₦airaland Forum

So it was that someone came to buy my family's land in 2018. And up till this Dec 2020 he was yet to complete the payment.

By August this year 2020 I had called him for the remainder of the money and he says he was in church and to call back. up till this December the man never called.

and now we decided we no longer selling. but could you believe that he is trying to use ignorant force to take it.

we haven't signed anything or any deeds of conveyance or anything whatsoever. infact the need for the money (why we decided to sell) which was to treat one of our distant relatives, is no more since we have lost the lady to the sickness.

I decided to make sure he wouldn't have it anymore cos of the way he handled the payment and again as he recently seem to be looking for trouble now of which I have decided to face his direction and give him rod for rod.

ordinarily I would have not created this thread cos I feel I have no case other than refund his money.

but I want to be absolutely in the know of what and what it could imply.

thanks for your guidance.

P.S : I am a young man and he is much older and wants to ride my family cos we have lost our dad many years back.

but I ain't gonna allow that. not possible.

Okay...



What percentage did the man pay?If he paid a reasonable amount,you can contract with him to complete payment on a specified day.

If not, because you haven't transferred ownership,the land is still yours.

If you're ready to pay with the interest and the current value of the land good.


If he paid you say 500k for the land and what is left for him to pay is 100k for example, if you will be able to refund him 500k plus the interest that will be calculated for you holding the 500k for 2 years plus good
.

Because with 500k you will pay up to 235k additional as interest for 1 year, then for 2 years you will pay interest up to 470k

Another one is the value of the land, if the value has gone up then you're in for a long thing .


Good luck

Are you ready to refund the money he paid?

Authority1o1:
Okay...



What percentage did the man pay?If he paid a reasonable amount,you can contract with him to complete payment on a specified day.

If not, because you haven't transferred ownership,the land is still yours.

Total about 2m .... Keep paying bits by bits and not keeping to his promises. Total he'd brought is 1.3m and the payment was to be due by August of which he promised to pay up. So that was the August / September I called him which he says hes at a church till date no calls. So now is when he is coming to pay.

helinues:
Are you ready to refund the money he paid?

Not at once. He never paid at once

Poorboy:
If you're ready to pay with the interest and the current value of the land good.


If he paid you say 500k for the land and what is left for him to pay is 100k for example, if you will be able to refund him 500k plus the interest that will be calculated for you holding the 500k for 2 years plus good
.

Because with 500k you will pay up to 235k additional as interest for 1 year, then for 2 years you will pay interest up to 470k

Another one is the value of the land, if the value has gone up then you're in for a long thing .


Good luck

He breached for not meeting up the August deadline and never called to say anything.... Until this December.

BTW, it's sth of interest to know how you arrived at that statistics...

Successdude:
So it was that someone came to buy my family's land in 2018. And up till this Dec 2020 he was yet to complete the payment.

By August this year 2020 I had called him for the remainder of the money and he says he was in church and to call back. up till this December the man never called.

and now we decided we no longer selling. but could you believe that he is trying to use ignorant force to take it.

we haven't signed anything or any deeds of conveyance or anything whatsoever. infact the need for the money (why we decided to sell) which was to treat one of our distant relatives, is no more since we have lost the lady to the sickness.

I decided to make sure he wouldn't have it anymore cos of the way he handled the payment and again as he recently seem to be looking for trouble now of which I have decided to face his direction and give him rod for rod.

ordinarily I would have not created this thread cos I feel I have no case other than refund his money.

but I want to be absolutely in the know of what and what it could imply.

thanks for your guidance.

P.S : I am a young man and he is much older and wants to ride my family cos we have lost our dad many years back.

but I ain't gonna allow that. not possible.

Brother, you are within your right to repudiate the contract on the grounds of failure of the purchaser to pay the complete balance of the purchase price within the agreed time frame. After all no deed has been executed. However, i will advise you or your lawyer to write to him to formally demand full payment of the money or else you repudiate the contract. Make sure you have a copy of the letter.
It is even better for you that no deed of transfer/conveyance has been executed yet.

Bro am not a lawyer but a real estate person.

1. Did u sign any agreement as to when payment will be completed (August)
If there was no paper document( agreement signed) as to when the balance will be payed then u need a lawyer to fight ur ground cuz he can twist and untwist but u have upper hand since the deed of assignments(transfer of ownership as the case may be)has not been fully signed.


2. U only av 2 options befor you. Pay him his refund and move on or have him pay the balance.

It will be very wrong to want to manipulate him to get his money bit by bit as u claimed was the way he paid.

Successdude:
So it was that someone came to buy my family's land in 2018. And up till this Dec 2020 he was yet to complete the payment.

By August this year 2020 I had called him for the remainder of the money and he says he was in church and to call back. up till this December the man never called.

and now we decided we no longer selling. but could you believe that he is trying to use ignorant force to take it.

we haven't signed anything or any deeds of conveyance or anything whatsoever. infact the need for the money (why we decided to sell) which was to treat one of our distant relatives, is no more since we have lost the lady to the sickness.

I decided to make sure he wouldn't have it anymore cos of the way he handled the payment and again as he recently seem to be looking for trouble now of which I have decided to face his direction and give him rod for rod.

ordinarily I would have not created this thread cos I feel I have no case other than refund his money.

but I want to be absolutely in the know of what and what it could imply.

thanks for your guidance.

P.S : I am a young man and he is much older and wants to ride my family cos we have lost our dad many years back.

but I ain't gonna allow that. not possible.

Some of you will not want to involves lawyers in your transactions until you run into trouble.
What will it have cost you, if you had called a lawyer into this transaction from the onset
Fine out the legal implications of money given to you as either "a deposit" or "a part payment" in respect of a transaction, from there you will know what next to do.
Nairaland lawyers, how una take dey earn consultation fee
You pipu should stop belittling the legal profession, by discussing sensitive legal issues online.
Advice him to go consult a lawyer asap