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Sagar   18 November 2016

Cancellation of sale agreement

My late father had made an agreement of sale of Shop in 2001, there is a case pending in HC on the said property and so it is mentioned in the agreement of sale, stating once the case is finished the buyer shall make necessary transaction and complete the purchase. The case is still pending as of date.

Now that the prices are gone high and it’s the only property which can gain rent for our livelihood, we don't want to execute this agreement of sale and we are ready to pay his advance amount.

I would like to inform that My Mother, My Brother and I had signed as witness on the said agreement of sale.

The agreement of sale is done in presence of Notary Public.

Further the purchaser is in possession of the said shop.

 

My question is

1. How to proceed further in getting possession of the shop.

2. How to cancel the Agreement of sale.

3. What are the chances winning?



Learning

 5 Replies

Kumar Doab (FIN)     18 November 2016

Does the buyer agree to cancell the agreement?

Ms.Usha Kapoor (CEO)     19 November 2016

You can palinly say we don't want to sell the shop property and want to cancel the agreement of sale and we are preparing to  return the advance paid by the buyer.Otherwise you'll have to filoe a civil suit  for declaration o ftitle  and possession of thes dhop peoperty from the buyer saying that we dont wantr to sell th eproperty and we are rescinding the sale and take back your advance and  retun our poperty.Time is not the eessenc of the contract.We've change of  fmind and we want to keep the shop property to  oursleves youcan tell th court.Let us  wait and see wha thappens in High copurt regarding thi s property and what Judgment would ensue? You've 70% chances o fwinning.

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SHARAD CHANDRA DANEJ (Asstt. Manager)     19 November 2016

What are the terms and conditions of the sale agreement? Is there any cancellation clause in the said agreement? As you said there was only this condition of finalisation of pending case in HC, which seems taking a long period. If there's no other cancellation clause, then inform the buyer to evict the shop as you no longer intend to sale the property to him and ready to return the money with interest. But I am sure the buyer will not agree to this. Please talk to the buyer if the problem is solved amicably its good.Otherwise, you need to file a suit for eviction of shop shop by the buyer. Please contact a property lawyer and seek his advice. 

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Kumar Doab (FIN)     19 November 2016

Usually the buyer that is also in possesion creates issues.

You should remain amiable and attempt to settle, amicably.

Or approach your own very able counsel specializing in such/property matters. 

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SHARAD CHANDRA DANEJ (Asstt. Manager)     19 November 2016

What are the terms and conditions of the sale agreement? Is there any cancellation clause in the said agreement? As you said there was only this condition of finalisation of pending case in HC, which seems taking a long period. If there's no other cancellation clause, then inform the buyer to evict the shop as you no longer intend to sale the property to him and ready to return the money with interest. But I am sure the buyer will not agree to this. Please talk to the buyer if the problem is solved amicably its good.Otherwise, you need to file a suit for eviction of shop shop by the buyer. Please contact a property lawyer and seek his advice. 

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