Sale agreement expired Seller asking for more money to close loan
Sir I have given token amt of 3 Laks to seller as cheque and did the sale agreement for 30,00,000/- value for 45 days.
The deal was done through a dealer. I got my loan disbursement in 6-7 days after agreement and I told dealer to ask seller to settle his home loan which he took on property. Initially seller told that it will took 10-15 days to close his loan and get all property documents but after 45 days gone he still seller did not settle his loan and now he is demanding all loan amount to close his loan which is around 9 lakh. and also saying that since sale agreement is expire, so he will make new agreement only for 2 lakh and if I cancel deal he will not return advance money.
but as per agreement, it says
"If the second party fails to make the payment of the balance amount as agreed upon the transcation will be considered as cancelled and the advance money stand forfeited and if the first party refuse or fail to complete the formilities with the prescribed period the second party shall be entitled to claim and receive the double amount of the advance money paid to first party or can get the transaction completed through the court of law through specific performance at the cost of first party."
Please advise
Asked 8 years ago in Property Law
Religion: Hindu
I told seller that I can pay 2 lakh more and get new agreement of 5 lakh but he want 9 lakh to close his loan which I dont have.
and Sir how much will it take to close the settlement through court?
Asked 8 years ago