We have sold our property located in Punjab. The buyer has defaulted for 2 payment as per the Agreement to Sell (on Stamp Paper of Rs 2,000/-) . The sale deed has to be executed by 17th July’2012 being the last date of Sale Agreement. There is a line mentioned in the agreement that if payment is not made by the buyer on final date then agreement shall stand null and void. We have taken the legal opinion and have been informed that the Agreement to Sell remains valid for 3 years after 12.07.2012, if the buyer has not executed the deed and made final payment. I would like to know:
1. Whether it is true that Agreement/byana remains valid for 3 years despite null and void clause mentioned in the Agreement, if the buyer does not make final payment???
2. If yes, then any recourse available to end the 3 years validity??
Please confirm by return post.
