I have sold my property to a buyer and buyer paid me 10% of the amount in Noida. I have completed the transfer memorandum in his name. But its been 6 months and buyer is delaying the payment of the remaining amount to do a registry. What is the procedure or legal course of action available to get the TM deal canceled for non-payment or make him pay the amount at the earliest? Please help!!!
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Was it specified in the Transfer Memorandum, that the sale was to be concluded within a specific period from the date of execution of TM? If so, what was this period and has this period has expired already?
In case this has period has already expired, you may send a legal notice to the proposed purchaser, either cancelling the TM or giving him a last and final opportunity to conclude the sale.
Hello sir ,firstly send him a legal notice drafted from a lawyer to get the registration of sale deed done within 15 days .. On the 15th day mark your presence in the registrar office .. If he fails to transfer , the initial agreement will become void and the amount will be forfeited ..
Hello,
Id there any clause with regards to the termination of the memorandum in the memorandum for example in case of failure of making the payment.
Regards
Issue legal notice to purchaser to pay balance amount so that registered sale deed can be executed in favour of purchaser
2) if he fails to pay file suit for specific performance to direct purchaser to perform his obligations under the contract
The below is mentioned in the TM document. " The transfer deed shall be executed within 90 days from the date of issue of transfer memorandum. The transfer deed must, inter alia, incorporate the various terms and conditions mentioned in the transfer memorandum. The final mutation will be made in the name of the transferee after receipt of the certified copy of the transfer deed and its acceptance by the Authority. This transfer deed shall be required to be submitted with the Authority within one month from the date of its execution. In case of failure to execute lease-Cum-Sale Deed/Transfer Deed (as the case may be) by the Transferee would invite payment of penalty as applicable from time to time."
If there is time limit mentioned in the MOU to complete the purchase and if the same has expired you can send him a written notice seeking immediately compliance in default of which cancellation.
If if he still does not proceed to make further payment and complete the sale then you can proceed to cancel the agreement by sending a written cancellation notice and refunding the payment made.
thereafter you can enter into fresh agreement with a new buyer.
1) What is time specified in agreement for payment of balance amount ?
2) It merely mentions sake deed be executed within 90 days but not specify that payment had to be made within 3 months
3) Further penalty amount is not specified
4) agreement is badly drafted
Sir , the penalty clause is for the transferee when the mutation is not done.. But since in your case the transferor is not willing to execute the transfer deed , the default is on his part .. Proceed further by sending him a final reminder through legal notice .. Thank you
The transfer deed was to be executed within 90 days of TM.
Send a legal notice to the proposed buyer and cancel the TM.
Send a legal notice for paying u up with rest of the amount within 1 calender month if he doesn't reply then sale the said property to any other buyer
Dear Sir,
You may get issue a legal notice calling upon on other side to perform his part of performance failing which you go for filing suit for specific relief.
For any concrete advise I would advise you to share the copy of the entire deed.
The legal transfer memorandum or the sale agreement, whatever it may be named, if it is not a registered document then it is not valid in law and cannot be enforced in court.
However you would have got it written ion the same memorandum the specific time for paying the balance sale consideration amount and to get it registered on his name .
If there is no such clause or time specified, you may send a legal notice to his address by registered post to call on you immediately or within the period specified therein for completing the formalities as per law, failing which you would cancel the same and the booking amount may be forfeited.
This notice to be sent by registered post only.
Since the clause is very clear about the time specified there in , you may issue a legal noticeto the party and communicate your decision to cancel the TM due to his unwillingness to proceed with the payment of balance of sale consideration for execution of the registered transfer deed in his name, it is considered as breach of agreement hence the TM is hereby cancelled.