Advice
yagnesh dave
(Querist) 06 November 2015
This query is : Resolved
MYSELF ENTERED INTO MOU AGREEMENT DULY NOTARISED FOR SALE OF RESIDENTIAL HOUSE & SALE CONSIDERATION IS TO BE PAID BY PURCHASER IN MONTHLY INSTALLMENTS MENTIONED IN THE MOU ALONGWITH FOLLOWING CLAUSE.
1-PAYMENT SCHEDULE IS ESSENCE OF THE CONTRACT
2-IF THE PURCHASER FAILS TO PAY IN TIME THEN INT @ 18% LEVIABLE ON DELAYED TIME BUT RESTRICTED TO 1 MONTH DELAY ONLY & FURTHER IF FAILS THEN THE AGREEMENT WILL BE TERMINATED & THE AMT WHATEVER PAID BY PURCHASER WILL BE FORFEITED THE SELLER IS LIBERTY TO SALE TO OTHER BUYER
3-NOW THE PURCHASER HAS FAILED TO PAY THE SCHEDULE PAYMENT AS FIXED & REMINDER LETTER IS ALSO SERVED DULY ACKNOWLEDGED BY PURCHASER.
PL EXPLAIN LEGAL ADVICE FOR SELLER SAFEGUARD AND THE AMT RECVD CAN BE FORFEITED OR NOT
Anirudh
(Expert) 06 November 2015
If you forfeit then he will go to court and get injunction order against you from creating any third party interest in the property. The property from that moment onwards will be under litigation. You will not be able to sell the property. The court will decide based on the terms and conditions of the agreement, whether you are entitled to forfeit the money or not. Out indicating one way or the other way is not going to matter before the Court.
Rajendra K Goyal
(Expert) 06 November 2015
Repeated:
http://www.lawyersclubindia.com/experts/Legal-advice-569146.asp#.VjyVXbcrLIU
