Agreement validity - reg

durga (Querist) 03 January 2017 This query is : Resolved
Sir/Madam,

I have paid an advance of Rs. 40 lakhs in Nov 2016 (just few days before the announcement of demonetisation) to purchase a commercial house site. The agreement given by the present owner of the site indicated the time given to register the site after paying the balance amount is 3 months. If the remaining amount is not paid within the 3 months and complete the registration process, I have to forego the entire advance amount.

Because of the present demonetisation and changing banking rules, I am not in a position to gather my cash resources to pay him either cash or through cheques within 3 months.

I wish to know whether the agreement is valid only for three months period. Since the present owner refused to extend the agreement period, Can I take legal redressal to get back my advance paid to him with at least bank interest.

Many thanks in advance for your clarification and guidance.

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Guest (Expert) 03 January 2017
No remedy, if agreement is not extended. You will have to abide by the date/ period of agreement.

Only mutual consent of both the parties to extend agreement is the sole remedy.

Ms.Usha Kapoor (Expert) 04 January 2017
Agree with P.S.Dhingra.

Rajendra K Goyal (Expert) 04 January 2017
Try to have mutual agreement and settle the issue, extend the time for registration.

If the seller does not agree, it is better to arrange for the amount and complete the process.

You may show all documents to local lawyer, explore the possibility of any discrepancy in the title documents and send notice to rectify the same. Approach court to extend the time till discrepancy is removed.