sale agreement

hi,

i got into an agreement with the builder on april 8th 2010 for 45 days that i will repay the amount by loan within the 45 days unfortunately the bank applied rejected my loan and now i have reapplied in another bank.

when i informed the same to my builder he is giving me a deadline and if i am not able to register the property under my name on the given deadline he says he will deduct 1 lakh from the advance i paid him and return the advance. can he do this? If he can deduct the advance what is the minimum and maximum amount i can loose? is this only a threat by the builder to move fast? i have paid him 6 lakhs as advance..pls advice..

If there is a specific clause that ifu fail to pay the balance consideration by the time contemplated in the agreement, Builder can forefit a part of amount or the whole amount then certainly he can forefit that amount. Contents of the agreement are required to be verified. Wish u read the agreement properly before signing it. Such tactics are common as expecting u to buy the flat, he may hv lost out on other customers.

well there is no specific details bt it says if the buyer or the seller does not agree to sell the property then necessary action can be taken.