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vijay (bussiness)     29 December 2013

Cancel of sale agreement due to buyer not paid

hallo sir

I am AN NRI made an sale agreement in INDIAN EMBESSY the buyer and me made an agreement of swlling land for 65,00,000 lakhs . but the purchaser has not paid the amount .  how can i cancel the agreement. pls tell



Learning

 2 Replies

Adv Akhtar Ali Sheikh (Property Law Consultant)     03 January 2014

Is there is a clause in agreement respecting cancellation? If yes make a cancellation deed stating consideration remains unpaid hence contract is rescinded. 

is it registered? If no you make another agreement stating that you agree to put to end your initial agreement. 

SKapoor_Lawkonect (Lawyer)     11 January 2014



Hi
Vijay it depends on the clauses of sale agreement you have entered into, if
there is no clause in the deed in abrogation of Section 55 of Transfer of Property
Act, 1872
wherein the rights of the seller with regard to an incomplete sale is
mentioned then you can hold on the sale and it would have been better for you
if your agreement would have a clause of that nature which holds the transfer
of the property till the whole amount of the property has been paid by the
buyer to the seller. Moreover, such clauses are also allowed by the TPA. At
this instant you should send a notice to the buyer for the payment of the sale amount.
In case your deed has a clause for cancellation of the sale in case of non-payment
of amount you can also go for a unilateral cancellation deed.
Regards,

Sankalp Kapoor,

Lawkonect.com,

9555507507.


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