hello sir,
i have enterd in a sale agreement with one party for selling my site in bangaloreon 25th september 2011.the purchaser has given an advance of 100000/-( of the sell value of 2200000/-)the time frame for registration given is 90 days in the agreement.we have given all the documents copies for their legal scrutiny.but later i come to know that they are trying to resale the property to others by using this agreement as hold.they are not responding on our repeated request to complete/cancel the deal and pay the balance amount.now 9 months over the property price also gone up 50% more.how could i legaly fight this and release the porperty from their clucthes .the negative covenent in this agreement is "if the purchaser would not complete the registration with in 90 days, the seller will forfit 10% advance amount and cancell the deal,or the seller would not able to do the registration in purchaser/his nominees name the seller would refund the advance with 10% penalty tyo the purchaser after the termination of agrement"
even they made the mistake I am ready to pay them 10% extra to cancel the agreement.but they are not coperating .if i would sent a legal notice to them to cancel the deal first before they sent me any legal notice ,will i get any importance in legal procedure? or please advice me to come out from this deal.
regards
mathew