First you send him a legal notice intimating him that as per the sale agreement you are willing and ready to perform your part of the contract by paying the balance of sale consideration amount and advise him to perform his part of contract to receive the balance amount and execute a registered sale deed in your favor at your cost on a time and date convenient to him within 7 days from the date of receipt of this notice failing which you may inform him that you may proceed against him to get the sale deed executed through a court of law for which he will be held liable for the costs and consequences.

You can send this notice either by yourself or through lawyer and can proceed against him through court by filing a suit for specific performance of contract and in that you can file an application seeking ad interim injunction restraining the vendor from alienating the property till the disposal of main suit as an interim relief. You may consult a local lawyer for further issues.

1) what are terms of agreement ?

2) have you been delivered possession of the plot ?

3) inform the seller that you are willing to pay balance amount of Rs 12 lakhs and execute regd sale deed in your favour after repayment of loan

4) if seller fails to execute regd sale deed and deliver possession file suit for specific performance of contract

1) it is true that suit for specific performance would take some years to be disposed of

2) youbcan extend period by one month with condition that in case seller fails to register sale deed within extended period of one month he would refund Rs 50 lakhs with interest

Your lawyer may be right, you may wait for the vendor to turn up to execute the registered sale agreement if he asks for extension and then does it properly, but what if the vendor is not genuine and he tries to cheat you? what if the lawyer is colluding with the other party and inducing you to go by this so that the litigation is avoided for the present.

The ball is in your court, you have to decide accordingly.

Look it is never wise in the first place to buy a property that stands mortgaged. If anything you should have applied to LIC to permit the closure of loan by virtue of payment to be made by you directly to LIC. Be that as it may, issue a lawyer's notice to the seller asking him to close the loan within a month and register the sale deed in your favour. In the seller does not heed your lawyer's notice then a suit may be filed against him to seek specific directions to him to honour the agreement. Your lawyer is right in suggesting you to wait for a month, but let the waiting period begin only after the notice.