Agreement to sell
manoj
(Querist) 25 May 2012
This query is : Resolved
i entered into a agreement to sell my ancestral agriculture land to one pvt ltd co in dec 2011 i received 25% amount as advance money and pay the bal 75^ amt in feb.,2012
but purchser did not pay the bal amount
i also written the agreemnt to sell on stamp paperand purchser signed the same
purchaser is not honouring the contract
can he demand his advance back?
V R SHROFF
(Expert) 25 May 2012
You issue notice to pay within another one month, or the Agreement to sell is cancelled, and you are free to sell to any third party, and any token or advance money paid towards the deal stands forfeited.
Get news paper published inviting Objections, by prospective buyer, and after 15 days , register sale deed , giving possession to third party purchaser.
He can demand his adv bk.
Nadeem Qureshi
(Expert) 25 May 2012
Agree with Mr. Shroff, but he can not claim for advance back. advance shall be forfeited
M V Gupta
(Expert) 25 May 2012
Check the agreement for sale regarding termination of the agreement and forfeiture of the earnest money.Follow the procedure prescribed in it.
V R SHROFF
(Expert) 25 May 2012
Manoj is silent on terms of earnest money.
R.K Nanda
(Expert) 25 May 2012
No, he cannot demand his advance back.
ajay sethi
(Expert) 25 May 2012
whata re terms of agreement for sale? it must have mentioned that in case of failure on part of buyer to pay balance 75 % following shall be the conseqneces .
please clarify whether there is for forfeiture clause?
Shonee Kapoor
(Expert) 29 May 2012
Nothing left to be added.
The clause has to be clarified.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
bhagwat patil
(Expert) 04 June 2012
Of course purchaser cannot ask for return of advance legally ,but you want to sale the same property the second purchaser will ask you to clear the charge over the property and ask NOC from first so called buyer, at that time you have to pay the advance if at all you don't want to sale within 3 years it's ok.
