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Buyer did not pay the amount on time what action can I take
27-Apr-2023 (In Property Law)
Hi Sir, I have Own house and the property belongs to my husband and due to family situation My husband sold the property on November 19th with the 6 months agreement. That will lapses on May 19th 2016. And the buyer pays the advance amount of 30 lakh. Now the buyer come back to us saying that I have arrange 50% of the money and balance I need to go for loan. So he is asking us to register the property in his name he will pay the 50 %. And for the balance amount he is asking another 2 months time. We don't lime to proceed. And the advance we have paid our debts. we have to look another
it is strange that the proposed buyer asking seller to come for registration without making a full consideration. you can't enter a conditional sale deed which would not be worthwhile to the buyer in getting a loan. At the same time, once document registered then nothing remains between you and your buyer unless any registered document for payment of remaining payment. In my opinion, you can secure new buyer. meanwhile, you can issue a legal notice to your buyer stating that to comply the agreement condition and the get it registered other wise the amount paid as advance would be forfeited. ( to this effect your sale agreement should have a clause of forfeiture)
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Adv. N Sudalai Muthu
Madurai | 100+ Answers
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