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.
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.
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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.
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.
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