Reena (None) 11 October 2012

Advance money forfeited

Hi all,

I have a question for you all.

If the buyer of a property backs out and does not execute the sale of the property within the stipulated time period, can the buyer come up again and ask for the sale deed to be executed? can the seller sell his property to somebody else? Basically can the buyer in any way delay the further sale of the property to anybody else?

I would be very greatfull for your response

Thanks in advance

Regards

Reena

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1 Replies

M. A. Khan (advocate) 11 October 2012

it all depends upon the conditions developed between buyer and seller. normally an agreement is executed between which binds both parties. if buyer violates terms of agreement i.e. payment of balance money, seller can forfeit earnest money or can seek specific performance. if agreement executed, seller cannot sell the property to third person unless agreement is terminated. buyer should show his bonafides to complete the sale.