Property Rules: Can a flat owner refuse to sell the flat after making an agreement? Know what the laws are regarding this in India. This information will be useful when buying a flat.
Investing in property has become a very good way of investment today. That is why many people buy property. And then later sell it at a good price and make a profit. But some people buy property for living. He looks at the location according to his budget. And then selects the property and makes further deal. Then the entire process of buying the property is done. In which the agreement is signed. And after all the property deals are done, the property becomes his.
But many times people leave the deal midway while buying a house or flat. However, this happens at a very early stage. Talks are going on about buying or selling the property. But what if someone refuses to send the agreement for the flat? So what will happen in such a situation? Can a flat owner refuse to sell the flat after making an agreement? If you are also a landlord or are thinking of buying a flat, then know what the rules are regarding this. Can this be done or not?
Let us tell you that when someone is buying a flat, not only his emotions are involved in it but finances are also involved. How does someone collect money and buy a flat? If someone refuses in such a situation, then loss is inevitable. Therefore, let us tell you that no landlord can do this. If this is done, a case can be registered under Indian New Code i.e. BNS Section 316 Criminal Breach of Trust, in which there is a provision of 3 years imprisonment and fine.
Apart from this, under section 316 (5) of the BNS, a person can be prosecuted for cheating by deceiving or misleading a person, which includes both 7 years of imprisonment and fine. However, the court can give a decision regarding punishment or compensation after looking at the situation and severity of the case.
