cpc

shall we request the rate of interest for the advance amount


We liked one  property (15 years old house) which don't have any approval. Since we liked that property, I spoke with a seller to purchase that house.

Seller said after getting proper approval we will have a registration and both are agreed. Seller asked us to pay 5 Lakhs advance as token (Cash) to sign the agreement.We to arranged the cash and agreement was signed on 1st oct 2019.
Agreement Terms
1. Seller will get the approval within one month 
2. Buyer should buy the property  within 2 month from the date of approval
3. After approval if the buyer not ready to buy then advance amount not return

Its almost 2 month 15 days, for that property approval is not received from govt side. 

Now seller asking us to do the registration without approval or get the token advance(5 lakhs) what we gave. We requested seller that we will wait for another one more month, but seller is saying many peoples are ready to get the property without approval and with higher amount why should i wait for you?

My question.
1. What is the agreement validaty period for property sales agreement
2. Whether we will file any case for this
3.Shall we request the rate of intrest for the advance amount or not which we gave

 
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Three years limitation .file suit for specific performance of contract.if not take back advance money with interest and be happy.issue legal notice
 
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Advocate

The validity period of an agreement for sale is three years.

If the seller is ready to give you back the advance amount then there is no need for you to go for a suit for the purpose.  Otherwise you need to file suit for specific performance of their part of the contract or getting the advance back.

The question of interest depends on the conditions you stipulated in the agreement. A contract is always governed by the conditions stipulated in the contract itself. If there is a clear lapse on their part, then you have every right to get interest which you can demand.

In case you are forced to file a suit, then the court can direct them for specific performance of the contract, or alternately pay you back the advance as well as damages for the loss you suffered due to their failure in performing their part of the contract.

 
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