Dear experts,
My uncle needed urgent money so he registered his farm land as a sale deed to a creditor and in return he got the required money and also signed agreement telling he will re-register the land to my uncle with my uncles own expenses if he repay principal+interest in 1 year timeline. on 11th month the creditor reminded my uncle orally tht the agreement is going to expire in a month time and asked to pay the money re-register. since money not adjusted my uncle unable to pay the money to the creditor and it is almost 1.8 years now he got money and wanted to register back the land but now the creditor is telling he won't give back that land.
1. Is the written agreement valid when going for interest?
2. what my uncle did is not ethical but is there any way to fight legally to get his land back after paying principal + interest
3.In agreement he agreed to repay at 24% PA interest rate can it be reduced legally?
1. Is the written agreement valid when going for interest?
Yes, it is valid, The duration of a registered sale agreement is three years. The limitation is then extended by the amount of time specified in any negative provision in the agreement, such as a requirement that the buyer registers the property within three months.
The sale agreement's validity is unaffected by the passage of time if full payment is made and no deadline is specified in the contract. The agreement is effective for three years in any other circumstances.
2. What my uncle did is not ethical but is there any way to fight legally to get his land back after paying principal + interest
Legally it cannot be done.
3. In the agreement he agreed to repay at a 24% PA interest rate can it be reduced legally?
It is up to the creditor to lower if he wants to.
