Monica (SA) 06 September 2013

Cancellation of agreement of sale possible ?

Dear Sir / Maám

We are long settled in America and have a property in Delhi which we want to sell. Early in the year we flew down to India and entered in an agreement of Sale with a buyer and property dealer as witness on Rs 100 stamp paper. Since we were not aware of the existing price, we entered in to a deal at almost 70% of existing market value.

Also, the agreement we entered into doesnt carry any forfeiture clause and neither any payment/registration date. It has been almost over 4 months now.

Now we would want to cancel the sale agreement as we have changed the plan to sell this property. Is it possible without too much of a hassle and legal complications.

Kindly suggest.

Thanks,

Monica

Reply Follow

1 Replies

adv.raghavan (Advocate,9444674980) 06 September 2013

if u want to cancel the agreement,communicate the same to the buyer and enter a cancellation agreement on the same, and take back the original sale agreement ,otherwise he may create problems in future, because the agreement is valid for 3 years.