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Hi to all Respected Lawyers here, I urgently need your advice regarding our problem.
We purchased a portion of land years ago under Conditional Sale. Both parties (Us the buyer and the Seller) to pay a certain amount every month. In the contract, there's NO clause stating that if the payment terms were not fulfilled that the contract will be forfeited. Full payment was not satisfied since we later found out that the portion of land that was sold to us is being claimed by a farmer. So WE (Me and Seller) then agreed that we will hold the payment until the said claim is settled/ cleared on their end.
Now 2018, another Buyer expressed their interest to purchase the entire property including the portion that we purchased years back. We, on the other hand showed no interest in selling OUR portion of land since we are just waiting for the clearance from the claim so we can make the full payment and make the transfer.
I spoke with the owner and said that if I agree with the selling, they will not take part in whatever demands I make to Buyer 2 and just pay the remaining balance on the previous contract under Conditional Sale.
The seller is currently in need of funds due to health reasons so if we agree to sell our portion can we demand our own terms even if isn't fully paid yet?
Can the Seller forfeit all the payments made even if they are the cause of delay and that both parties verbally agreed to hold the payment?
Can they proceed with the selling to buyer 2 even without our consent?
Thank you so much.
- Anyone who had the same issue can also comment
We purchased a portion of land years ago under Conditional Sale. Both parties (Us the buyer and the Seller) to pay a certain amount every month. In the contract, there's NO clause stating that if the payment terms were not fulfilled that the contract will be forfeited. Full payment was not satisfied since we later found out that the portion of land that was sold to us is being claimed by a farmer. So WE (Me and Seller) then agreed that we will hold the payment until the said claim is settled/ cleared on their end.
Now 2018, another Buyer expressed their interest to purchase the entire property including the portion that we purchased years back. We, on the other hand showed no interest in selling OUR portion of land since we are just waiting for the clearance from the claim so we can make the full payment and make the transfer.
I spoke with the owner and said that if I agree with the selling, they will not take part in whatever demands I make to Buyer 2 and just pay the remaining balance on the previous contract under Conditional Sale.
The seller is currently in need of funds due to health reasons so if we agree to sell our portion can we demand our own terms even if isn't fully paid yet?
Can the Seller forfeit all the payments made even if they are the cause of delay and that both parties verbally agreed to hold the payment?
Can they proceed with the selling to buyer 2 even without our consent?
Thank you so much.
- Anyone who had the same issue can also comment
