Sir,
A sale agreement was made between me and the Seller for his property to be sold to me at 65 lakhs. The Seller happens to be an NRI, and the talks went on between me and her father. Accordingly, a Sale agreement for 65 Lakhs was made, and the agreement was sent to the US for her signature and Notarization. After the agreement was received, it was notarized here again. During this process, I paid a sum of 3 Lakh, and the same was noted in the form of a Receipt on a stamp paper, which was signed by her father, and the same was notarised. For this, an authority was also issued by the seller, empowering her father to receive the amount on behalf of her. I applied for SBI loan for 38 Lakh, and the same has now been sanctioned. As per SBI norms, I am supposed to register the property for the same amount as mentioned in Sale Agreement, i.i. 65 Lakhs, for which, I am ready.
Now, the seller has come to India on holiday. The family have now realized, that since the property was given to the seller by the father in the form of Gift Deed, they have to pay 40% of the registration amount (65 Lakhs) as Tax. Realizing this, now they want to go back on the agreement, and are now refusing to sell the property, when I am now ready with the Bank loan sanction, the balance amount, and also ready to pay all duties related to registration of the property for the entire amount.
What are the best immediate options available to me?
Regards,
K Sreeram
