Saravanan (Architect) 16 August 2023

Property sale agreement cancellation

Hello,

I am a owner of a property and I have entered into a sale agreement with a buyer. The agreement is for 90 days. I wish to cancel it because I am not interested to sell it anymore. Its around 60 days now. I have received an advance of 1 lakh and ready to return it too. The buyer is asking for more time. How should I proceed on this.

Thanks,.

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2 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 16 August 2023

Before the completion of 90 days, you both shall execute the cancellation deed for the sale agreement by returning the advance.

T. Kalaiselvan, Advocate (Advocate) 17 August 2023

If the buyer is not cooperating or willing to cancel the agreement, then you may have to wait for the period of 90 days and on the next date, you can issue a legal notice communicating your decision to cancel the agreement for the reason that the buyer did not turn up to perform his part of contract.

If you do this before itself then the buyer may approach court with a suit for specific performance of contract, then the litigation would be an unnecessary burden on your shoulder