Sale of property

Querist : Anonymous (Querist) 13 September 2011 This query is : Resolved
An agreement to sell my house for Rs. 88 lcs was made on plain paper & signed by me with revenue stamp of Rs.1/-.Rs. 9 lacs as advance against sale of flat. The last date for transfer of property with Registrar was fixed as 10th Sept.'11. As the buyer could not arrange the money to get the house transferreed in his name, he kept silent & did not contact me. Now, after 3-4 days he has approached me to extend the date to 25th Sept'11. At the beginning of the deal I informed him that I have to go abroad to my son in Singapore & the date of transfer was fixed latest by 10th Sept'11. Now I have changed my program & wants to leave before 25/09/11 as I know he won't be able to arrange money by even 25/09/11 and I will lose my money on tkts. As he has not made an agreement to extend the date. I now want to know what should I do to cancel the deal & leave for abroad. Kindly suggest some remedy. Also, can I forfeit his advance.

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ajay sethi (Expert) 13 September 2011
1)was sum of Rs 9 lakhs received by cash or cheque?
2)did the agreement contain a clause that in event of failure to pay balance amount advance would be forfeited?

3)have you received any letter in writing from purchaser for extension of time to make payment?
4)if agreement contains such a clause for forfeiture you can forfeit the amount if full payment not made .
5)it would be necessary to read the contents of agreement entered into by you with the purchaser . consult a local lawyer

prabhakar singh (Expert) 13 September 2011
i agree with Mr.ajay sethi.All depends on terms of agreement and if "time was made essence of contract"and can damages& losses be proved to the extent of earnest received are few questions to be considered in your case??????