Questions & Answers
Demands by property seller for more money and threatening to re-sell
Hi,
I signed an MOU to purchase a property.
My seller is now asking for more money and threatening to not sell the property even though the MOU has an automatic extension clause of 20 more days.
What shall I do?
P.S. My mortgage final offer is signed and he is supposed to apply for a NOC which he is not doing.
Dear Questioner,
You have the right to exercise the MOU terms. In case you need more time and the MOU terms allow it, you have the right to extend it for the 20 days mentioned in the MOU.
In case the seller insists to request more funds, you can just ignore it or ask him to terminate the agreement himself.
In this case, he will terminate it for no reason and will be liable to pay the penalty stipulated in the MOU itself, which is usually an amount equal to the downpayment of 10% of the property value.
You, on the other hand, have to make sure you do not exceed the time limits you have in the MOU after the 20 days extension.
If you may face any further hurdles or problems, you can refer to me and contact me directly through the email.
