Subject: Legal Advice Request Regarding Property Transaction Discrepancies and Potential Cancellation of Registration
Dear [Lawyer's Name],
I am seeking your advice on a property transaction issue involving a buyer who purchased a flat from me.
Summary of Facts:
Property Ownership and Sale Agreement:
I agreed to sell the flat for a total amount of ₹38,00,000, including ₹1,26,500 for additional adjustment amounts General Power of Attorney (GPA) costs.
Advance Payment and Registration:
The buyer made an advance payment of ₹2,00,000 on 22/02/2024 and provided a Demand Draft of ₹30,00,000 on the day of registration, 01/04/2024, which the buyer took as a loan from a financial institution. The buyer also claimed to have made an online transfer of ₹6,00,000 via UTR No. xxxxxxxxxxxxx on 30/03/2024. This UTR number is also mentioned in the Sale Deed (Document No. xxxx/2024) as part of the financial transaction.
Post-Registration Financial Discrepancies:
After the registration of the property, when I checked my bank account, I discovered that only ₹100 had been credited from the claimed ₹6,00,000 online transfer, leaving ₹5,99,900 unpaid. The agreed GPA amount of ₹1,26,500 was also still outstanding. In total, ₹7,26,400 remains unpaid by the buyer.
Questions for Legal Advice:
How can this case be treated under Indian law? What legal avenues are available to recover the outstanding amounts of ₹7,26,400 from the buyer and the financial institution?
Is it feasible to cancel the property registration in light of the buyer’s failure to complete the financial transaction?
Can the financial institution be held liable for failing to verify the transfer of ₹5,99,900, which was mentioned during the transaction process and included in the Sale Deed documents?
Your advice would be greatly appreciated to determine the best course of action in resolving this financial dispute and, if necessary, pursuing the cancellation of the property registration
