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Does registration get cancelled if buyer could not make payment
18-Oct-2023 (In Property Law)
I sold out my flat in 30.5 lacs in which buyer paid me 14.5 lac. rest 16 lacs will be paid by bank as he has requested for home loan and after issuing the sanction letter we have registered the flat and mention the clause in agreement within one month the bank will disburse the balance amount to me. Now bank is saying they stopped funding new case and disbursement is closed now. what should I do now?
It will be the responsibility of the buyer of the flat to pay you the balance or arrange for the same by applying to the other Bank. If he does not make you payment, then you can file suit for against the buyer for recover of balance amount or cancellation of agreement or for eviction.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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You can ask the purchaser to consult another bank for the loan. If the documents are clear and the purchaser can pay of the loan amount then the bank can disburse the loan. The bank will scrutinize the documents and will take the search of the property.
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Adv. Kavita Kulkarni
Pune | 50+ Answers
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This is my response to you:
1. It is buyer's responsibility to make the payment anyhow;
2. If the buyer cannot make payment then the agreement ceases to operate;
3. There is violation of contract and the same gets rescinded;
4. There should be a clause also in the agreement specific to the cancellation;
5. Consult a local lawyer and obtain and informed opinion.
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Adv. Gowaal Padavi
Mumbai | 1000+ Answers
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