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Dhanesh (Programmer)     22 November 2010

Sale of of property - buyer not Paying

I have entered into a sales agreement (registered), with a buyer. he had made part payment of the amount agreed upon and the rest was agreed to be paid within 30 days (mentioned in the agreement). within days after the agreement the buyer has expired, his son was willing to buy the property wanted me to give him one month extention for payment. It is nearly about 4 months and he has not made the payment. everytime i make a phone call he says he will do it 10-15 days, it has been almost 4 months and i have not received any money, I have suffered losses of over 15000 for this delay. Is there any legal way for me to cancel the contract. alternatively what is the procedure that i should follow to get this resolved.

Thank you for your help in advance .

Thanks ,

Dhanesh.
 



Learning

 2 Replies

rajkumar.vnm.marupeddi (advocate)     23 November 2010

 

Dear Sir,

The recitals of the agreement of sale plays important  role in deciding the enforceability of contract. If there is any interest or damages clause for the delay or default, you will be entitled to claim interest or damages as mentioned in agreement. If there is any specific recital with regard to cancellation of agreement, in case of default of purchaser, undoubtedly, you will have right to file a suit for rescission of contract after issuing notice. In cases of specific performance of an agreement of sale, the buyer shall be ready and willing to perform his part of contract within stipulated time. Usually, immovable properties are sold only for the purpose of meeting urgent financial necessities like.,for education, discharging debts, Hospitalization, marriage.  If the purpose of sale agreement  is not served within time stipulated in the said agreement, the legal heir of buyer is not entitled to seek for the relief of specific performance of agreement of sale. It seems your case is good enough to approach a court of law for the relief of rescission of contract. However, please contact a local advocate to take perfect opinion on the said agreement of sale.

M.RAJ KUMAR.VNM,

Advocate

Y ARAVIND (ADVOCATE)     06 December 2010

Mr.Rajkumar.vnm had discussed the issue throughly and iagree with him .


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