I have found my esteemed lawyers friends don't answer questions about the same issue other than replying to what was written in the first attempt wherein some important points may have been missed out. Incase these are pointed out in the same thread, later on, and asked their opinion none replies. Hence this new thread.

In case of 'Agreement of Sale/Purchase' wherein our esteemed lawyer friends have informed that the buyer can effect the transaction within a period of 3 years even if the in the 'Agreement of Sale/Purchase' the time limit mentioned is just 3 or 4 months for the transaction to be completed then what about the sale price if the sale is executed at the fag end of the 3rd year? The price at the time of signing the 'Agreement of Sale/Purchase' would be much lower and in 3 years the price could have shot up manifold. So won't the seller be a loser if the buyer takes his own cool time to execute the deed?

Indian limitatin act has to be followed.

You have not fully answered the  question.

Mr Venugopal

In case there is a time limit fixed say 3-4 months as asked in your query, then the agreement becomes null & void after that period and the vendor doesnot stand to lose, however if any period is not specified in the agreement then the provisions under the limitation act will come into force. Further either the vendor or vendee has option of filing a suit for specific performance if either of the party do not honour the agreement.

I endorce the opion of Mr. A.V. Vishal Advocate.

Vishnu P. Srivastava

I agree with Vishal ji.

If the agreement mentions time limit, say, the buyer has to pay the remainder price within stipulated time, the buyer has to pay the remainder and conclude the contract. If the buyer does not pay the amount within specified period , the seller has option to rescind the agreement by giving one month's notice. If however buyer does not pay within stipulated period and the seller does not take any action, it means he has acquisced in this and has to settle for the price while entering in to agreement. Law does not help laggards!

In case there is the time limit of 3-4 months in the agreement but the sale is not executed within time settled, the vendor may terminate the agreement by serving  a Notice upon the purchaser and may forfeit the money paid by the purchaser in advance.

The purchaser has an option to file a suit for specific performance of contract and in that suit the purchaser is required to prove that he was ready to pay the balance sale consideration and to get the same deed executed but the vendor did not do so.

If the purchaser succeeds in proving this, he would succeed in the suit otherwise the suit would fail.

Whereas the question of limitation is concerned, the Limitation Act provides that the purchaser has a right to file the said suit for specific performance of contract within a period of three years from the date of arising cause of action.

Thank you very much for your opinion Mr.Vishal,Sir. Though I mentioned about the time limit and the non-performance  by the buyer in another thread some of your colleagues here just stated that the buyer had the right /option to enforce the Sale within 3 years. It did  not make sense,either common or legal, to me and hence this new thread. Thanks once again for replying my query, Sir.

The limitation is three years from the arising of cause of action. The internal time for performance of contract is fixed in the agreement 3 or 4 months.  But the sec 16 (c) of Specific relief act which play the important role in executing of specific performance of contract. If the purchaser is ready and willing to perform only entitled  to get the agreement executed.  otherwise he cannot enforce to execute the sale deed