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Koduvayur (AVP)     17 August 2013

Sale of property

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 



Learning

 4 Replies

2BHelpfull (Other)     17 August 2013

registration must be done within stipulated period of the execution of the agreement.

 

u can cancel the agreement under breach of terms n condition.but for that u have to go to court.


""If I give him a legal notice and the buyer refuses to accept the legal notice, then what option do I have""

file the case n if the opposite party doesnot come then ex-parte order will be passed.


Can I sell this property to someone else?

NO.

if u sell it then u will be in great trouble as opposite party will file many cases under CrPC, Contract act etc.

 

 

 

 

Advocate Bhartesh goyal (advocate)     18 August 2013

In situation,If buyer failed to pay you entire sale cosideration and  not geting registered the  property within stipulated period  i.e 3 months,you can issue him a legal notice saying the cancellation of agreement as" time is essence of contract " and forfeit  the advance amount.

Koduvayur (AVP)     25 February 2014

Sir- in continuation where I had left 6 months back...

I have returned the advance payment paid to me by the intended buyer through crossed cheque and have sent it via registered post acknowledgement due. This was some 2 and 1/2 months back. The intended buyer has not so far presented the cheque for payment. He has been silent and I too have not been following up with him. I have also mentioned in my registered letter stating that 'I am not intersted in selling my property to him and that it is 'null and void'

I would appreciate if you can please read from the first thread on this communication and give me  your professional help...

I want to know if I can go ahead and sell this property to another buyer?

Do the first intended buyer still have any say in this?

Please help me

Thanks

Param

Koduvayur (AVP)     25 February 2014

Sir- in continuation where I had left 6 months back...

I have returned the advance payment paid to me by the intended buyer through crossed cheque and have sent it via registered post acknowledgement due. This was some 2 and 1/2 months back. The intended buyer has not so far presented the cheque for payment. He has been silent and I too have not been following up with him. I have also mentioned in my registered letter stating that 'I am not intersted in selling my property to him and that it is 'null and void'

I would appreciate if you can please read from the first thread on this communication and give me  your professional help...

I want to know if I can go ahead and sell this property to another buyer?

Do the first intended buyer still have any say in this?

Please help me

Thanks

Param


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