Announcement

Collapse
No announcement yet.

Stuck land deal- Sale Deed

Collapse
X
Collapse

Stuck land deal- Sale Deed

Last updated: June 25 2012
6 | Posts
1497 | Views
  • Time
  • Show
Clear All
new posts

  • Stuck land deal- Sale Deed

    Hi,
    I am in the process of selling a piece of land that I have. Here are the chronological series of events

    1. I, seller, gave photocopy of the papers to the buyer for verification.
    2. Buyer was satisfied, gave me the token amount and we went for Sale Deed.
    3. Post the Sale deed the buyer wanted to give me the rest of the money via bank loan.
    4. The buyer took the Sale-deed and the photocopy of the land documents to the Bank, the bank found a 'typo'/discrepancy and would not sanction the loan.

    Now the Buyer is not ready to cancel the Sale-deed and I as a seller is stuck- as I only have the token amount. (The suspicion is - the buyer wanted to get the land at a renegotiated lesser price- as the errors are minor)


    What options do I have.
    How can I cancel the sale deed? What legal options do I have?

    Any advice would be highly appreciated.
    Thanks
    DS
  • #2

    #2

    Re : Stuck land deal- Sale Deed

    There has to be some clause for cancellation of the Sale deed. If the buyer was opting for a loan then the deal/ documents should have been verified from a PSU/ scheduled loan dept. Anyways. Recommend you to consult a good lawyer.
    Jitendra Pethkar | Pethkar Projects

    Comment

    • #3

      #3

      Re : Stuck land deal- Sale Deed

      Let me understand this clearly - you signed the sale deed, which means signed the registry papers thinking that buyer will now give you the payment?
      If yes, then why would you do that? If no, then what exactly was the language of sale deed?


      Originally posted by dealstuck View Post
      Hi,
      I am in the process of selling a piece of land that I have. Here are the chronological series of events

      1. I, seller, gave photocopy of the papers to the buyer for verification.
      2. Buyer was satisfied, gave me the token amount and we went for Sale Deed.
      3. Post the Sale deed the buyer wanted to give me the rest of the money via bank loan.
      4. The buyer took the Sale-deed and the photocopy of the land documents to the Bank, the bank found a 'typo'/discrepancy and would not sanction the loan.

      Now the Buyer is not ready to cancel the Sale-deed and I as a seller is stuck- as I only have the token amount. (The suspicion is - the buyer wanted to get the land at a renegotiated lesser price- as the errors are minor)


      What options do I have.
      How can I cancel the sale deed? What legal options do I have?

      Any advice would be highly appreciated.
      Thanks
      DS

      Comment

      • #4

        #4

        Re : Stuck land deal- Sale Deed

        Let me be precise - it was "conveyance deed".
        The buyer gave me part payment and had shown be a pre-approved loan letter from the bank.
        He was suppose to pay the remaining amount within 15 days (as the bank required that much time to process the loan).
        After a week, he came back and said that - the bank has found some discrepancy in the papers ( I am the 3rd hand owner, the problem pointed out was when the property changed hands between the 1st & 2nd hand owner).

        Now getting it corrected means - i need to get to the 1st & the 2nd-hand owner of the property.

        Comment

        • #5

          #5

          Re : Stuck land deal- Sale Deed

          You should have got into AGREEMENT FOR SALE which on complete payment thru conveyance deed you would have transfered the property to buyer. Now do not give up the possession of the land and because you have not recieved complete payment the sale deed will become NULL AND VOID since tranfer of property is subject to clearance of payment. Immediately appoint a good lawyer and send the buyer a legal notice, file a case If you have to.

          1. DO NOT GIVE UP THE POSSESSION OF LAND
          2.FILE A COMPLAINT AT LAND RECORDS DEPARTMENT so the buyer does not get the land transfered in his name.
          3.FILE A COMPLAINT WITH THE REGISTRAR SO THE LAND IS NOT SOLD FURTHER.
          4.ISSUE A PUBLIC NOTICE SAYING THE CONCERNED PIECE OF LAND HAS YOUR OBJECTION FOR SALE.

          Please post further developments would be glad to help you,

          Anildc.

          Comment

          • #6

            #6

            Re : Stuck land deal- Sale Deed

            Stuck land deal

            Originally posted by anildc View Post
            You should have got into AGREEMENT FOR SALE which on complete payment thru conveyance deed you would have transfered the property to buyer. Now do not give up the possession of the land and because you have not recieved complete payment the sale deed will become NULL AND VOID since tranfer of property is subject to clearance of payment. Immediately appoint a good lawyer and send the buyer a legal notice, file a case If you have to.

            1. DO NOT GIVE UP THE POSSESSION OF LAND
            2.FILE A COMPLAINT AT LAND RECORDS DEPARTMENT so the buyer does not get the land transfered in his name.
            3.FILE A COMPLAINT WITH THE REGISTRAR SO THE LAND IS NOT SOLD FURTHER.
            4.ISSUE A PUBLIC NOTICE SAYING THE CONCERNED PIECE OF LAND HAS YOUR OBJECTION FOR SALE.


            Please post further developments would be glad to help you,

            Anildc.

            Above points are good points for action.File a civil suit for cancellation of deal, though this will take time and be ready to refund the advance.The other problem you now face is that sale of land to anybody else cannot take place till the case gets resolved.Did you visit the bank which was to give him loan and find out what error have they suddenly found out?
            When you made your legal papers what advice did your lawyer give you and what were the clauses?
            What i can make out is that advance has been given and received by yu and now the person appears o be intentionally delaying matters and therefore pressurizing you. Neither can you cancel the deal nor can you sell it any other person.Civil action and retention of physical possession of land is the way out.
            However consult a good lawyer for specific action,since none of the board members commenting,including me have actually read the agreement and advice in general terms can only be given..


            Comment

            Have any questions or thoughts about this?
            Working...
            X