Cancellation of registered agreement is possible?

Querist : Anonymous (Querist) 26 September 2011 This query is : Resolved
Dear Sir,

I have been signed/executed sales agreement with one of the reputed builder for residential property which is under construction. Requisite documents has been submitted with the financial institute for first disbursement of the loan installment as per demand letter issued by the builder. Since I am looking for minimum interest rate I had requested builder to give me a time for next 25-30 days to arrange remaining fund so I will take minimum loan with the minimum slab of interest but builder is not ready to wait till 20th of Oct,2011.

The manager of builder warned me if I failed to release the payment before 30th of Sep then he will cancel my agreement of sale & will transfer the said flat to any other customer.

I would like to know, can builder do this with my agreement?

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Sailesh Kumar Shah (Expert) 26 September 2011
can builder do this with my agreement?
Ans.yes subject to terms and conditions of agreement.

Raj Kumar Makkad (Expert) 26 September 2011
Both of you have to comply your agreed terms and conditions in letter and spirit and answer to your query can also be found in your duly executed agreement.

You may offer some more amount or inerest if provision do no extend time as required.

ajay sethi (Expert) 26 September 2011
be practcial . your laon has been sanctioned bY FI . pay the builder . later you cna switch to another FI offering lower rate of interest . the terms of agreement are sacrosant . if you fail to comply builder can cancel if agreement contains such a clause

Shastri J.K. (Expert) 26 September 2011
I agree with mr. Shailesh Kr. Shah.

Guest (Expert) 26 September 2011
Cancellation of agreement would be subject to breach of terms & conditions contained in that.

Advocate M.Bhadra (Expert) 26 September 2011
Agreement of Sale is a specific performance of contract,so the breach of terms by one side,other side can cancelled the agreement.

prabhakar singh (Expert) 26 September 2011
your smart question has been smartly answered by Mr. Shah,which i often appreciate.

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