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Agreement to sell made and got advance but now don't want to go ahead
12-Feb-2023 (In Property Law)
There is a agreement to sell the property with a relative. The property he was buying for 10 lakhs and now the property worth is 20 lakhs. Now there is some dispute with the relative. He gave me advance of six lakhs. Now i don't want to proceed further. How can i come out of this situation?
Hi
Since the buyer has given you 6 lakhs, technically, he is eligible to stake a claim on the property for Rs10Lakhs.
However please check whether he has complied with all of the terms. examples could be not paying the remaining money within the stipulated time or not revealing the name of actual buyer at the time of agreement of sale etc.
Also you have the option of effecting a refund of the money through Demand Draft to the buyer (you can choose to pay interest at Bank Loan interest rate if you so wish) immediately and cancelling the Agreement to sell.
Since the buyer has given you 6 lakhs, technically, he is eligible to stake a claim on the property for Rs10Lakhs.
However please check whether he has complied with all of the terms. examples could be not paying the remaining money within the stipulated time or not revealing the name of actual buyer at the time of agreement of sale etc.
Also you have the option of effecting a refund of the money through Demand Draft to the buyer (you can choose to pay interest at Bank Loan interest rate if you so wish) immediately and cancelling the Agreement to sell.
Helpful?
16+
16+
Adv. Rajagopalan
Hyderabad | 500+ Answers
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hi.is the property owned by you or inherited from parents .wether the property stands in your name. or do you have any co owner in property when was the agreement made and what was the terms and condition of agreement once u give me details we can decide what to be done
Helpful?
23+
23+
Adv. Syed Yakoob Zainulabedin
Hyderabad | 100+ Answers
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