Registration Act
allurisivajiraju
(Querist) 27 August 2010
This query is : Resolved
Respected Sir, Mr. X purchased immovable property from 'Y' for Rs. 50,00,000/- and gave an amount of RS. 15,00,000-00 towards an advance and obtained un registered agreement on Rs. 100/- non judicial stamp from "Y" on 30-05-2007. In the said agreement Mr. 'X" agreed that the remaining balace would paid within 3 months ie. 30-08-2007. But subsequently "X" fell down in financieal crises. at present he is not in a position to pay the remaining balance to "Y".
In the above circumstances is there any remedy to |Mr.X to get advance amount ie. Rs. 15,00,000-00 from Mr. "Y". infact there is no mistake in the case of Mr. Y.
s.subramanian
(Expert) 27 August 2010
If the agreements of sale contains a forfeirtue clause,it cannot be got back.If there is no such clause,you can definitely get back.
H. S. Thukral
(Expert) 27 August 2010
If it is earnest money with stipulation of its forfeiture in case of non-performance then you can not get back. But if it an advance you can get back subject to any adjustments of damages which the seller might have suffered.
Rajeev kulshreshtha
(Expert) 27 August 2010
It depends on the conditions purporting into agreement.
Devajyoti Barman
(Expert) 27 August 2010
Yes the agreement covering the terms and condition in this respect will decide this aspect.
Chanchal Nag Chowdhury
(Expert) 29 August 2010
Mr.X may negotiate with Mr.Y for refund. If that is not possible/fails, X may find a buyer & transfer the agreement or make a tripartite Deed of sale with him as confirming party. If all these fail, he will have to approach the court by 30/11/2010(last date after which limitation will set in) for refund of advance.
However, all these depend on the terms and conditions of the agreement.
