Cancellation of sale agreement

Chiranjeeb (Querist) 28 August 2018 This query is : Open
My friend has done a registered sale agreement with a builder for purchase of a flat, now due to financial reasons he is unable to make further payments.
Now i want to purchase the flat, my queries are

1. how much time will it take to cancel his agreement.
2. Is it possible to cancel his agreement and do a new registered agreement in my name in 1 day.

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Dr J C Vashista (Expert) 29 August 2018
Any agreement can be revoked by either of the parties to the agreement subject to the conditions and covenants.
Further agreement in your name is discretion of builder.
You have not drafted this question paper properly.

Guest (Expert) 29 August 2018
Have not your friend and you approached the builder for solution? Solution lies in meeting with the builder. If met, what is his opinion and if not met, must meet him to get a viable solution. Experts cannot act as spokespersons for and on behalf of the builder.

However, if he does not agree on the proposal to swap your name in place of your friend, you will have to enter in to a fresh agreement, while your friend has to act according to the terms of agreement. Cancellation of agreement is not a one-sided affair. Both the parties must agree to cancel the agreement on mutually agreed terms, or as mentioned in the agreement.

P. Venu (Expert) 29 August 2018
Yes, what is the opinion/stand of the builder?

Chiranjeeb (Querist) 29 August 2018
The builder is ready to sell the flat to me but he said that he will have to consult his legal team.

K Rajasekharan (Expert) 01 September 2018
Any day it can be cancelled if both parties agree to and thereafter you can enter into a fresh agreement on the day itself if the owner agrees to.

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