- This topic has 1 reply, 2 voices, and was last updated 1 year, 4 months ago by
.
-
Posts
-
-
UHere’s the full story: The first owner bought the apartment jointly in his and his mother’s name in 2003. They took a loan. In 2005, the mother died intestate (without a will). The mother was survived by her son, husband and two daughters (both married). In 2010, the loan was was fully paid off. The two daughters and husband signed an affidavit declaring that they have no rights in the property and the bank returned the papers to the son based on this document (“That the Bank has kindly agreed to the Deponents’ request to close the Loan and hand over the Title Documents of the Property to Mr. <son’s name> without the Deponents submitting a probated Will or a Succession Certificate.”)
In 2014, I bought the property from the son. The two daughters and the husband sign a court registered Relinquishment Deed. I didn’t need take a loan. And I didn’t ask for the Succession Certificate.
In Jan 2025, I signed an agreement to sell (ATS) the apartment with one month time for registry. The buyer is taking a loan. The bank is asking for a Succession Certificate (the rest of the documents are fine). From what I understand, to obtain a succession certificate could be a complicated process that could last minimum a couple of months to over a year. And in my case to get the previous owner to do all this after 20 years of his mother’s death — I am not sure how feasible it would be.
The ATS gives me the right to forfeit the advance/earnest money (10% of sale consideration) if the buyer fails to make the rest of the payment and get the property registered in his name in the stipulated time frame. The ATS gives the buyer the right to get the advance money refunded plus an equal amount in the way of liquidated damages from me if I refuse to transfer the property in his name in the stipulated time frame. (I am not refusing to transfer.) There is also the clause of Specific Performance through the Court of law applicable to both the parties.
Due to personal circumstances, I need to close this ASAP. I am fine transferring the property upon receiving full sale consideration before the agreed upon date. I am also fine cancelling the ATS and refunding the advance money in full (without interest, and/or any other penalties). What I don’t want is for this issue to linger on (too far) beyond the agreed upon date.
What is the best course of action for me if the buyer does not get the property registered within the stipulated time frame? Can I forfeit the advance money and sell/rent to another party? Do I need to send the buyer a legal notice in that case? Should I go for Specific Performance?
(Sorry for the long post, but I thought I should include the relevant details.)
-
-
