I have registered a Sale deed with the buyer for my Flat in Mumbai western suburb. The advance amount taken is 15% of the total value. Balance 85% was supposed to come by way of Bank Loan. The Sale deed has a forfieture clause with penalty of 2% forfieture amount if the deal is cancelled. Sale deed also mentions if the Buyer fails to pay the balance consideration amount by the stipulated date then the deal will be cancelled and the buyer will have to come to registrar to cancel the deal. The buyer could not make the payment within the time frame and hence technically the deal is cancelled. We have all original documents( except the sale deed with buyers) in our possession. I have following queries:
1) Is it mandatory to register the cancellation deed before re-registering the property with new purchasers.The previous buyers are deliberately wasting time and not responding so that we can not sell our property to new purchasers.
2) If the answer to the above question is YES then how can I force the previous buyers to cancel the deed at earliest so that I donot loose out on prospective customers.
3) What is the fastest legal procedure to register the cancellation without having to spoil the property title.