Agreement to sell flat

Querist : Anonymous (Querist) 17 January 2010 This query is : Resolved
Facts: I have entered into an Agreement to sell a flat and have received an advance of 30% from the buyer. The agreement stipulates 75 days (from the date of the agreement)for balance money to be received.There is no specific termination clause, no penal provision for delay payment etc.
Query: If the payment is not recd. within 75 days does the agrement becomes void automatically? can I terminate the contract?

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A V Vishal (Expert) 17 January 2010
You can approach the court for specific performance of the agreement/contract. However, in absence of clear understanding of the clauses in the agreement it is difficult to give opinions/advises. Further, you can terminate the agreement after giving due notice to the intending vendee if he fails to pay the balance within 75 days.

N RAMESH. (Expert) 17 January 2010
//If the payment is not recd. within 75 days does the agrement becomes void automatically?//
No.

//can I terminate the contract?//
yes.

sanjeev murthy desai (Expert) 17 January 2010
I agree with the above opinions,

Pleae clarify that agreement has any forefutiure clause to forefiet the advanced amount? otherwise you have to return to the said amount to the proposed buyer.

Guest (Expert) 17 January 2010
You can terminate the contract by giving notice to the other party either you can file a suit of specific performance of contract against the party for execution of the same.

krantiveer (Expert) 17 January 2010
The Purchaser cannot put the vendor to hardships by paying 30% advance, if he has genuine reasons you may wait. But if he is trying to take advantage and putting you in a fix, you can give a notice and cancel the agreement, but both the parties are required for a deed of cancellation of the agreement, if it is out of court settlement. If he does not respond you can file a suit.

niranjan (Expert) 17 January 2010
Questioner here is the seller and not the purchaser.You can give notice that as prescribed time is over,you forfeit the earnest money paid to you and terminate the contract.However purchaser will be at liberty to file suit for specific performance within three years from notice.