Sale Agreement

Hi All,

I sold my property for an amount of Rupees 20 Lakhs on January 30, 2008 by accepting 10 Lakh Rupees as advance. An agreement was entered into.The balance of 10 Lakh was to be settled by April 30 ,2008. Till now the buyer has not turned up to settle the matter. What is my remedy in this regard? Is there any time limit by which the buyer has to settle the deal as per law.  In that case can I sell the property to a third party in case the buyer do not discharge me. I have also suffered much in this deal.

Please advise me.

Help is appreciated

Ajeeth

you send notice to him to come and receive the advance 10 Lakhs as time has barred.

Give him specefic time to complete the agreement, failing which you sell the property to some other bidder and return the advance money of ten lakh.

Mr.Ajeeth, actually your statement is somewhat vague, if you clearly mentioned something then you will also get clarity on facts, first  you said that you sold your property.. ??????????? what i think  ....by mere an agreement no one can sell and transfer  the title unless and until the other party fulfill the terms and paid the full consideration upon executing the sale deed. so your case is simply agreement and he has violate the terms by not paying the balance hence as Mr.Aravinthan said you have to issue the legal notice and return the advance , then you may cancel the agreement and sell the property to anyone.

Ravi

see mr ajeeth it not what your problem is it the document which speaks so kindly look inti the agreementto sell as collegue mr ravikumar told its only an agreement entered by you with the second party, after going through the document see weather ayr specific clause is mentioned  ?

1. time - specific period of time , withinin how many days or pmonths, or year this agreement stands for .

if your case falls in this clause then as my collegue aravinthan said issue notice mentioning the time bount and further reply - no reply you can claim interest/damages/compensation on specific relif act breach of contract

so carry on with the procedure all the best