I entered into a sale agreement in July 2010 with a party to sell out a pice of land for a mutually consented price of Rs,8 lakhs. The party paid an advance of Rs.5 lac and both concluded with an unregistered sale agreement on Rs.20 stamp paper saying that the registration formalities be completed by three months i.e by Oct.2010, and the remailing amout of Rs.3 lac to be paid at the time of registration, failing which the party will loose the advance. On the other hand, if I didn't incline to complete the registration formalities within three months at the insistance of the sold party, they could proceed for legal remedy. Even after repeated and fruitful persuations, sold party failed to complete the registration formalities within the mutually agreed period of 3 months i.e by Oct.2010 for one reason or the other. Having learnt that legal santity of even registered agreement stands valid for thee years i.e upto July 2013, I didn't venture into find any other transactions of the property due to legal hold up, presumably in spite of my inescapable financial commitments at that time besides mental agony. Meanwhile, the property value had gone up in T.N due to increase of govt. guideline value and the guide value of the property stands increased now. Now, the sold party is approaching for registration after two years of lapse of agreement as per the original clause of the agreement for the balance of Rs.3 lac. Kindly advice,
(i) whether I can ask the sold party for an increased price due to increase of land value and guideline value as well and also for the loss / damages caused to me by the sold party for not registering the property within the time limit as per agreement, whether legally I am entitled to that ?
(ii) the person whom I entered into the agreement had gone on work assignment to a foreign country and how I can agree for registering the property from me into the party's parents name, as the sold party is insisting for the same.
(iii) What is the legal santity of the said agreement ?
SELVAN.T
