Sale agreement
KAUSHIK2006
(Querist) 11 July 2016
This query is : Resolved
Dear Team,
My brother and myself entered in to an buyer seller agreement in Mar 2015 and expiring on Mar 2017. Now, I have paid 2/3rd of amount to my brother and pending 1/3rd to be paid on expiry date. I requested my brother to extend the time for further 6-7 months. but, his wife is not accepting and instructing me to pay interest for the balance amount after expiry. the property is my ancestor property partition between us 50% each in the year 2011. I am buying my brother 50% share. Kindly advise whether the interest beyond expiry date is admissible and what should I do if I want to extend the agreement period.
Thanks
Sanjay
Advocate Kappil Cchandna
(Expert) 11 July 2016
Sir,
I hope there must be a clause in the agreement which talks about the delay in payments and the interest on those delayed payments.
Warm Regards
Kapil Chandna Advocate
9899011450
Kumar Doab
(Expert) 11 July 2016
Refer to the T&C of the agreement that has been signed.
R.K Nanda
(Expert) 11 July 2016
Nothing to add.
R.K Nanda
(Expert) 11 July 2016
Nothing to add.
Rajendra K Goyal
(Expert) 12 July 2016
The demand from your brother side is practically justified.
If terms and condition allows extension of payment time without payment of interest, you can plea accordingly.
