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RHi,
I need some advice for a possible legal situation. We are buying an under-construction resale unit from a person. Both parties signed an agreement with certain conditions. As part of the agreement, we “the buyer” have to make sure the existing loan of the buyer on that unit should be closed and the bank should make the payment within 15 days of signing the assignment agreement. Now the seller is asking to close that process within 4 days and if not done in 4 days then we will have cover the interest charges on the outstanding loan. We have spoken with the bank and they said it takes 10 working days to do this and so dod the builder. We have made substantial payment to the seller already and he is not budging on this and is saying that he will not proceed to sign the assignment agreement if we do not agree to this term.
Please advise the best course of action.
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BLawyer here, based in Delhi.
The seller cannot unilaterally impose new terms or deadlines that contradict the original agreement. If the signed agreement specifies 15 days for loan closure, he is bound by that timeline. Asking you to bear interest charges after just 4 days, when the bank and builder themselves require around 10 working days, is unreasonable and may be considered coercive. If you have already made substantial payments, you should document everything and avoid agreeing to terms under pressure. If he refuses to proceed despite a valid agreement, you may have legal remedies, including specific performance or refund claims.
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