I got an agreement with a house-owner to purchase a house on stamp paper who took advance money in cash. But he has a bank-loan for that house which he can not repay. He is now asking more than agreed amount to get the house registered in my name which I do not want to pay. He is not registering it in my name and defaulting his loan instalments. I put my attendance on the last day of agreement in Sub-registrar's office.
What should I do now?
Under which sections I can file a case?
What are the consequences after filing a case?
1 Answer from Attorneys
Dear Sir / Madam,
You are unnecessarily chasing a risky property which has all sorts of problems from all angles. The bank is going to claim its right to dispose off the flat in the event of the seller defaulting on the loan. There is no compulsion on the bank that the flat has to be sold to you only, as there would be an open auction in favour of the highest bidder. In my opinion, in the given scenario, its best you cancel the deal on the pretext that the seller is not adhering to originally agreed terms and conditions, and ask the seller to return back your advance. By doing so, at the most you may lose out on the Stamp Duty and registration cost, but you will have saved yourself the ignominy of having a "botched" property.
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