Agreement validity on 100rps stamp
Querist :
Anonymous
(Querist) 23 December 2020
This query is : Resolved
Hello,
Please help me on below issue,
We are planning to buy a house and have agreed with owner on 100rps stamp mentioning that should register the house on or before 3months period. BUT actually 10months back the other buyer have agreed to buy a house within 3months period. Due to financial reasons, he is not buying that house and so we are buying it now.
Actually old buyer have two agreements with house owner,
1. For bank loan
Which is returned to owner and owner also returned his advance amount.
2. One agreement as per market value
Not sure, where is this agreement now. Actually we and house owner requesting old buyer to sign on cancelation agreement but he is not ready to sign now (as per agreement he should register house within 3months but as said due to financial reasons he don't want to buy it now)
Old buyer is not ready to sign in cancelation agreement and he is not ready to buy a house. Suppose if I can proceed to buy this house and register in 2months. Is there any problem with old buyer?
Please suggest how I can proceed to buy this house or shall i drop?
Isaac Gabriel
(Expert) 23 December 2020
Buy or stop is your discretion.Nevrthless, stamp paper has no time limitation. But the perod stipulated therein is not amenable.
Guest
(Expert) 24 December 2020
The Owner could serve an Legal Notice to the concerned buyer along with an News Paper Publication of the Legal Notice and then after a month your transaction could be completed
Querist :
Anonymous
(Querist) 24 December 2020
Thank you sir, will proceed with legal notice and news paper publication.
Guest
(Expert) 24 December 2020
Welcome Please ................................................
Querist :
Anonymous
(Querist) 24 December 2020
Sir, one query
As per agreement he should register properly within 3months, it's written in agreement. So that agreement is lapsed right? No value of that agreement?
Guest
(Expert) 24 December 2020
Any Sale Agreement would be Legally Valid for 3 years to Seek any Legal Remedy (approaching the Court )
SHIRISH PAWAR, 7738990900
(Expert) 24 December 2020
Hello,
The owner of the property has to cancel the previous agreement with the previous buyer. If the previous buyer is not cooperating to cancel the agreement then the previous agreement has to be cancelled by the court order. If you purchase this property you may also have to face the court proceedings. If you are very much interested in the property and ready to face the court proceedings if filed against you. Then you can buy the property.
K Rajasekharan
(Expert) 24 December 2020
An intending buyer, who agrees to buy the property on a settled amount 10 months ago and enters into a contract with the seller on the terms and conditions that the due balance purchase amount will be paid and transfer process will be completed within three months, has no right of whatsoever nature in the property once he failed to perform the terms and conditions set out in the contract. In such a situation, the contract will remain as a valid contract for sale for only three months and no further.
An agreement for sale is merely a document to obtain another document of sale on fulfilment of the terms and conditions specified therein, so says Supreme Court.
If the buyer fails to perform his part of the contract within the specified time the contract will become inoperative and the buyer is left with no remedy of whatsoever kind.
Time is the essence of a contract when a time frame is specified. The contract act categorically states that when a party to a contract promises to do a certain thing at or before a specified time, and fails to do such thing at or before the specified time, the contract becomes voidable at the option of the other party.
Dr J C Vashista
(Expert) 25 December 2020
Very well analaysed, opined and advised by experts, I concur it.
However, the seller can not make another agreement to sell till first buyer is unable to perform his contractual obligation, during the period when agreement with first buyer is still in vogue (current / not expired with efflux of time) and an intimation to that effect is provided by either of the parties to the agreement qua its termination.
When the agreement with first buyer expires and notice to that effect is given to him, it stand terminated / revoked without any court proceeding.
Rajendra K Goyal
(Expert) 26 December 2020
The owner should send clear notice to previous prospective buyer that the agreement has since been cancelled / expired.
Discuss the situation with your lawyer after some time with your lawyer.
P. Venu
(Expert) 31 December 2020
The owner has the obligation to revoke the first agreement and return the advance towards consideration, if any received. Subsequently, agreement for sale could be executed with the author. The aspect of the earlier agreement and it its due revocation should be mentioned in the agreement.
Advocate Bhartesh goyal
(Expert) 24 December 2020
