Legal Question in Real Estate Law in India
Respected Sir
CONDITION :-Buyers Cash Margin Paid to Seller, & Registration of the House is also Done,and Clause as per Sale Agreement that Remaining Amount will be paid by the Buyer to Seller ,as the Loan Cheque Gets Disbursed within 30Days from the Date of Registration & and there is no Clause added further if at all buyer fails or default as per the Said Clause mentioned in Sale Agreement i.e "Payment of Balance Amount as the Loan Gets Disbursed"
Query :- 1) What If the Buyer Fails to Abide by the Clause of Balance Amount Payment which is Stated in Sale Agreement with the Given Period of 30 Days Time.
2) What If the Seller Gives his wish to Cancel the Deal as the buyer failed to Pay the Remaining balance amount to the Seller.
3) If the Deal is Cancelled and the Counter Effect of this will be subject to "Cancel the Registration" - Then who will bear the Loss of Registration Amount Paid.4) What if nothing is Specified then what will be the Default Result of the Case.5)Will Government will Refund the Amount Paid towards Registration if the Deal is Cancelled.Can we Apply for that Amount/Refund.
6) Any other Results Legally with relation to this Case.
4 Answers from Attorneys
Dear client...
No you can not claim any refund from registration fee/cost
09.02.2013
Dear Sir / Madam,
(Seepz, MIDC, Sakinaka, Andheri East, Mumbai)
To avoid complications, registration is always done on issue of the confirmation letter of the sanction of the balance loan by the bank in the name of the seller, (with a clause from the bank stating disbursement subject to registration) obtained from the bank, and handed over by the buyer to the seller. Registration is only done thereafter.
1. The seller is entitled to rescind the contract, forfeit the token money subject to retention of the compensation monies, and refund the balance to the buyer;
2. In view of the buyer's failure to complete performance on the contract, the seller is entitled to the same relief as in (1) above;
3. In view of the buyer's failure to complete performance on the contract, the buyer will bear the loss of registration amount paid;
4. Even in the event of a specific mention of "default" in performance, the aggrieved party, which in this case is the seller, is entitled to the same relief as in (1) above;
5. Stamp Duty and Registration charges are non-refundable. No application for refund is entertained.
6. You can mail me for any further on-line advice at [email protected]
Regards,
FCA Prashant Chavan
Mumbai
Same/similar query replied just now. See that reply.
1) What If the Buyer Fails to Abide by the Clause of Balance Amount Payment which is Stated in Sale Agreement with the Given Period of 30 Days Time.
Either buyer can rescind the contract or go for Specific Performance.
2) What If the Seller Gives his wish to Cancel the Deal as the buyer failed to Pay the Remaining balance amount to the Seller.
He needs to refund the money, which he has received in addition to earnest money. The Buyer shall have a right to seek Specific Performance.
3) If the Deal is Cancelled and the Counter Effect of this will be subject to "Cancel the Registration" - Then who will bear the Loss of Registration Amount Paid.
If nothing is provided in contract - no remedy for this.
4) What if nothing is Specified then what will be the Default Result of the Case.5)
Same as above.
Will Government will Refund the Amount Paid towards Registration if the Deal is Cancelled.Can we Apply for that Amount/Refund.
No refund possible.
6) Any other Results Legally with relation to this Case.
Please read above.
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