Sale agreements

This query is : Resolved 

Querist : Anonymous (Querist)
26 August 2019

Respected Sirs,

1) I fixed my property rate to sell in Bangalore and negotiations completed with intake of advance amount X.
2) Buyer has to complete the formalities in paying back balance amount within 3 months from the date of sale agreement execution 21/08/19
3) If buyers fails to pay balance amount on or before 21/11/2019. Then should i return taken balance amount or deduct some amount and quash sale agreement.
4) But personally without troubling buyer i will extend upto dec 2019 for him to pay balance amount and get property registered in his name.

Please advice me on legal grounds


Dr J C Vashista (Expert)
26 August 2019

You have both the options Mr./Ms. Anonymous.
You may forfeit the amount received by you with a notice to the vendee (after due date) and/or return his/ her amount. You can also (mutually acceptable) extend the date of execution of documents after payment of balance consideration.
Why anonymous and hypothetical question with so many presumptions?
Such academic question should have been filtered by Admin LCI.

P. Venu (Expert)
27 August 2019

It is the buyer who can provide the definite answer. However, you cannot forfeit the entire amount received if the the deal is not completed, even if it is because of the buyer.

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