myBDAsites.com

Dear members,
I need your opinion on how to proceed to secure my advance amount paid at the time of sale agreement.
I entered into agreement to buy a BDA site with 16% payment as advance (Paid by cheque).
Franking (0.1% property value) is done on Sale agreement.
Legal OK, bank loan approved and just waiting for the registration. dealing with direct seller.

Several times seller postponed registration date citing he is really busy and other reasons. Its been more than 40 days since the Sale agreement expired and i couldn't manage to renew the agreement till now. Trying to reach him over phone/text/e-mail till now, but without success.
Based on experience with seller i am in impression that he is genuine seller, not able to complete this deal due to genuine reasons, and deal is still alive.
But can not wait anymore time, perhaps too late.

Is the sale agreement still valid and am i equipped legally?
how serious such default from legal point of view? Cheating/criminal offence or civil?
Before any action, i wish to consider if he did not turned up due to genuine reasons and willing to close the deal as agreed.

BR,
RK

Hi,
As the sales agreement expired with various reasons, its better to get legal opinion from a good lawyer.

I would suggest meet him in person and check what is causing the delay; renew the agreement and ensure you set a date for registration. Ensure a clause of financial restrictions for delays.

u can check in the sale agreement, what is the time limit for completing the sale transaction, is their any clause for specific performance, or u can intimate the vendor your readiness to get the sale deed in writing , better see the clauses which binds the seller/Vendor.

Regards
Gopikrishna

RK

Do not believe anyone blindly, whenever or wherever money transaction is involved. Seller may look genuine/innocent,
but you can't read their mindset. They might be looking for higher price due to recent revision in guidance value or already
involved in another transaction also.

Check out your agreement paper, what type of penalty clauses mentioned in case of breach of the agreement. ?
At any cost meet him and get the real picture for avoiding you(really busy / dispute within the family for this
transaction / involved in multiple transactions on this property...etc). If you feel anything suspicious, as per your
agreement clause, send him a legal notice as a first step.

Do not delay anymore. You have already lost your precious time by more than a month. Give your priority to get the transaction
closed or get back your down payment.

Two options for the seller.
1. If the current market price is higher than agreement price, seller will find a new buyer for higher price. He will sell it to new buyer and make you run behind him for collecting your advance. He will keep earning interest on your advance. Seller has upper hand since agreement has expired.
2. If the current market price is not higher than agreement price, seller will ask for additional money since agreement has expired and sell it to you.

Initiate appropriate legal action without delay.
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