Hello,
I have entered into a sale agreement of an agricultural land owned by me ( i am the seller and the property is in andhra pradesh ). The agreement was done on a Rs. 100/- stamp paper. I was paid one fourth amount of the total sale value as advance by cheque. It was agreed that the purchaser shall pay the remaining amount within 80 days of the agreement and get the land registered on his name. If the purchaser failed to pay the remaining amount in the next 80 days then he will have a pay an interest of 15% for a period over and above 80 days till the date of registration. Its been two years since the agreement has happened but the purchaser has still not got the land registered nor has paid any of the remaining amount sighting the reason that the property value has come down after the agreement. There is no mention of any cancellation of the deal nor any forfeiture of advance received by me in the agreement.
The purchaser is ready to cancel the agreement if full advance is refunded to him. I do not want to pay the advance amount back to him as the advance paid by him has now become equal to the interest that he needs to pay me if he completes the purchase.
I would like to know the following
1) If there a validity period for such kind of agreement
2) What happens to the advance paid after the validity period.
3) Does the validity period of such kind of agreement depend on the mode of advance payment ie by cheque / cash.
4) What can i do to get something out of the deal.
