Extension of sale agreement period of 3 months due to delay in loan availment
Nagaraj.swamy
(Querist) 04 May 2014
This query is : Resolved
Dear All,
One of my client entered into a sale agreement by paying an considerable amt of advance and has gone for housing loan. Due to delay in submission of documents gettiing valuation report and legal opinion is delayed. Again bank is taking its own time to process the loan. mean time the agreement period is coming to an end.
Please let me know what is the procedure to be followed to extend the period for another 1 month.
Thnx,
NMS
Devajyoti Barman
(Expert) 05 May 2014
The terms of the agreement needs to be seen, Generally such terms should be mentioned in there. In any case you inform the seller about further extension of 1-2 months on the grounds mentioned above.
prabhakar singh
(Expert) 05 May 2014
EXTENSION OF PERFORMANCE PERIOD OF ANY AGREEMENT IS AGAIN A JOINT BUSINESS OF PROPOSED SELLER AND PROPOSED PURCHASER.IT CAN NOT GO ENHANCED EX-PARTY UNLESS PRE AGREED.
INTERPRETATION OF STIPULATIONS IN SUBJECT OF DISPUTES IS COURT BUSINESS TO BE ARRIVED AT
GIVING REGARD TO INTENSIONS OF PARTIES FROM ATTENDING CIRCUMSTANCES.
Advocate. Arunagiri
(Expert) 05 May 2014
You can request the seller to extend the time, if he agrees, get the endorsement in the sale agreement document itself.
Or else you can get a separate letter for extending the time limit.
ajay sethi
(Expert) 05 May 2014
obtain letter from seller for extending time limit for further period of one month
Advocate Bhartesh goyal
(Expert) 05 May 2014
It will be better to get the endorcement in regards to extension of period for performing contract on original agreement itself.
Rajendra K Goyal
(Expert) 05 May 2014
Ask the seller to extend the time for one month and get the consent in writing.
Sankaranarayanan
(Expert) 05 May 2014
i do agree with experts ask your seller request the same
T. Kalaiselvan, Advocate
(Expert) 07 May 2014
An endorsement at the back page of the sale agreement extending the performance period by either the seller or mutually by both shall be a solution to this.
