Sale agreement on 100 rs stamp paper

This query is : Resolved 
 


Querist : Anonymous (Querist)
21 May 2018

Hi
I have got into an agreement with buyer for propert sell before 5 months. I took 2 lac advance payment. Agreement doesnt state any time duration but it was orally agreed that i will receive the remaining payment in 1 week.
Can you please advise what I can do to cancel the agreement?
Also i want to cancel the agreement as i got to know the property price is going to increase in 6 months.
Please advise.
Many thanks


Anil Satyagraha (Expert)
22 May 2018

May-22-2018 Tue, 08:07 AM
@anonymous,
PROBLEM STATEMENT
I have got into an agreement with buyer for propert sell before 5 months. I took 2 lac advance payment. Agreement doesnt state any time duration but it was orally agreed that i will receive the remaining payment in 1 week. Can you please advise what I can do to cancel the agreement? Also i want to cancel the agreement as i got to know the property price is going to increase in 6 months. Please advise.

RECOMMENDED NEXT STEPS
STEP 1. Issue a Legal Notice, outlining facts of the case along with stating that “time is essence” and that you able and willing to comply with your part. Make the demand that the opposite party is required to fulfill their part of the contract WITHIN 2 WEEKS of the notice, failing which the advance amount stands forfeited and the “Agreement of Sale” stands CANCELLED on account of material breach of the contract by the Opposite Party.
STEP 2. The AFORESAID would create grounds to FILE A PLAINT FOR (1) SPECIFIC PERFORMANCE SUIT and / or (2)DECLARATION SUIT with interim prayers for “Injunction” and “Cancellation of Sale Agreement”
NOTE 1. Please verify whether the “Agreement of Sale” is registered in accordance with Stamp Act.
NOTE 2. Please post your true and verifiable name, contact information so that your credentials and queries are authenticated.
________________________________________

Anil @ Satyagraha.com
P: +91 7095 776633
P: +91 8019 291111

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P. Venu (Expert)
22 May 2018

Yes, time is the essence of an agreement for sale; moreover, other party may not be able to seek specific performance as the agreement has not been registered.

Kumar Doab (Expert)
22 May 2018

Pls post with your ID and not as AQ and you can get many replies.
Your ID does not mean your email id or phone number and don’t post these also.




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