Cancellation of sale agreement after making advance
B Shivsubramanian
(Querist) 28 November 2017
This query is : Resolved
Dear Sir,
I had entered into an agreement with an individual for the sale of my apartment in Secunderabad for a sum of Rs 25 lacs. The purchasing party made an advance payment of Rs 4 lacs and mentioned in the agreement that the balance payment will be done within 45 days. He even asked me my tenant who was paying me a monthlly rent of Rs 12000.00 to vacate. Now he wants to cancel the deal and wants me to return the amount. I want to understand as to what are my rights as per law and am I liable to return the advance amount?
Shivsubramanian
Dr J C Vashista
(Expert) 29 November 2017
The terms and conditions of the agreement to Sell/Purchase shall be required to be referred by a local prudent lawyer to decide further action.
P. Venu
(Expert) 29 November 2017
The general principle is that you need to return the advance amount less the loss/damages, if any because of the failure to complete the agreement.
V R SHROFF
(Expert) 29 November 2017
Registered Sale Agreement cannot be cancelled without Court Order.
If unregistered, Amount mentioned as TOKEN MONEY need not be repaid.
Terms and condition of Agreement is important.
If he failed to pay you the balance amount within 45 days; You can issue him a Legal Notice for Cancellation of Agreement and He may not be able to recover any amount (4L) and you are at your liberty to deduct any loss and damages incurred to you,at your pleasure.
DR.VEDULA GOPINATH
(Expert) 29 November 2017
sir
show me a copy of the said agreement to advise your further.
dr vedula gopinath advocate ap high court and arbittrator vgnath@gmail.com
