I need some info on property agreement.Myfather got into an Agreement to Sell on a 100rs stamp paper which had an X amount and the buyer gave an earnest money /or token money of 5 lakhs only in cash.
The time limit to complete the property transaction was 4 months.But now the buyer is not a good man and misguiding us .So we do not wish to sell him our house and execute the proper sale deed.
So can be cancel this agreement to sell as the time will be finishing in 15days , as the 4 months period will get over and he has not payed any money or done a registered agreement. Should we forfiet the money if the time is up or should we give it back to him and cancel.
Also what can he do to trouble us with this agreement in case he does not wish to withdraw and take back his money.
The terms have to be looked to answer properly, further, the vendee has 15 days to complete the transaction, you cannot unilaterally call off the deal before giving a proper legal notice. Further, forfeiture of the token amount will again depend on the terms of the agreement. Don't rush in haste since you may land yourself in deeper trouble.
If you want to cancel the agreement of sale you will have to issue notice to the purchaser. He has also got rifht to issue notice to your father to perform the specific performance of contract, he has got still three years to initiate legal proceedings against your father. So try to solve it smoothly. If he is not a good person then it is better to return his money and get cancell the AOS
sir mr Jha and sir adv Vivek, Kindly do help me, I have an organisation(co-op society ltd),our societies former secretery had bought a commercial space of MHADA .they made an agreement on stamp paper of 20Rs in year 1997.he also made full payment of 2.5lk to the seller at the time of agreement by cheque,but now he(seller) is saying he would not going to registry us of the property.now what should we do and also i m giving u some specific points to think on. 1) we had made full payment by cheque and still he did not returned us. 2) he did commited us that he will produce a NOC from MHADA for registry,as per my knowledge he didnt even applied for it. 3)can MHADA official help me on this by law 4) unfortunately we didnt notary or registerd an agreement so kindly suggest me remedy for above subject