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Agreement to sell without time limitation

Querist : Anonymous (Querist) 07 January 2012 This query is : Resolved 
In June 2009 I had entered into an agreement to sell for my property due to financial reasons. The agreement to sell has no time limit. At the time of signing this agreement the purchaser paid me Rs.5.00 lacs.In September he gave me another Rs2.00 lacs and told me to sign another agreement to sell overiding the previous agreement. After that he paid me in very small amounts between Rs20,000 and 50,000 till April 2010.After April there were no payments made. The agreed amount was Rs.1.75 crores and he had paid just Rs.14 lacs. In October 2010 I told that I would not like to sell the property and requested him to reverse the agreement. He kept silent and now in December 2011 he send me a lawyers notice saying that I should abide by my side of the deal or he will proceed to court. Will I be able to retain my property because I do not want to sell it any longer, since my financial position has improved.
Raj Kumar Makkad (Expert) 07 January 2012
This is total dishonestly on your part which we do not encourage on this site. Otherwise also you in writing have never refused to cancel your agreement and you had already agreed to get executed the sale-deed as and when told by buyer. Had you imposed any prior condition to provide a certain amount as an earnest money and he refused to pay only then it was a good ground for you to cancel the agreement.
Sushil Sharma (Expert) 07 January 2012
agreed with Makkad Sir, but if you wants to know your position under law you have to show the agreement, because agreement is the sole document on which you can fight or surrender
Devajyoti Barman (Expert) 07 January 2012
Let him do what he thinks best.
If you do not wish to sell him any more and the time to complete the sale as mentioned in the agreement for sale has also expired then you are free to rescind the agreement, return the money to the purchaser and sell it to any other person.
Nadeem Qureshi (Expert) 07 January 2012
Dear querist
you are not bound with this agreement, if he send alegal notice to you, give a reply of this notice through a lawyer, no need to worry it is not your fault.
feel free to call
prabhakar singh (Expert) 08 January 2012
It has nothing to do with your financial position as any defence to the agreement by which court shall compel you to abide.
Querist : Anonymous (Querist) 08 January 2012
Thank you gentlemen, the buyer has agreed to take back the agreement and his money is paid back

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