i decided to sell my flat in chennai. for 30 laksh
so in september 2011, we got a token advance..and then in november 2011, we got 5 lakhs, and buyer want to get into a agreement that the remaining balance will be paid in 60 days/2months and also the buyer mentioned that the apartment should not be rented out during this period or at time of giving possesionn to him.
now, to be safe on my side.what are things i should consider.
things like
1'.in case if it takes more than 60 days for him to settle me the balance, how shoud i assess the penalt before giving back his advnace to him.should i assess it in the form of rent ( which is 10k per month) for these months..includign the 60 day period.
2. what is the reasonabl price to charge as penalty. or am i legally entited to keep the 5 laksh with me.?
3. can i increase the property rate after the 60 day period ? just wanted to know the list of thing i should include in the agreement.
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is the below clause correct? for me to add
If the settlment is not made within the 60 day period, the owner has the right to rent out the flat, increase the price based on the market price at that time, or assess a penalty equivalent to a monthly rent of 10k per month starting from 1st of October 2011.
