Dispute with buyer Dispute with buyer

5 years ago

I was supposed to sell my Hyundai i20 car to a buyer who agreed to purchase the car for 425000/- . We agreed to sign a mutual agreement as some docs were pending from the finance company and the RTO . The buyer agreed to pay 1 lakh as advance and the rest of the money once docs were transferred completely . The buyer in the mean time has met with an accident and I had to place a request to claim the IDV value . It's been 4 months since this happened insurance has finally agreed to pay 290000/-. The buyer who agreed to purchase the car has agreed to pay the difference amount as per the agreement . Since it's the buyers fault and it took 4 months I am asking for an interest of 3% on 325000 that the buyer owed however the buyer is not agreeing to pay the interest .The question I have is , Am I right in asking the interest as I have gone through immense mental trauma because of this transaction and I have been paying interest because of this delay . It would be great if someone can advise me on how to proceed

Ashish K Dongre

Responded 5 years ago

A.Issue a legal notice
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GANESH SHARMA

Responded 5 years ago

A.If buyer is agreed to pay the difference amount then go for it. If you have mentioned any clause in the agreement regarding interest then only you can ask him for the same otherwise you cannot claim the interest from the buyer
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Mohd Imran

Responded 5 years ago

A.It depends upon the terms and conditions of the agreement what you have executed between both of you. If a certain date had been fixed in that agreement for paying the remaining amount and delay is on part of buyer in transferring the documents than you may claim interest from him
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