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Author Topic: Validity of Agreement of Sale  (Read 106 times)

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Offline Krishna1951

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Validity of Agreement of Sale
« on: November 20, 2016, 08:30:06 AM »
Sir,
We have agreed to sell our land to one business man. We took 10 lakhs advance and agreed to get the registration complete within 3 months from the date of agreement, but in the Sale agreement we did not mention any cancellation clause thinking things to go as per the plan. Now he is not able to pay the remaining amount to go ahead with the registration.
If he is not able to pay the remaining amount within due date, we may have to cancel the agreement of sale. What is the process and what is the forfeit?
Thanks,
Krishna

Offline adv.amarnath

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Re: Validity of Agreement of Sale
« Reply #1 on: November 21, 2016, 11:35:33 AM »
By sending a mere notice for cancellation of Agreement For Sale due to lack of willingness on the part of purchaser will solve your problem. When there is no clause for forfeit of advance money then on that event there is no where written that you cannot deduct a certain sum from the advance money causing you loss or damage. So you can forfeit Rs.10000/- to Rs.20000/- for not complying the terms and conditions of Agreement for Sale and refund the balance amount vide Cheque to the purchaser with notice of cancellation.

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Amarnath Sanyal
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Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

Offline Krishna1951

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Re: Validity of Agreement of Sale
« Reply #2 on: November 22, 2016, 09:57:41 AM »
thank you sir

Offline adv.amarnath

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Re: Validity of Agreement of Sale
« Reply #3 on: November 23, 2016, 10:54:32 AM »
Welcome
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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