I have signed a agreement to buy an apartment, which states I have made payment through two cheque (one cheque is 1% and other cheque is 9% of total amount) as advance and earnest money.
First Clause is - Buyer has to pay remaining amount by a fixed date.
Other clause is:
1) If seller fails to complete the transaction by above date then he has to pay double the advance and can sell property to others.
2) If buyer fails to complete the transaction by above date then advance will be forfeited and cannot claim on the property.
3) seller has to provide all necessary documents required for bank loan and has to provide property free of all issues (no dues, mortgage ................etc.)
4)........
My query is :
1. Term "above date" is bit ambiguous although it refers to "fixed date" mentioned above. Will it created a problem if it goes into litigation.
2. In case of breach of agreement by either side, will the full 10% be considered as there is ambiguity which cheque is advance and which cheque is earnest money ? If my amount is forfeited/seller has to pay double the advance, what amount will be considered during breach of agreement.
3. I will make full payment to buyer only during registration (partially through loan, so bank will pay only at time of registration). I am ready with all money arrangements much before the "fixed date" but seller is not able to provide me vacant house as tenants are delaying in vacating the house. Can seller get the house vacated last day and still claim to forfeit as I will need at least 1-2 days to arrange for registry after house is vacated. What steps do I need ot take to ensure that I am saved from this.
4. I don't want to extend my agreement after "fixed date", and I am not making any further payment as I have not got possession. Can seller claim that after "fixed date" I have not made balance payment, hence my amout will be forfeited ? (althought I know that problem is because of seller failing to giving me vacant house).
