Dear Sir/Madam,
In 2012, my father sold a residential plot to a buyer and signed an agreement recieving five lacs rupees by cheque. Dues to some reason, the deal was not materialise at that time and we agreed to put the deal on hold for some time. Recently, we gave the buyer a cheque of 10 lacs rupees adding principal and market interest. But, due to some family emergency the check dishonoured. Therefore he did send us a notice.
After recieving the notice, we agreed to pay him 14 lacs ( due to check bounce) in two installements.
Last week, we paid him 10 lacs in cash ( he demanded in cash) and he returned us bounced checks. Next month we will pay him remaining four lacs and he will return us sale agreement.
Is there any kind of written agreement required ? Or after getting original agreement and bounced checks we are safe?
Kindly Guide.
Thanks, SP Kumar
