Deed of Agreement
debasis MANDAL
(Querist) 24 October 2009
This query is : Resolved
If a person made a Deed of Agreement for sale of his property having valuation of Rs.600000/- on a Rs 100/ stamp paper and if the Deed of Agreement is unregistered and is concluded before the Notary and partial amount of total payment of money has already been done and is recorded in that Deed of Agreement,then can the person withdraw from that Deed of Agreement by paying the amount he has taken?
If the answer to the above is affirmative then what should be the way to restrict himself ?
Raj Kumar Makkad
(Expert) 24 October 2009
It depends upon the developments arose between the parties to the agreement. A notarized agreement is a valid agreement. If the buyer is not willing to perform his part of contract then seller can definitely go to civil court for specific performance of the court but prior to that he has to get himself appeared before registrar with complete documents of the agreed to sold property and the agreement praying therein that he is ready to get the registered sale deed on the fixed date. He will have to get his presence marked by way of affidavit and thereafter he should serve a legal notice to the opposite party stating therein that he is ready to perform his part of agreement. Then civil court.
If any of the party wants to resile from his part of contract and wants the agreement rescind, it depends upon the other party whether to accept it or not. No hard and fast rules are available on such matter.
A.P.Manoranjan
(Expert) 24 October 2009
It appears that the seller want to rescind the contract by paying back ment of 50% of the amount that he has earlier received.the seller is liable for payment of liquidated damages for breach of contract. Besides he has to facebefore the court if the buyer lodges complaint for specific performance of the contract.It is only possible if both the parties agree to rescind the agreement by payment of compensation to buyer for dissolution of the contract giving specific reasons thereof for such dissolution.
