Dear Sirs,
I have entered into an Agreement to sell my Bunglow in sept 2010 and the sale to be completed by 31st dec 2010 ( 120days ). A token amount of 10% was payed upfront which was to be forfeited upon non-payment
However repeated failures to make part payments as scheduled by the buyer and then seeking extension till 31st Jan 2011 ( 150 days ) for which I made an rider agreement but again the buyer defaulted on making any payment.Till date the buyer is evading contact and the broker is delaying by buying time...I have asked for an 4 % escalation in the price but have not received any response.The agreement stands terminated as of today with no further agreement for extension.
Please advise course of action.Do I need to send a notice through my lawyer which entitles the buyer for another 15 days time to conclude deal ( is 15 days entitlement from last date of agreement or from issue date of legal notice??? ) and agree to the escalation of 4% which is the loss I have incurred due to entering into another property agreement on the basis of completion of the said agreement . Does the 10 % token amount stands forfeited and/or do I have go into legal proceedings with the court and get dragged into a legal battle for 2/3 years which will restrict me to sell my bunglow or put it up in the open market....
Please advise, Thanks
Sachin Malhotra
