I am the seller I made the agreement with buyer to sell my flat for Rs35,00,000/- Advance amount is Rs.100000 in agreeent it's clearly stats that agreement will be valid for 45 days from the date of the agreement. I now come to know that purchaser has no sufficient money to purchase this flat. Already 30 days over still 15 days left. From here how can I proceed further. Purcahser is a politician. So how to handle this issue please help me in this regard. I waiting for your reply. The agreement is entered in 100 Rs. Stamp Paper Non-Judicial. Other clauses stats that if purchaser fail to purchase the property in stipulated time limit then seller can sue for compensation. But it is not states that after 45 days the agreement becomes invalid. It says agreement will be in existance for 45 days. I need experts answers in this regard.
1. An agreement to sell or any contract for that matter stays alive for three years - and if not rescinded/cancelled - the buyer can try getting the sale deed executed by filing a suit for specific performance.
2. Since in this case the time is of essence, you are within your rights to rescind/cancel the agreement at your end by serving the person with a notice of rescission.
3. You are entitled to retain a reasonable amount of the 1 lac rupees earnest with you.
Have you given the possession of the flat, naturally may be NO, if so speak with him and what do you desire if you remain unpaid. You want compensation or want to cancel the deal and keep the token or return the token amount. Choice is yours accordingly replies will differ.
The only thing is he is politician and from ruling party. That's where all the problems lies. So I want to know how to proceed further in this matter. I request all advocates read all the three updates made by me before commenting. Thank you
You will have to send him a legal notice via RPAD that , since he has not fulfilled his promise within the stipulated time of 45 days, you have decided to cancel the agreement and will return his money in a manner that is favourable to him and to you. If you feel , his being a politician may give rise to some dispute, engage a legal counsel to do your negotiation.
U give a legal notice after passing of 45 days about that he has not paid the amount as per agreement, so you are cancelling that agreement. Also mention about Rs. 1,00,000/- according to the agreement, but will advise to engage a local lawyer to know his intention and also for negotiation to safeguard yourself.