sale agreement

Querist : Anonymous (Querist) 03 December 2009 This query is : Resolved
I had signed an agreement of sale of a house for Rs. 15 lakhs as buyer. I paid Rs. 5 lakhs as advance. In the agreement it is written that the remaining amount should be paid within 30 days from the date of agreement. The 30 days period is over, but, I am not able to pay the remaining 10 lakhs. What will happen now? Will the builder take my advance money and cancel the agreement?

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Raj Kumar Makkad (Expert) 03 December 2009
You read your agreement carefully. The terms mentioned in that agreement shall prevail.

Devajyoti Barman (Expert) 03 December 2009
Though you could not pay the balance amount of money in the mutually agreed time,that does nor debar you to pay the balance amount now and the vendor can not refuse you unless it could be shown or proved that the time(30 days) was the essence of contract.
The vendor can not retain the whole earnest money and cancel the agreement.Do not waste further time to pay balance amount or part of the same.

n.k.sarin (Expert) 03 December 2009
Builder nor can take your advance money or canceled the agreement.It is not so easy for builder to forfeit the money or canceled the agreement.From your query it is not clear what do you want from builder? what he should do?.

niranjan (Expert) 03 December 2009
Better file suit for specific performance,usually,the time is not essence of contract for agreement of immoveable property.The intention of the party is necessary. Ask your seller to extend the time limit .

dhiraj choudhary (Expert) 03 December 2009
file suit for specific performance of contract n not injunction suit as d same 'll create problem for u in future as bar of order 2 rule 2 of c.p.c. 'll come into picture

A V Vishal (Expert) 03 December 2009
Mr.niranjan & dhiraj choudhary,
Why is the query being twisted by the experts, the question is clear, the querist has entered an agreement and not performed his part of the contract, as stated by Mr.Makkad the terms of the agreement are critical to ascertain the consequences that might follow on non performance by the parties to the contract.