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Ankit   19 August 2018

Forfeiture of advance/earnest money

Hi, we have got into an agreement to sell through notary stamped agreement of our property in faridabad. The last date to closeure of this deal was dec-18 but till then the buyer was not able to give the discussed amount. We gave them extra time and even after 9 months the buyer is keep delaying the process. We have sent them multiple messages and letters where we have mentioned that due to their delay we are facing rent charges as we have shifted from that property and also demurrages charges of the vacant property. Now the advance money mentioned is 35% of the total deal and no earnest money amount is mentioned. But the clause in the agreement says that if buyers backsout then we can forfeit the earnest money. So kindly suggest how to proceed on this one as now we are facing tthe probelms as we have further payments to be done to someone beacuse of which we are selling this property and now are stuck


 1 Replies

Adv Deepak Joshi +917017821512 (Advocate)     19 August 2018

Dear querist,

 

You may send legal notice to the buyer mentioning about all the fact like delay in making payment. Give them additional last time of one month for making full and final payment else the advance will be forbid by you.

 

Thanks and Regards

Deepak Joshi & Associates

Djaa.legal@gmail.com

Mb/whatsapp +919456777600


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