amit aswani (Sr Exec - Sourcing) 27 February 2013

Cancellation of agreement

Dear Sir,

I have entered into the agreement with the buyer for purchase of my flat on 15th Feb 2013.

I have received 30% of the money against this property and rest shall be paid in 3 months of time.

Due to some reasons i want to cancel this agreement.

Is it possible and on what cost..?

Rgds

Amit Aswani

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2 Replies

Adv Hemant Bhimrao Shirsale (Lawyer) 27 February 2013

Dear Amitji, In pursuant to your story, first I suggest to go thoroughly to your Sale Agreement as if would have the clause of either cancellation or of termination of agreement and consequences thereof. If your agreement does contain any specific clause of termination and cancellation without any compensation to either part then it would possible to cancel the instrument either mutually if not then Purchase shall have preference over sell of such unit or he may file suit of specific performance/declaration/injunction of not creating any third party interest in Court of Civil Judge Junior/Senior Division You are further advised to cancel the agreement mutually by registered deed of cancellation otherwise go to civil court and cancel the instrument. As the purchaser and you will have right to move to the court from fresh cause of action within the period of three year. Good Day.

amit aswani (Sr Exec - Sourcing) 01 March 2013

Dear Sir,

No there is no such clause of termination and cancellation mentioned in agreement to sell.

If i drop my idea for cancellation... i have the following query...

I want to know if for some reason i want to have the sale deed done after 6 months is it possible... Because as per agreement to sell, the buyer has taken period of 3 months to pay me the balance amount.

Is it possible and how ? and what will be the outcome to this..