Hi,
We had agreed to sell our property in September 2010. Due to some personal issues, we are not able to sell the property.
The token agreement states that if the seller for any reason decides to back out of the sale, then he/she has to return the advance given by the buyer with the like amount. So, if the buyer has given X amount as advance, then the seller, upon cancelling the sale gives the buyer 2X.
The agreement was done on a stamp paper. We can only return the money given as advance by the buyer. I do accept that we over looked the clause that said the seller will return the money along with a like amount. What i want to know:
a. Is this sale agreement valid in court?
b. Is the agreement time bound, as in, if we are forced to give 2X, can we give it over a period of 5 years?
c. What will happen if this matter is taken to court?
d. What are the ways we can avoid giving double the money to the buyer?
