Legal Question in Real Estate Law in India

Sir, My father aged 65yrs owns a independent house of 100 sq yrds at Erragadda Hyd. We have put it for sale and upon negotiation with a buyer the Advance payemnt agreement bond was signed by both the buyer and seller.

The property was agreed to be sold at INR 18.3Laks of whihc 5.3lakhs was paid as advance and the final amount of 13laks was to be paid after 5 months time.

The deal was executed on 26th July 2012.

Last date for final payment is 26th Dec 2012.

As this deal was executed we had purchase another property and payed advance of 5laks to another property keeping the final payment date as 3rd Jan 2013 (8 days after the amount we have to recive from the above mentioned buyer).

Problem : The buyer is not making the final payment and despite of calling him numerous times not giving any positive answers.

Please advice what are we supposed to do in this case.

Dose the buyer has any right to ask for return of the advance payemnt.

Can he sue us for the return of advance amount.

Please advise...

Thanks

Faiyazuddin


Asked on 12/26/12, 5:47 am

3 Answers from Attorneys

send legal notice

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Answered on 1/02/13, 2:33 am
uttam Tibrewal

Mr Faiyazuddin...

Send a legal notice for demand of pending amount ... and also mention if no responce is made withing a weak then the advanced made shall be seazed...

rest can be suggested after going through the agreement entered by you... if possible send me the agreement copy at [email protected]

with regards

uttam

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Answered on 1/02/13, 4:21 am
Shrichand Nahar S.V.Nahar, Advocate

Check terms of your agreement and act accordingly.

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Answered on 1/02/13, 9:11 pm


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