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in Property Law Commercial Law Banking Law Contracts Law
Asked October 28, 2017

Irregularity in the tri-party agreement between Buyer, Builder and Bank

  • 2 Answers

I purchased flat from Zuary Garden city mysore. Project is under construction. We had tri party agreement with builder, bank and me. I opted sub vention 10:80: 10 scheme. Which means initially 10% I have invest and finally at the time of completion and hand over I have to make remaining 10%. 80% will come from the bank. Initially builder promised that he will pay the bank loan interest. Communicated through email. But in the agreement copy fraudulently mentioned that builder will pay interest for 36 months or till June 2017 whichever is earlier. Now I am paying the bank interest from July. I want builder to pay the interest till competition. Moreover project completion will be delayed by one more year. Initial promise was end of June 2018.

Answers 2

The contract will have a process for termination of the contract, you can initate the same and terminate the contract. Or you can file a suit before the Consumer Forum using the communication made via mail to show that the Builder is cheating you. 

Agree Comment 0 Agrees over 3 years ago
  • Default avatar
    Yes sir agreed. I already sent a notice to the builder informing that I have terminated from the contract towards the purchase of property. Informed to refund my money at the earliest. Copy is also sent to the concerned bank. Builder responded they will revert back shortly. Thanks for your solution. How long I should wait? Should I seek the lawyer's services? Kindly advise.
    Agree 0 Agrees over 3 years ago

The opinion expressed by Lawfarm Team holds good.

Agree Comment 0 Agrees over 3 years ago

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