I have executed a sale agreement (unregistered) with a buyer, who is into real estate business. There was a 3 months period and the buyer needs to register the property within the stipulated time. The buyer has paid me an advance amount and keeps postponing the registration date. He even tells me that I cannot do anything about this. I even sent him a registered letter giving him another date and failing which the sale agreement becomes null and void. The letter has been returned to me with a remark that the buyer has refused this letter.
The clause in the sale agreement clearly states that....
“The purchaser has to pay the balance sale consideration <amount> on or before the expiry of 3 (three) months at the time of scheduled property registration.”
Another clause states the following..
“It is clearly agreed between the parties that the sale transaction is subject to the fulfilment of the conditions stated supra on or before above said date, which is the stipulated period of this contract.”
I do not want to go ahead with this sale agreement. Please let me know what I should do. If I give him a legal notice and the buyer refuses to accept the legal notice, then what option do I have? I do not want to go to court as it will take years to settle. Can I sell this property to someone else?
Thanks
