- This topic has 32 replies, 9 voices, and was last updated 1 year, 5 months ago by
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UIt’s going to be a lengthy one. I know the good people here aren’t paid by me so I apologise in advance for that. Thank you and god bless.
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I(seller) entered an agreement to sell regarding one of my property with a buyer/dealer.
The dealer asked a certain time period within which he will try to sell the house or basically buy it himself.
We demanded a certain amount as advance that he gave ( although the cheque bounced, he gave it online through other means ).
This was a part of the loan on the property itself.
The dealer agreed to pay the loan amount fully before the time limit ends.The agreement had a time limit after which penalties were basically as follows:
1. If the seller refuses to transfer property he has to pay 2x the token.
2. If the dealer/buyer is unable to sell his token money is gone.
Also, while the whole agreement was printed, the last line was written on the backside of last page of agreement where he promised to pay any loans on the property in his own handwriting and also signed it.
He took the original copy of agreement with himself and we have the photocopy and images taken from our phone of the same.
We also have all the calls as recordings between the 2 parties. Plus an 1.5 hour long audio recording of him after the day he failed to fullfillthe deal and was trying to change our minds regarding the agreement.
After exhausting the time we gave him , he demanded to extend the time but we refused.
We forfeited the money he gave.The buyer then started going to police at various places and had us present our proofs to 4 5 different police stations, claiming that we didn’t tell him about the loan earlier and we intentionally passed the time to not transfer the property.
Although after seeing our documents and proofs police refused to file an fir.
Now he’s using section 156(3) to claim that the seller is forcing police to not file an fir, and seller tried to threaten him with goons at their house, and it was intentional from the beginning to not hand the property , no mentions of loan was there at the start.
Now the police is also subtly hinting towards us to compromise and give token back or we will face consequences.
Any.. and I mean any advice would be godsend.
What harm will he be able to do..
Mentally or legally.I wish I had the money to give him back, but I simply can’t.
I cannot thank you people enough again to read my lengthy post.
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IHe can move to court if he likes but as police have refused to register FIR . He is just trying to pressurise you to cave in. It is your call to whether to pay or not . He will waste time in court.
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UHonestly, if this hasn’t caused you any monetary losses, why not simply return the token. Or at worst, deduct the expenses.
Ethically you are simply being greedy.-
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UEthically he is a known fraud that did the same thing to 20 other people and caused them a loss well above 2cr which I have on my side.
Ethically my time has value which I laid down on the paper which he agreed upon.
Ethically he is now forcing me using legal and illegal threats , something that reduces goodwill which is absolutely important if he expects me to ignore legal agreement.
Ethically he caused me loss of opportunity in a big way. The money that was supposed to come was intended to be used for buying another property that slipped and some was intended for medical purposes.
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MHow much was the agreement for and how much was paid as “token”?
It is very well laid down now that the security deposit/token amount is only for the security of transaction to complete. It cannot be a significant amount so as to be considered as part payment
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U10% of the total. It was hand written by him on the same paper that he will clear any loan before the time period.
The money he gave was less that 30% of the loan.
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M10% is a significant amount to be considered as “security”. Any which way, send him a legal notice stating that you’re willing to sell the property if he complies with the agreement within X days and failure to do so shall amount to forfeiture of the security deposit.
If he tries to go to the court for recovery, then this would kinda negate the argue that you were not willing to perform your part of transaction and ample opportunity was provided to do so.
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UYes 10% is significant, but it is still less than the loan on the property. And he even failed to give full 10% of the amount by a lot.
He agreed to clear the loan before time ends.
Thing is, we are not willing to sell to him anymore because after all the ruckus he caused we came in contact with group of 20 people that he caused monetary damage to. The chances were high he was about to do fraud with us too.
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MIf you don’t intend to sell it to the buyer anymore, move a suit of cancellation of agreement to sale. Rest is up to the court.
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UThank you. Apologies for asking but isn’t agreement automatically cancelled as the time is exhausted?
Or a suit of cancellation absolutely required/ achieves other things?-
MNo. You still have to get it cancelled by an order to that effect. Cancellation in layman’s term is basically de registration of instrument.
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SYou are in your right to not refund him. He can try a lot of things, create delays with court cases. But he has no legal right to recover that money.
You’ll have to either bear the headache and the court costs. Or you can return the money if you’re unwilling to fight for it.
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SLegally they can’t arrest you if you have all this evidence. But if he’s politically connected, can cause trouble.
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UDoes us not having the original copy of agreement and only having photocopy plus phone captures weakens our side significantly?
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SIt sort of does, cause proving xerox copy is legit is another level of trouble.
Why didn’t you hold onto the original one? Was it registered at least?
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UYes it was registered. It was dictated by him to give original to him. But we do have clear xerox and photos taken. And during our visits to police stations prior he never contested the validity of the agreement. Even the clause of him paying the loan was in his handwriting with sign.
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SGood for you. Stay away from him and avoid interaction. If you have an advocate, all interaction should be done through your lawyer only.
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UIf u decide to return any money (do deduct expenses etc) do so only with a stamp paper agreement that it is full and final and do it in the police station and record it. Police wont sign but get a witness and also record it with local police showing in the video. The agreement should also say that he agrees that he lied that u sent goondas etc.
Note that if u pay or if u agree to pay he will keep increasing his demands. So best option is to not pay. File a counter FIR on him for harassment.
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BTo be fair the token is a good faith deposit and it would be proper for you to return what’s rightfully theirs.
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UIt was an immediate requirement for which we lowered the rate of our property. It was made absolutely clear that time is of the upmost importance.
He agreed to the terms.
His delay and eventual failure of the contract caused us big trouble that we can prove on paper.
Please Enlighten me how that money is still rightfully theirs?
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BBuyer didn’t buy, so it was actually a prospective buyer.
Token or Good faith deposit MAY be forfeited but usually returned. The amount is usually tiny.
You may ask your prospective buyer to wait till you get a genuine buyer.
In any case, it appears, your good faith agreement has some issue with the forfeiture clause.
Good luck with getting a new buyer at better prices.
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UThe reason we were selling for, doesn’t exist anymore.
We are not selling that property now.
It was written on paper he was supposed to give 10% , he only gave 6% money.
Him not doin the abive caused us monetary losses that we can prove on paper which exceeds the amount he gave.
How does us going according to agreement is a bad thing?
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