I entered into an agreement to sell my land to a person & I received half of the amount as advance. In agreement its mentioned that registration should be completed within 3(THREE) months after paying the balance. Its been more than 1 year now and he has not yet paid the balance amount. I recently came to know that an agreement is valid for 3 years irrespective of the lapse period mentioned in agreement (3 months in my case).
There is a clause in the agreement that if the registration is not completed within 3 months, his advance amount will be forfeited & I am not bound to sell the land to him.
What am I supposed to do now? Am I liable to sell the land to him or for the advance amount he had paid?
Please Advise.