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sale of house

(Querist) 14 February 2008 This query is : Resolved 
Respected Members,

Hope all is well from your end

I have a problem and need some good advice from all of you

I have sold my flat on 3/12/2007 as per the sale agreement the flat was valued at 33.50 lacs and the buyer paid RS 10.Lacs as earnest and balance money was to be paid on or before 3/2/2008 but the problem is the buyer has not paid the money at the stipulated date and he has lost is job and unable to get housing loan now he is avoiding me when i tell him to cancell the deal he refuses on the second part i have purchased the flat i have to pay the money to seller on situplated date or else he will forefiet the whole amount
now i am in fix

please advice what to do

awaiting for your reply

Prakash Yedhula (Expert) 14 February 2008
Either you can cancel the deal or if you are still interested in the deal your remedy in only to file a suit for specific performance of the agreement.
Aniruddha.P.Pawse (Expert) 05 March 2008
You may terminate the agreement and file suit for compensation if required
Srinivas.B.S.S.T (Expert) 18 June 2008
send a forfeiture notice to you buyer stating that the amount paid by him by way of advance will be forfeited if he fails to come forward for registration
SANJAY DIXIT (Expert) 22 August 2008
You may file a suit for specific performance in the competent court of law.
Y V Vishweshwar Rao (Expert) 01 May 2009
In this case a Notice to be issued stating that the advance is paid to other Builder to purchase a New Flat by Vendor and purchaser not paid the balance amount in time in terms of the Agreement and under the Terms the advance will be forfeited( if applicable ) and the Vendor is entitled to sell the property to any other purchaser and the purchaser having failed to comply his obligation lost his rights under the Agreement and also liable for damages for the delay and also taking back from the Sale agreement
g s pandey (Expert) 20 January 2010
firstly serve notice to LL for the specific performance of the agreement and if does not come for resolution then file a suit in court having jurisdiction.

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