Property trfd-buyer unable to pay-rights of owner ??

Hello everyone,

one of my clint has purchased a residential house property for 20 lacs.

he made payment of Rs.10 lacs at the time of registeration on 01/03/2013 and bal pmt was to made by housing loan. no date/time limit was mentioned in the sale agreement for making bal pmt.

However his loan application was rejected from two banks and 2 months wasted ( due to agents fault). Now his third hsg loan is in process and it will take 10-20 days.

The transferor is harrasing him like anything because he has also purchases some property and he has to also make payment. He has given him 2 days time otherwise he wl have to pay interest @ 7% p.m. (not mentioned in the sale deed) and he has also told that he may sell the property to someone else.

My client is very simple person and has intention to pay.

My question : 1. can he charge 7% int pm ( not mentioned inthe agreement)

2. can he sell the property (becoz legally my client is the owern ?

3. What are the rights of the owner in such a situtation ?

waiting for the views of the experts.

Dear Abhishek,

Its a simple query with difficult circumstances for your Client..SImply speaking one has to have resources in had prior to buying something, Dont Mind me saying that but wanted to share my personal experience..

Now coming to your Question it is clear that ..

A) If something is not mentioned in Sale deed and one wants to act against it is illegal unless your client has agreed orally for payment of this interest...

B) It is a general practice in real estate buisness is that if a buyer fails to Bring money for final Regisration the earlier advance paid stays with Seller and he has a right to sell to others as well, unless hes a nice guy you can Nogotiate..

Hope your client get this Loan ASAP or less he has nothing much to fight back other than to request the seller.....