Legal Question in Real Estate Law in India

. The Vendors have agreed to sell, transfer, convey and assign unto the Flat Purchaser Flat bearing ___________________________________________--

3. The Vendors have agreed to sell, transfer and convey the said Flat for a total consideration of Rs.60,00,000/- (RUPEES FIFTY EIGHT LAKHS ONLY ) and the Flat Purchaser has agreed to pay the total consideration of Rs.58,00,000/- (RUPEES FIFTY EIGHT LAKHS ONLY), as under:-

a) A sum of RS 1,00,000/- (ONE LAKH ONLY) has been paid as and by way of earnest money on _________ in the joint names the Vendors for which details of receipt of cheque has been incorporated in the Receipt clause hereunder written.

b) A sum of Rs. 2,00,000/- (RUPEES two LAKHS ONLY) has been paid on ________ as part payment;

c) A sum of Rs. 2,00,000/- (RUPEES Two LAKHS ONLY) has been paid on ________ as part payment;

d) Balance Consideration of Rs.53,00,000/- (RUPEES FIFTY THREE LAKHS ONLY) shall be paid to the Vendors by account payee cheque in their joint account on or before 31st March -2010.

4. Both the parties hereby agree that time being essence of the payment of the agreement.

5. It is agreed by and between the parties hereto that upon execution of this present, the Vendors shall arrange to get the original title documents released from the aforesaid Bank and hand over to the Flat Purchaser herein.

6. It is agreed by and between the parties hereto that both the parties shall complete the transaction as contemplated above on or before 31- March-2010 by paying the balance amount payable under clause-5 (c) aforesaid. In case the Purchaser is not able to pay the balance consideration within the time-frame stipulated hereinabove in Clause 5 (c), grace period for making the full payment shall be extended by mutual agreement on expiry of the aforesaid date by and between the parties hereto.

7. It is further agreed that in case the Flat Purchaser is unable to pay the balance consideration within the period as stated in Clause 5 (b) or even within the extended grace time-period as agreed hereinbefore, the Vendors shall be entitled to terminate this Agreement. In the event of such termination, the vendor shall be bound to refund without any interest, the entire consideration amount received hereunder or pursuant to execution of these presents and the Flat Purchaser shall also be bound and liable to execute and register a cancellation deed in favour of the Vendors within 15 days of such decision for cancellation is taken by and between the parties. Execution and registration of the Cancellation Deed shall form cause for return of the consideration received from the Purchaser.

My Query:

I had signed an agreement (main points as above)and registered the same. However the purchaser cited various reason and disputed the agreement even after having complete knowledge of area and all documents with My bank. I had taken legal help and had terminated the agreement on 1st april 2010 aloso requested the buyer to collect his refund amont. The buyer is claiming falsely that he has paid 43 lakhs in cash to me and also mentioned that he forgot to collect the receipt of the cash payment . the purchaser never turned up to sign the cancellation deed nor he turned up to collect his money as requested in the termination letter.

I have the POD of the termination letter sent which also requested the buyer to collect his refund. The purchaser have sent some unsigned letters to my lawyer and email disputing the termination almost 4 months back and there has been no other communication from my purchaser. He has not turned up to take his money as well as requested in the termination letter.

I am now stuck with the flat Kindly let me know

1. if i can sale the flat to other intended buyers ?

2.Does the title of the flat get transferred when such agreement is made or due to teh effect of the termination clause the title remains with me?

3. Is it illegal to sale the flat without the cancellation deed?

4. how long should I wait for the buyer to turn up to collect his money and sign the cancellation deed. Is there a mandatary time frame for me to wait for him to collect the money.

1 Answer from Attorneys

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