Legal Question in Civil Rights Law in India
i have entered into a sale agreement for my flat with a buyer and the same has been registered. the flat is mortgaged with my banker and they are in possession of the original documents. the buyer has paid part amount and balance due is payable by his financier. the stipulated time to complete the sale procedure as per the agreement is over now. i want to either cancel the sale and look for another buyer or demand additional value of the property as per current market rate from the same buyer. what would be the legal way to do so?
1 Answer from Attorneys
30.06.2013
Dear Sir / Madam,
It is evident from your query that you and the buyer have done the transaction through one and the same bank. If you have already given the possession of your flat to the buyer and since the full consideration for the sale of the flat has not been received by you till the date as stipulated in the Agreement for Sale, you should issue a legal notice to the buyer to settle the remaining amount outstanding. If the possession of the flat is still with you, simply tell the buyer that the deal stands cancelled, deduct the original booking (token) amount, and refund the balance amount to the buyer.
Regards,
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