Cancellation of agreement of Sale by Seller
1 year ago
Hello,
I had entered an agreement with seller 6 months back to purchase of apartment flat at Rs.65.5 lacs and paid Rs. 14 lacs as advance. Rest took loan 5 months back and Rs.23 lacs of loan value has been disbursed by bank ( prepared DD but not given either to me or seller as per bank politics, they will be delivering the DD after sale deed registration) and I'm started paying EMIs for 3 months.
Property registration got delayed due to TDR issue (which is for 5th floor and I bought the 4th floor and it has all approvals) Builder of the property is working to get it and he is taking more time and as of he took 5 months but no clarity.
I was ready for sale deed registration from the beginning with the required money from my banker but Builder is stopping due to TDR issue.
It's been 5 months we have entered an agreement and price has increased and now owner of the property want to cancel the agreement or get registered the property with market rate as on register date when TDR issue is resolved.
I was nowhere connected with TDR and it is with Builder and Owner (development agreement with Builder).
There was no cancel clause and time limit in the agreement.
I spent lots of time to modify construction, monitor, took loan and paying EMIs and also informed my family and we'll wishers about the property.
I don't want to cancel the agreement as I didn't do anything wrong and I was ready for registration from beginning.
What kind of actions I can take if owner wants to cancel the agreement.
Can you please help me to take better solution on this as this is my dream house and I need your support.
Thank you for all your advice in advance.
1. If the bank has not handed over the DD to you or to the builder/seller then how come they are colling it as DISBURSED? The money is still with them they are making unjustified revenue through interest and EMI by debiting your loan account and crediting the DD issue account. Both accounts are with bank. You need to challenge the bank first and get the EMI stopped.
2. When you were buying a second sell flat then you should have executed TRIPARTITE agreement making builder and seller as parties and would have bound them by strong clauses to safeguard yourself. You can get your current agreement vetted by an advocate and see what best can be done.
3. In case the builder does not cooperate then you need to move the consumer forum/commission
You need not cancel the agreement but get issue a legal notice saying that advance amount paid by the purchaser.
in agreement of sale, seller has right to cancel the sale after giving notice to the buyer that buyer fails to comply the terms of the agreement. if price is partly paid but buyer did not pay rest amount in stipulated time then seller can sell that property any other buyer after giving notice to the old buyer.
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