How to cancel an agreement to sell

sanjay (Querist) 08 November 2017 This query is : Open
i entered into an agreement to sell for my flat, the buyer is unable to muster funds since his loan has not been sanctioned. i am ok with cancellation but i need to know the procedure as also the formats for cancellation agrreements

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Ms.Usha Kapoor (Expert) 09 November 2017
YOu need to mention in Deed of csncellation that in view of the the opposite party or the buyer violating the terms of agreement to sell dure to lack of funds on his part I hereby terminate the Agreement to sale and the proposed buyer has to pay me reasonable damages with interst till payment for cfancellation of contract 0r Agreement to sell for want of funds on his/buyer's part..

P. Venu (Expert) 09 November 2017
Was the agreement registered?

Guest (Expert) 09 November 2017
Mutual consent for cancellation of the agreement is a must. Both the parties will sign the agreement, which would be required to be registered with the SR of properties.

R.K Nanda (Expert) 09 November 2017
no formats are supplied here.

Ms.Usha Kapoor (Expert) 09 November 2017
If you appreciate my above answer please give me likes.

Rajendra K Goyal (Expert) 09 November 2017
He may request for cancellation in writing and you may confirm if agreement is not registered.

Better prepare cancellation agreement executed by both parties with witness..

Dr J C Vashista (Expert) 10 November 2017
Issue legal notice for cancellation of agreement as covenanted therein.

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