#@ ...????????  Pls  go through  my  earlier  post, it  is  very clear . for you  to  proceed  in  the  proper  and  right  direction.

    

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