Query regarding sale of agreement of land
2 years ago
Hi,
I have 10 kottah of Industrial Land and I have already sold 5 kottah to one party (Party 1) and am currently in the process of selling the other half to another party (Party 2). The potential buyer (Party 2) of the 2nd half has currently prepared a sale of agreement where he will pay me an advance amount to confirm the sale and then pay me the remaining amount within 3 months. He has put two terms of the agreement which I want to clarify about:
1) Term 1: "That if the Purchaser fails and/or neglects to make payment the balance amount in the stipulated period of 3 (Three) months in that event the Vendors shall refund the full earnest money to the Purchaser aft er sell the aforesaid
property described hereunder written and the Purchaser herein shall make full co-operation with the Vendors to sale the same"
Question 1: Do I have to refund him the advance amount or any amount paid less than the full consideration amount if he fails to pay in full within 3 months?
2) Term 2: "That the Vendor herein will handed over the Original Deeds and documents to the Purchaser."
Question 2: I did not need to give the original deed of the complete 10 kottah land to the person (Party 1) whom I sold the first half of the land. He only needed a photocopy of the original.
So after selling the second half of the land to the 2nd party (Party 2), since I will no longer be owner of any part of the 10 kottah land, is it absolutely necessary and by law required of me to give the original deed of the 10 kottah land to the second party along with all associated documents after sale of the remaining 5 kottah land? If not, what can be done?
Thanks.
A.Dear Sir,
You have to share relevant documents for giving effective legal advise otherwise you may be misdirected.
Yes, you will be required to return or reimburse whatever money you have taken. The original copy of the selling deed is usually given over to the next buyer during the sale. You did not do so in the first example because you still owned some property; however, you can and should do so in the second scenario when you no longer own any land.
Thank you!
1. Yes you will have to return/refund the amount whatever taken by you.
2. Usually during sale the original copy of the sale deed is handed over to the next buyer. In your case sine you still held some property hence you did not do so in the first case but can and should do in the second case when you will no more remain owner of any piece of land.