Cancellation of Registered Agreement for Sale
2 years ago
Agreement of Sale is registered at the Sub Registrar office, with time limit of 4 months. If seller cancels, the consideration amount of 4% will be given back as per the agreement. If purchaser cancels, the amount was to be forfeited.
I'm the seller and want to cancel and I'm willing to give back the consideration amount. But the purchaser's registration amount will also go to waste of I cancel it seems .
What are the legal implications for me as a seller apart from giving back the consideration amount?
A.Dear Sir,
You may get issue a legal notice as per the terms of agreement and cancel the same.
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A.Dear client,
the implications depend on the terms of the contract. As you mention about the 4% consideration, only that should be it or else there will not be any other legal implications based on what you have provided.
Thank you
the implications depend on the terms of the contract. As you mention about the 4% consideration, only that should be it or else there will not be any other legal implications based on what you have provided.
Thank you
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A.Without seeing the Agreement for Sale it is not easy to say what all implications you will have as all those will be decided basis the agreement for sale and its terms and conditions. In general the buyer can sue you for not fulfilling the terms of the agreement and he may seek compensation for the same.
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