Legal Question in Real Estate Law in India
sir,
i have sold my flat and the agreement to sale is done by paying the stampduty.
my querry is the agreement mentioned the date of completion of all formalities like the balance payments and possession were to be completed three weeks back ,iam in fix as the buyer has taken a loan and his nationalised bank has been delaying the release of the final payment ..
1)can i go ahead and cancel the deal as the time mentioned is over
2)can the buyer get the payments for the stamp duty paid .please clarify how and within how many months can he get it.
2 Answers from Attorneys
17.01.2013
Dear Sir / Madam,
It is in the interest of the buyer and it remains the responsibility of the buyer to persuade the bank to expedite the disbursement of the balance final payment through loan. In such a situation, I suggest you give a month's notice to the buyer to settle the final payment, failing which you will be constrained to cancel the sale agreement. Of course, in giving you the right advice, I also need to take into consideration the terms and conditions of your sale agreement.
1. If the sale agreement specifically gives the buyer three weeks time to settle the balance final payment, you are entitled to cancel the Agreement for non-fulfillment.
2. Stamp Duty once paid, is not refundable.
Regards,
FCA Prashant Chavan
Mumbai
(You can also mail me for further on-line advice at [email protected])
1. You may.
2. Refund of unused stamp is not difficult. However, refund of used stamp may be possible or may not be possible.
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