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Author Topic: Can I back out of agreement  (Read 819 times)

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Offline Icarus2712

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Can I back out of agreement
« on: October 13, 2016, 04:57:22 AM »
We are in process of selling our flat in Mumbai
1) our flat is builder purchase flat and society not formed yet
2) there is no loan availed for purchase of flat
3) we signed agreement and got it registered at sub register Kalyan
4) there is a payment clause in agreement whereby x amount was paid at the time of agreement and balance y amount was to be paid within 90 days from agreement date which got over on 11 October 2016
5) due to oversight in agreement it was mentioned that the seller has taken a loan fm bank for purchase of flat, to correct that we have given affidavit to bank saying that no loan availed
6) 3 months have passed due to mistake in agreement typing as above
7) as per bank they have released sanction letter they have not shown me anything as yet buyer is outside India and will come within 2 days to sign
8) bank is also asking buyer certified copy of sale agreement surprisingly as original is in possession of buyer

Considering the agonisin delay from bank side for loan disbursement can we back out from sale and if yes will have to refund token money?

There is no single clause in whole agreement what should be the course of action at either end post payment dead.ine is over

Thing is we have to pay hefty transfer fees to builder for NOC as society not formed which will be in cash and no refund if this deal fails we are scared of loosing money

Please advise urgently thank you

Offline adv.amarnath

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Re: Can I back out of agreement
« Reply #1 on: October 15, 2016, 01:46:13 PM »
First of all it is not possible for me to give advice without verifying the agreement for sale. 2nd, you can determine the agreement by sending notice to the developer and ask for refund of entire consideration money. Final on failure to refund you the advance money, you can file case against the developer for recovery of advance money with 15% interest

Amarnath Sanyal
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