Forfeiture of advance amount

dheepak srinivasa (Querist) 13 August 2012 This query is : Resolved
I had paid an advance amount for buying an property, but I have not able to pay the balance amount within the stipulated 3 years, therefore the property owner has filed a suit in the court for forfeiture of the advance amount and declaring the title of the property as his. CAN the advance amount be forfeited as per law if not paid within a time frame? should not the advance amount be returned? Now what is law stand of the property in question?

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Ravikant Soni (Expert) 13 August 2012
If he filed a case as mentioned by you, it means he wants cancellation of agreement between him and you. One who rightly claims for cancellation of an agreement he may only be compensated but he cannot forfeit the whole amount.
I suggest you to counterclaim your money to be refunded.

Guest (Expert) 13 August 2012
Depends upon the terms of agreement, nature of payment, as advance amount or token/ earnest money. You may better contact some expert near you along with the case related papers to enable him to interpret the terms of agreement properly to help you. Any casual consultancy, like this, may not help you much.

On hiring services of some expert, you can also seek consultancy through email by sending him complete details of the case along with scanned copies of your agreement/ receipt for money and any other document in your possession.

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