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RATHNAM (PARTNER)     04 August 2012

Cancellation of sale agreement

hi i need advice.i entered into an agreement for selling my house worth 65lacs for 55 lacs only becacuse I was

PROMISSED EARLY SETTELMENT OF MONEY ORALLY.BUT ON AGREEMENT ON PAPER WAS 3 MONTHS.

I WAS ALSO PROMISSED AN ADVANCE OF 15 LACS AT THE TIME OF AGREEMENT BUT WAS DELAYED AND NOT GIVEN ON DATES PROMISSED.NOW THE DATE OF AGREEMENT FOR THREE MONTHS HAS LAPSED.

THE PURPUSE OF SELLING MY HOUSE FOR A LOWER PRICE HAS NOT BEEN ACHIVED.HOW DO I CANCEL THE AGREEMENT AND HOW DO I TELL THE SELLER TO FORFEIT THE ADVANCE.PLSSS HELP ME .

I HAVE INCCURED A LOT OF LOSS IN BUSINESS DUE TO THIS DEAL.



Learning

 1 Replies

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com))     04 August 2012

In this case, time was of the essence of the contract, if the buyer has not performed his obligations under the contract (i.e Agreement to Sell) within the stipulated period of 3 months, you are free to put an end to the contract by serving a notice of rescission of contract. You are also free to appropriate a reasonable amount out of the advance paid. 

Consult a local lawyer to help you with this notice, a perusal of the agreement is imperative to reach the correct conclusion. 


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