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sriram   26 May 2015

Cancellation of sale agreement

Dear Users,

Pls help me in the scenario below,

I entered to a "Registered Sale Agreement" with a PartyX and received advance amount from the X.
The agreement states the registration should get completed within 30days. (expiry date).

X has not turned up back which makes me nervous and suspicious. I learned that since sale agreement is registered , the X's name will appear in the EC. I am ready to payback the advance amount received from X stating that he has not turned back within 30days. How can I get rid of this ? Is a Sale agreement cancellation is mutual (means only if X agrees) despite the time elapse.

I came across that that even if the time is mentioned as 30 days , it can be extended upto  3yrs (how? and @ what case)

Pls suggest.

Regards.
Sri

 

 



Learning

 4 Replies

ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING)     26 May 2015

If agreement stipulates payment in 30 days n ceasure clause is inserted u can give notice of termination n refund money.

ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING)     26 May 2015

If agreement stipulates payment in 30 days n ceasure clause is inserted u can give notice of termination n refund money.

saravanan s (legal advisor)     27 May 2015

did you register the sale agreement.i dont think you will find entry about sale agreement in ec.if you doubt you can clarify by applying for ec during the given period

sriram   27 May 2015

I dont have any specific clause that speaks about Cancellation of the Agreement post 30 days in the paper. But the agreement clearly mentions that the registration has to be executed / completed within 30 days .

Do this have any impact . pls help

 

Sri


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