How to cancelled the sell agreement
SAURABH CHANDRAWANSHI
(Querist) 14 June 2014
This query is : Resolved
Dear Sir,
With reference the above subject,I having 2BHK Flat is bhopal We
have made the sell agreement with my own brother & due to blood
relation Bank are not ready to financing the loan to my
brother.Hence i have help the same.Now the details is as below:-
Property Cost :9Lakh
Advance :3.5Lakh
Balance 5.5Lakh through EMI :8500.00p/m
Now from June-13 to till they are paying the EMI of Rs 8500.0 As per check up the agreement there is no time limit of Payment EMI and when the payment will be cleared are not
indicated or neither interest rates shown,and but it is clear show whenever
the payment will be completed that time the property will be
register to Buyer Name. Hence till the property are unregistered .
Now due to Non availability of time limit , No dead line,No remark on interest rates on agreement paper
Now yet the property are not register and this due to uncertain agreement finally i want to cancelled this sell agreement.and same whatever i have received same will be return to him.
Request Please elaborate our rights Pl advice & revert by corrective action so as to cancelled this agreement as soon as-earliest
Rgds
Saurabh
Devajyoti Barman
(Expert) 14 June 2014
send the seller notice to cancel the agreement and your willingness to get back the money.
If there is no forfeiture clause then you can get back the earnest money, else you may have to forfeit it.
SAURABH CHANDRAWANSHI
(Querist) 15 June 2014
Dear Sir,
I am seller not purchaser Now the purchaser given the 3.5lakh as advance & balance 5.5lakh He is paying through EMI of Rs 8500.00permonth but asper 50.00 agreement it is not show the interest /time period
Rgds
Devajyoti Barman
(Expert) 15 June 2014
If the whole payment is made then you can not cancel the agreement anymore.
Dr J C Vashista
(Expert) 15 June 2014
The drafter of the document of Agreement to Sell was non-professional, immature and untrained .
You have no option but to face it.
You cannot sell or cancel the agreement as you wished.
Rajendra K Goyal
(Expert) 15 June 2014
Since the purchaser is your brother and the property sale was dealt with the consent of both. When a considerable money has been received by you morally it would be unfair to cancel the deal at this stage. Probably you want to reap the increased price benefit out of it and want to take help of technical points / lacuna of agreement for which you have agreed.
You can cancel the deal and return the money revived. Your brother may go to court.
Better honor the deal and execute fresh agreement covering lacuna of existing agreement. Consult a local lawyer.
Guest
(Expert) 15 June 2014
well advised by above experts
ajay sethi
(Expert) 15 June 2014
1) you have not received entire consideration .
2) only advance of Rs 3.5 lakhs has been paid . further for one year you have received another Rs 1.02 lakhs
3) you have stated bank is not ready to finance the loan on account of close family relation ship . the sale agreement is not regd
4) issue notice for cancellation of agreement and return total amount of Rs 4.5 lakhs received by you
Raj Kumar Makkad
(Expert) 16 June 2014
The experts have sincerely attend the query leaving no room to enter.
T. Kalaiselvan, Advocate
(Expert) 16 June 2014
Since the sale agreement is unregistered, it has no legal validity if approached for relief through a court of law. Under the circumstances, you may by a notice terminate the agreement and return the amount received so far. However, from the observation made by expert Mr. Rajendra K Goyal, it appears that in order to reap the benefits of increased value of the property, you are trying to take technical support availing the lacuna found in the recital of sale agreement to your advantage, better do not do it.
