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Sold house 16 years ago but did not transfer ownership from original
02-Oct-2023 (In Property Law)
I sold my house to a person 16 years ago. But the buyer did not pay full money so no paperwork was done and the house is still in my name. Now the buyer wants to get the house transferred to his name by giving me the remaining money. But now the govt value of the house has risenn very much but the buyer says he wants buy it from me at the price which was fixed 16 years ago. I am asking him to pay me according to the govt value but he is not ready for that.
Dear Sir/Madam,
You can tell your buyer that the offer price of the house was fixed 16 years back and time was the essence of the contract. since the full purchase price was not paid by the purchaser , the offer came to an end and stood revoked ipso facto. You can ask him to pay him the current market price or seek a refund of the amount paid by him and thereafter sell the house to any other third party. In case you refund him the amount make sure that you enter into a cancellation agreement with him.
You can tell your buyer that the offer price of the house was fixed 16 years back and time was the essence of the contract. since the full purchase price was not paid by the purchaser , the offer came to an end and stood revoked ipso facto. You can ask him to pay him the current market price or seek a refund of the amount paid by him and thereafter sell the house to any other third party. In case you refund him the amount make sure that you enter into a cancellation agreement with him.
Helpful?
19+
19+
Adv. Mohammed Zain Khan
Mumbai | 100+ Answers
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Have u paid stamp duty accordingly. With whom possession of property is ?
If yes then you can insist for more rate from the buyer since you had not done any thing written and he had not given money.
If yes then you can insist for more rate from the buyer since you had not done any thing written and he had not given money.
Helpful?
14+
14+
Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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