Aditya Raj (Owner) 12 November 2012

Pls help: sale agreement cancellation

Hello,

Few months ago, I made a agreement of sale on 500 Rs Stamp paper to a buyer for my agriculture land. The registry date was 19 Oct 2010.

The buyer has paid half of the amount and now he says he does not have money to buy that. Also, he is not picking up my phone and the dealer tells me that the buyer is not interested to continue with the deal.

He has paid 65 lacs to me already and in my agreement it was mentioned that if buyer does not pay the amount and does not show up on the registry date, then I can keep the token money which was 25 lacs.

Can the buyer do any legal action against me? What step should I take to safeguard myself? Please provide suggestions.

Thanks,

Aditya

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3 Replies

Advocate Rohit (Advocate) 12 November 2012

first you need to send a notice to the buyer for cancellation of agreement of sale. in that notice you need to mention about the money which you shall have a right to retain.

further, you may give advertisement in the two local newspaper about cancellation of agreement of sale so as to protect yourself.

The proposed buyer may take you to court for getting Rs. 25 lakhs back from you.

You might be required to contest the case.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

bhagwat patil (Property due diligence 9422773303) 13 November 2012

For 3 years the buyer has limitation to sue you in court.It is better to refund his advance and cancel the agreement by conent.If he is not ready to cancel or complete the agreement and you have taken the advance by way of cheque deposit the amount in his account by way of cheque keep record and send him notice for cancellation of contract and the return of consideration simulationouly.

Aditya Raj (Owner) 13 November 2012

Thanks Mr. Rohit and Mr. Bhagwat.

The situation is he is not ready to cancel the agreement and wants me to wait for another 6 months or so for the payment and that too is not very sure about for the payment. I am still trying to talk to him and the dealer.

Thanks again for your advice.