Sale Agreement
Ajeeth
(Querist) 17 September 2010
This query is : Resolved
Hi All
I entered into an agreement to sell my property for 40Lakhs and received 20Lakhs in February 10th 2008 and the balance 20Lakhs was to be paid by May 10th 2008. However the buyer has not yet settled my balance. Now he has filed a suit against me seeking specific performance of the agreement. The property prices in the area has gone up and he is not ready to pay any loss/interest to me.
Anyone please help me out to counter this person and get reasonable compensation for the long delay.
Can I request the court to cancel the above agreement
Please help me out......
Ajeeth
pawan sharma
(Expert) 17 September 2010
yes, if the time of the agreement is over.
Chanchal Nag Chowdhury
(Expert) 17 September 2010
It is not possible to give a definite opinion based only on your bare statements.
Everything depends on the terms of the contract & the conduct of the parties in the interim.U R advised to sit with a good lawyer & discuss threadbare after going through the entire papers especially when the matter has reached court.
s.subramanian
(Expert) 17 September 2010
Mr.Chanchal is right. I would like to state that on the ground of rise in prices of the land,the court cannot dismiss a suit for specific performance,if it is otherwise ok. But if you are able to prove that the buyer has not been ready and wiling to complete the sale in time,you can have the suit dismissed.
Sri Vijayan.A
(Expert) 17 September 2010
1. The period of agreement is over
2. The buyer had not fulfilled his obligation of payment
3. So he can't file for spe.performance
4. Termination of agreement, depends on the termination clause of agreement
5. If any penalty clause in the agreement, you can impose penalty. You can deduct the penal amount and return the balance of said advance amount paid by him.
6. Otherwise, if u agreed to return the advance amount with interest, u have pay so.
7. So, to know the legal status of ur agreement, pl better consult a local lawyer
