LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

KyinxLive (Self)     03 May 2013

Sale agreement (unregistered) cancellation [urgent]

I entered into an Unregistered Sale Agreement with the Purchaser of my house for 90,00,000 in a Rs. 20 stamp paper. Duration of contract: 180 days.

 

The status, as of today is:

 

1. 20 days have passed since the completion of 180 days mentioned in the contract.

2. Only 50,00,000 has been paid to me by the purchaser till now.

3. The Purchaser has accepted that he is unable to pay the remaining amount due to paucity of funds and has requested a mutual cancellation of the Agreement. I too have agreed to the same.

----------------------------------------------------------------------

 

My questions are:

 

1. Should cancellation be done on a seperate Stamp Paper or on the back side of the last page of the original Agreement for Sale?

2. When I pay back the amount, should I prepare the "Paid Receipt" on a Stamp Paper or on a Legal Paper with a Revenue Stamp on it? What amount of revenue stamp should I use?

3. If I am missing something, kindly make me aware.

----------------------------------------------------------------------

 

Thanking in advance. Regards.



Learning

 4 Replies

Ajit Singh Cheema (practising Advocate)     03 May 2013

It is advisable to get the the agreement of sale canceled on the back side of the last page. The payment may also be recorded there at and it should be preferably be witnessed by all the same witnesses as have witnessed the agreement.

Rajendra Shrivastava (advocate)     03 May 2013

you can file a suit for cacellation of sale agreement under specific relif acr.

Pradeep Samma (Daputy manager)     30 April 2014

No question of cancellation of ATS arrives as it is a non registered document. Better way is the one suggested by Mr. Cheema or you can reproduce all your understanding in a separate stamp paper and get it signed and witnessed suitably and to secure ur interests refund should be made by cheque/DD to have proof of payment.

Natarajan   07 January 2016

Dear Sir, I have entereded into an Sale Agreement for sale of my site and  which is registered in the year 2012. The purchaser has paid and advance of Rs.5,00,000/- lakhs, and the balance amount should have been paid within 90 days. The buyer is not coming forth to pay the balance amount even after 4 years inspite of sending notices.  He is not replying to any of our letters for the past 4 years. He his also not coming forth to cancell the sale agreement. In this situtation can I sell the site to another buyer. I am also ready to return the advance amount received.  Since Iam already 65 years old I would not like to file a case, which will take a long time for settlement. Request you to pl suggest the best options in this situtation.

R.Natarajan.

nataraj.natvar.r9@gmail.com


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion Unreplied Threads


Popular Discussion


view more »




Post a Suggestion for LCI Team
Post a Legal Query