Cancellation of sale and construction agreement
Srikala
(Querist) 14 June 2016
This query is : Resolved
Sir/ Madam,
We had entered into a sale and construction agreement over an upcoming project ( not yet launched ) . We have paid an amount of Rs. 10,50,000( which is 10% of total cost ) .
The agreement is made on Rs.20 stamp paper ,made on 22nd October 2015. The registration is yet to be done.
We now want to cancel the agreement as the project is not being launched or started , which was initially believed to have started a year back, as per the oral commitment from the builder .
The agreement says that in case we have to cancel the agreement now we must pay 15% of the total cost , which happens to be around 15,00,000.
What is our stand here ?? Do we really have to loose our money for this project ???
Thanks.
Srikala.
kavksatyanarayana
(Expert) 14 June 2016
what are the terms and conditions of the agreement? and it is not registered. at least the agreement is not executed on proper stamp duty though un-registered. and the between whom the agreement is made? is the builder signed the agreement. consult an experienced lawyer of your area who well knowledge in this of cases with the agreement. get his advise because the deed is to be verified.
Devajyoti Barman
(Expert) 15 June 2016
No terms of an agreement can be interpreted in in its letter and spirit without going through the whole contents of the agreement itself.
Kumar Doab
(Expert) 15 June 2016
Show all docs on record to a very able counsel for considered opinion.
Rajendra K Goyal
(Expert) 15 June 2016
Show all related documents to local lawyer and discuss in detail.
Dr J C Vashista
(Expert) 16 June 2016
1. An agreement to sale and construction on a stamp paper of Rs. 20/ is invalid in Delhi, however, where is the property situated (state) and what is stamp duty applicable (it differs from state to state).
2. If the agreement is unregistered it has no evidentary value.
3. Did you obtain a receipt of Rs. 10,50,000/-? (10% of cost) cost of what?
Show the document to a prudent local lawyer for proper appreciation, guidance and proceeding.
