You cannot now cancel the deal
terms of contract are sacrosanct and binding upon parties
I have bought a Flat for double the price without proper knowledge in Real estate
Dear Sir, I bought a flat recently without intimating anyone in my family which later I got to know the price I paid was double the actual price as per locals. Please could you suggest if there is an option to cancel the deal. I have taken loan from bank as per the seller suggestion and they gave me loan without much paper work. Thanks Krishna
Asked 5 months ago in Property Law
Religion: Hindu
7 Answers
Send a legal notice to the seller of the flat that he has misguided you about the prevailing market rate and you were made to pay double the market rate for flat and ask him for either return the extra amount paid or agree for cancellation of sale deed. Based on the response from your seller, you can initiate further legal action in the jurisdictional Court.
If you have already got the property registered on yor name by a sale deed and have paid the entire sale consideration amount then you cannot cancel the registered sale deed, at least not for this reason.
There was no compulsion on yo to buy this property especially for the price offered by the seller, hence there is no reason for you to claim any fraudulent act by the seller therefore legally you do not have any reason to cancel the deal or the purchase of property.
Sale once executed and completed by a registered deed of sale can not be cancelled anymore without consent of seller.
If there is only sale agreement executed then you can cancel the same at the cost of forfeiting the advance payment.
- As per Madras High Court, a sale deed or a deed of conveyance, other than testamentary dispositions, which is executed and registered, cannot be unilaterally cancelled.
- If the said sale is executed in your favour then it cannot be cancelled on the ground of misguide, but if only sale agreement is registered then you can cancel the same
- However, you can send a legal notice through a lawyer
You can cancel the deal if you haven’t paid if you have paid he will not return
Dear Client,
You can examine the contract you signed with the seller if there is any clauses related to cancellation or termination of the deal and is there any specific conditions mentioned that allow you to cancel the transaction. Also you can undergo the conditions of the bank loan you were given. Certain loans could come with fines or requirements if they are repaid early.
