Hi,
I entered into an agreement of sale to sell my flat. As part of agreement, an intial amount of 20% is paid to me and Buyer would pay the remaining amount within 45 days to get the property registered in his/her name. Inspite of several reminders and after giving additional 2 months of time, Seller is not paying the rest of the amount and has not registered property on his name citing funds issue(his personal issues). In the agreement, we made a clear statement that if the buyer do not register within 45 days of this agreement, this agreement gets cancelled and Buyer do not have right to approach legal authorities.
Now, i need to dispose this property to attend some urgent personal financial issues and due to stupid behavior of this Buyer, i'm not able to get the remaining money required for it to pay my other dues. And at the same time, i'm not able to sell it to others potential new Buyers as i'm already into an agreement. I used the initial 20% advacne to clear my bank loan on this property and hence if i have to no money retyurn it to Buyer in case i need to cancel the agreement. This is purely a mishandling by the Buyer and i'm suffering due to their ill planning. What actions can i take at this point and if i approach legal body, what sort of relief i may get out of this.
Key point out of agreement
1. Buyer agrees to pay remaining money within 45 days
2. If buyers dopes not pay within 45 days and gets the property registered, this agreement will be cancelled
3. Buyer do not have any right to approach legal body once he violates 45 days clause
4. As a courtesy, I have already given them 2 additional months for them to pay remaining money which he didnt.
5. As of today, this agreement is of 4 months old.
Thanks in advance for your suggestions
