Agreement for sale Agreement for sale

3 years ago

this is Nishant from Patna, Bihar. I had to sell my land. I did an agreement for sale for Rs. 25 Lakh and the purchaser gave me 20 Lakh advance. The agreement for sale was registered before registrar. The total time duration of agreement was 16 months. Now, 16 months has passed but he didn't pay me the remaining amount and didn't come forward to take the land. I just wanted to know, as the time duration mentioned in the agreement has expired, can I can take loan on the land or sell it to another person now ? Or have i to move to the court first?

Srinivasa Prasad

Responded 3 years ago

A.Since substantial amount has been paid by your vendee. Check with him about the completion of the sale.
If he is not traceable / not willing to complete the sale for what ever reason, then issue notice to him cancelling the Agreement and offer to refund him the advance after deducting cancellation charges @ 10% and offer to return the same to him by stipulating the time. Failing which, you can go ahead with your option to sell the same to another person.
You need not go to court of law for cancelling the same, just issuance of notice is enough.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Swapan Mukherjee

Responded 3 years ago

A.Hi,
First, you have to issue a notice to the opposite party stating the fact as per the terms of the agreement 16 months already passed. So, the agreement stands canceled. After waiting for 30 days(notice time), you can contact with third person for selling out the property but you have to refund the agreed amount i.e 20 lakhs to the initial purchaser. If you feel any trouble then you have to file a civil suit before the competent court of law.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconProperty issues
Dear Client, Until and unless an undivided property is partitioned through a decree of partition passed by a Civil Court, a coparcener or legal heir cannot get his/her share in the said property, and...
question iconRenting out property
Dear Client, From the contents of the query, it appears that your mother-in-law does not possess any title or ownership of the property where she is now residing as a tenant paying the rent. So, in th...
question iconProperty acquire
Dear client, to acquire a co-owner undivided property as a third party the following are the requisites: 1. No Objection Certificate from the co-owners with respect to transfer of ownership i.e. title...
question icon1943 DOCUMENT NOT YET REGISTARTION IN MY NAME
Dear Client, When a property is left by a deceased owner without any will, all the surviving legal heirs and family members are entitled to an equal share in the said property. So, in the case of int...
question iconFamily Property
Dear Client, When a registered owner passes away leaving a property intestate, i.e, without any will, all the surviving family members and legal heirs are entitled to an equal share in the said proper...