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Author Topic: Incomplete deal  (Read 936 times)

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Offline amit_patel

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Incomplete deal
« on: November 13, 2014, 04:38:41 PM »
I bought a small flat in 50-50 partnership with my friend in year 2002. We both contributed equal amount for the deal. So we made an agreement with the seller with both of our names as buyer. For some reason, we never registered that agreement with the registrar. In year 2004, we had a dispute and after lots of arguments we came to a solution that, I will sell my 50% share to my friend at the current price. We valued the price of the property as 6 lacs. So my friend was supposed to pay me 3 lacs, instead he paid me only 2 lacs and assumed that 1 lac will be adjusted in some other transactions between us, which I disagreed. We did not sign any agreement and had lots of arguments over this issue. This situation remained pending for 10 years and price of the property is now increased to 30 lacs. My friend is using the place for last 10 years. Recently we decided to finalize and close the deal. Now my argument is, since he did not pay me the full money 10 years back, that deal is invalid now and to buy my 50% share now, he should pay me 15 lacs which is 50% of the current property cost. Also, I am not going to adjust the 2 lacs which he had paid me 10 years back because that amount should be adjusted against the rent, since he is using the place for 10 years. My friends argument is, since he had paid me 2 lacs 10 years back, that means he had paid me almost 85% of the price of the flat (50% share which he already had, and he is considering 35% for the 2 lacs he paid 10 years back). So as per him, right now I own only 15% of the flat and he will pay me only 15% of the current price which is 4.5 lacs. I would appreciate if someone could let me know whose argument is correct legally. Also what legal options do I have to resolve this. Thanks

Offline advsarmaroy

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Re: Incomplete deal
« Reply #1 on: November 18, 2014, 12:25:18 AM »
Amit patel,
How you both friends have confused your lives due to this flat one can make a movie out of it.

anyways as par your query the property is still not registered, that means the owner still is the person from whom you both have purchased.

first of all you transfer the property, see if the previous owner does not back track.

once that is cleared we can discuss on who gets what amongst the two great friends
Advocate Sarmaroy
Corporate lawyer / Real estate law expert


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