Property Sale agreement

sam (Querist) 17 April 2010 This query is : Resolved
Recently I signed a non registered agreement of property worth 37 lakhs as advance amount
in a 50.rs stamp paper. But the real estate price boomed and now i dont want the sale agreement to get executed and i was willing to return back the advance amount.But the buyer is not willing to accept that and he
is going to file a suite against me to get the agreement executed. kindly
give me advice on this matter.

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Parveen Kr. Aggarwal (Expert) 17 April 2010
If you have entered into an agreement to sell your property, you are under a legal obligation to transfer the same to the vendee on receipt of the balance sale consideration. However, if liquidated damages have been agreed upon in case of breach, you may offer the amount of damages to the other party.

O. Mahalakshmi (Expert) 23 April 2010
It depends on the agreement contents. However the agreement should be registered, then only it will be legally valid. Consult a near Advocate and proceed further.

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Property Sale agreement

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