Hello Experts
I had entered into an agreement for sale on Rs. 100 stamp paper on 10th September 2012 with a party X through a broker Y, who had upfront paid 30% of the consideration amount and had agreed to pay the complete amount in 90 days i.e. by 10th Dec 2012.
However, he only payed me 50% more i.e. 80% in all till 10th Dec 2012. Since I had received a major amount I agreed to extend the date to 27th Jan 2013 to pay the balance amount through a new ATS, which includes clause that in case he fails to make the payment by stipulated date, the agreement to sell would stand null and void and he would not have any rights,title or claim on the subject property and 10% of consideration amount will be forfeited.
Buyer X failed to pay the balance amount even after 27th Jan 2013 and has stopped answering my calls. Broker Y has been involved and is witness to all this. He has personally visited the buyer. The buyer has now agreed to take the refund of the amount after deduction of 10% of consideration amount. He has also agreed to sign the cancellation deed.
Could you please guide me on what is the proper course to take to avoid any future legal implications. Could I get the Cancellation Deed registered, even though agreement for sale is not registered.
Thanks in advance for your valuable guidance.
P.S.: The complete transaction is in white/cheque except a pitty amount, given as an initial token
