I did a registered sale agreement with 2 months (verbally buyer committed for 1 month) time limit and penalty clause of forfeiting the advance amount. After the 1 month verbal commitment period got over he started dragging the dates (same old story). The 2 months period will end in 1week. It seems he is no mood to pay by the time line of 2months.
As per the advice provided on this forum:
Either I have to ask him for registered cancellation of agreement?
Or\ If he denies for the above I have to send him a Legal notice thru my lawyer (via registered post) and provide him 15 days time to pay. And after 15 days the agreement stands null and void
1. Do I need to inform this notice to the agreement authority (Registrar) where my agreement is registered. Or take any other action with him?
2. After 15 days notice, can enter in to a fresh agreement with a new buyer?
3. During 15 day notice or after that, what if the current buyer challenges me in court of law that he was ready with payment and we did not responded? What made up proofs he can use (I hate these tactics) to do so?
4. I have been reminding the current buyer of payments by calling his mobile, should I send him a formal payment reminder? If yes what it should be: a Telegram, A normal letter by registered post or a notice by lawyer?