Sunoj S M 13 July 2021

Pending amount after property registration

We had sold our 2 bhk apartment to a friend who we knew before. We mutually agreed that buyer will pay pending amount within few months after registration and a promissory document was also signed. But 3 years since property registration the buyer still owes 7 lakhs and he does not respond to our calls. Is there a way to recover money from him. Are there legal options still available considering registration has already been done to his name.

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5 Replies

Dr J C Vashista (Advocate) 14 July 2021

It can be recovered within 3 years of the transaction/ promise.

Consult and engage a local prudent lawyer with relevant records/ documents.

Sunoj S M 14 July 2021

oh ok...thanks

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 14 July 2021

If 3 years are completed from the promissory note, the debt is time barred and you cannot recover through legal means through Court.

If 3 years are not completed from the date of the Promissory Note, immediately file a case for recovery.

Has he paid any amount in between and informed you in writing with a date of payment on such paper that he would pay balance shortly or by a certain date?

Did he leave the country in the period after the date of promissory note and before completion of 3 yesrs and returned to India or is he still abroad and that's why no response?

Sunoj S M 16 July 2021

3 years completed since we created the promissory doc...so it's void now isn't it...he is in same city as ours..but doesn't have the funds to repay us though his son is working...he betrayed our trust but can we seek to gain access on rights to rent the flat and get rental income?