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Prasant (manager)     02 November 2011

Sale purchase aggrement

Hi,

I have a property in Bhiwadi which I wanted to sell, one of the broker got me a deal for 19 Lac. As the property is under construction and I have taken loan for the same. The deal was structured as fallows:

1. The buyer gave me 4 lac and we signed sale purchase aggrement, which gives the buyer 45 days to pay the balance or transfer the loan on his name.

As of now we have signed the sale purchase aggrement and the broker got it notarised for submitting it to the bank for the buyer to get loan.

Now I have found that the market rate has gone up and I have bew buyers who are willing to give 22 lac for the same property.  I ahve asked the buyer to increase the offer, which he is not willing to.

Is there a way to reddile out of this aggrement without having any legal liability. or in other word dose this SPA have any legal santity if it is challanged in court.

Regards,

Prasant



Learning

 2 Replies

ajay sethi (lawyer)     02 November 2011

no . your only hope is that buyer fails to make payment within 45 days . if buyer defaults then you can   terminate agreement .

1 Like

K.P.Satish Kumar (Advocate)     08 November 2011

You can terminate the agreement as per the contract terms. for recovery of money you can approach civil court which have proper jurisdiction.

K.P.Satish Kumar M.L.

Advocate: Chennai:- 9962111818.


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