Seller has put us on hold for so many months now he is asking for extra amount. What to do?

Q: In April 2013 we made a MOU with a seller for Rs 35 lakhs for an apartment. But some papers and the share certificate are not available with the seller so he has kept us on hold for 11 months. Now he is asking for Rs 10 lakhs extra because of the changes in market rate. Till date he has not deposited any cheque which we issued to him. Can the seller increase the price on the ground that market rate changed for his delay

Sashmita Nair, Bangalore

19th March 2014

Buying property in Bangalore

property buying

real estate market

memorandum of understanding

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Replies (1)

Hello Sashmita, Please check the terms and conditions in the agreement which has been given to you buy the seller where it is mentioned that Rs 35 lakhs for purchasing of flat has been mentioned. In case of such termination you should look into the termination clause and refund of money. On the basis of any written communication sent to you for paying extra money, you should approach the court for Specific Performance of Contract.