Cancellation of property registration
Alok
(Querist) 17 July 2014
This query is : Resolved
I have sold my property at Navi Mumbai Koperkhairne to a buyer 7 months back and buyer has paid me only 20% paymentonly and till date he is not able to arrange remaining 80% payment.We have already registred the property with the buyer so that buyer can arrange the bank morgage.
Now since buyer has delayed the payment and not able to pay the 80% amount.How can I cancel the property registration.
Can I forfiet his payment he has made and ask him to sig the cancellation deed to cancel the registration.
I want to cancel part payment registration and free hold my porperty from the buyer.Please let me know the feasible solution.
Thanks,
Alok
ajay sethi
(Expert) 17 July 2014
deed of cancellation can be made signed by both the parties. the agreement signed by parties has to be seen regarding forfeiture clause
Alok
(Querist) 17 July 2014
Dear Sir,There is no forfeiture clause mentioned in the sale agreement signed earlier.Can I still charge me penlaty against delay and loss I have beared.
Do I need to serve him legal notice to start the cancellation process or directly can ask him to sign the cancellation deed.
Also can i still sell the property to new buyer or need to cancel the registration first.
My preferance is to settle the despute mutually instead of legal proceding.
Thanks,
Alok
ajay sethi
(Expert) 17 July 2014
settle dispute amicably . you cant sell the same property to third party without old agreement being cancelled first . if ther e is no forfeiture clause buyer will refuse to permit you levy of any penalty
Alok
(Querist) 17 July 2014
Dear Sir,
As per my understading buyer has to sign the sale deed within 6 months of property registration and if buyer is not bale to sign the sale deed within 6 months the registration is automatically cancelled and even buyer cannot recover his stamp duty and registration charges from the registrar.Is this fact or not valid statement.
I have consulted buyers lawyer and he explained me in both cases I can ask buyer to pay me interest for delay or on cancellation forefiet 5-10% of his amount and return back his rest of amount.
Thanks,
Alok
