Issar chithi on rs.100 stamp paper

rameshkumar (Querist) 13 December 2012 This query is : Resolved
I have sold a property and done issar . Sale deed has to be done on or before 31/12/12and possesion to be given . As per condition of issar if buyer doesnot come with remaining amount(which is 70%),then I can cancel the deal and forefeit the amount already recd. Iwant to know can I really forefeit t:he amount incase buyerfails to come with balance amount ? If he ask for some more days time. Am I bound to agree that ?

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ajay sethi (Expert) 13 December 2012
time is essence of contract . as per agreeemnt payment has to be made by 31st december . terms of contract are sacrosant .

if buyer fails to pay balance amount then you are entitled to forfeit earnest money .

the decision as to extension of time is to be decided by you .

prabhakar singh (Expert) 13 December 2012
You should cancel and forfeit the earnest amount in case buyer does not turn up on the stipulated date treating the time clause to be essence of contract.

In case you enhance the time your agreement as to time as essence of contract shall loose its' character.

V R SHROFF (Expert) 13 December 2012
It is Token money with condition to pay balance amount , and time is essential element of this valid contract.

You should not extend time limit.
You may enter into another agreement.
Choice is yours, to return part of token or not , depending on any loss incurred to you. You can retain whole 30% amount, after 31-12-12