Property

karan savla (Querist) 28 December 2016 This query is : Resolved
I have agreed to sell my property to a person for a consideration of 1 crore on 20th august 2016.The buyer has paid me 5000000 till date but has not able to pay balance amount till date. Can I forfeit the money received or should I give legal notice to him ?

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Guest (Expert) 28 December 2016
First Send a Legal Notice for the Balance and Execution of Sale Deed.Irrespective of the Period mentioned in the agreement Both the Parties buyer and seller could seek Legal remedies in Courts with in a period of 3 years.if the Sale agreement is Un Registered Legally you would have some grounds to fight but forfeiting the Advance Amount A Legal Battle will be Required and Confirmed Results Can Not be Predicted and It would be the Consent Of Court.Consult A Local Good Advocate.

Rajendra K Goyal (Expert) 28 December 2016
Have any agreement to sell executed?

If yes, whether this is registered?

If yes, whether there is any provision / condition / clause for cancellation of the deal? Whether any final time for sale deed was fixed?

In absence of any written agreement, it would be difficult to forfeit the advance paid.

Discuss in detail with local lawyer.

Kumar Doab (Expert) 28 December 2016
You may respond to points raised by experts.

You may note that the buyer can approach court.

Agreed,Discuss in detail with local lawyer.

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