Srinivasan (Manager) 09 July 2014

Sale agreement expired.

Dear Sir,

I executed an unregistered Sale agreement with a buyer during October-2013. I am the seller of my empty site in Tamilnadu. The buyer, during the agreement, paid me Rs.1.75 Lakhs as advance amount agreeing that the whole settlement will be completed within the period of 3 months paying the balance amount of Rs.9.5 Lakhs. All these above said details have been mentioned in that agreement. But till date (09.07.2014) the buyer is not interested to pay the balance and come forward for the settlement. He is not attending my phone calls.

I am in urgency to sell the property as I am in need of money. Some other buyers are approaching me to purchase my above said property.

Pls kindly advice me about my further proceedings in this regard.

Thanks

-Vikram

Reply Follow

3 Replies

naveenraj jain (proprietor) 09 July 2014

Send legal notice through an advocate showing your readiness with a timebound frame.

VIRAJ KADAM (Advocate Supreme Court of India) 09 July 2014

Dear Friend

If your original agreement is time bound then wait for the time to expire. If not, then you can refund the money without interest deducting you expenses if any and terminate the agreement. Find a new buyer for your property.

Regards

VIRAJ KADAM

Advocate, Supreme Court of India

virajkadam@gmail.com

Srinivasan (Manager) 11 July 2014

Lot of Thanks to Naveenraj & VIRAJ KADAM

I (the seller) and buyer both agreed to complete the settlement of this sale process with in three months period ie on or before 10-Dec-2013. Now it has been more than 7 months late.

But till now the buyer is not coming forward to pay the balance amt and purchase.

In legal notice, minimum how many days we can give him to come for the settlement or terminate the agreement?

Kindly advice pls.

Srinivasan