property dispute?
I entered into agreement for buying a land. I paid 6.7 lakhs to the land owner. Though there was a time period mentioned in the agreement as 3 months, I was paying the money beyond three months. In the same agreement, it is mentioned that time period can be extended, if both the party agrees. I agreed to purchase the land for 9.4 lakhs. but he sold the land to some one without my knowledge for 6.4 lakhs. I have taken his signature in the same agreement for the payments done. i filed a case against him within the three years period from the last payment made to him. my question is who is having the rights on the property legally. In the prayer i had asked either land or money. will i get the land or money?.If there was any other similar case judgements, please tell me.
April 7th, 2010 at 4:36 pm
Under British law which is the basis for all commonwealth nations legislation there is a clause in all real estate transactions stating "Time is of the essence".
If the agreement was to be completed in 3 months and you went beyond that point without mutually agreeing in writing, the vendor is free to offer the land for sale without notice. The vendor is also entitled to retain the monies deposited by you as "Liquidated Damages".
Pursuant to the Statute of Frauds……all agreements pertaining to Real Estate must be in writing. Verbal agreements or implied agreements are not viewed as valid by the courts.
I hope this clarifies matters.