cancellation procedure of a notarized flat sale agreement
11 months ago
Our buyers wish to cancel the agreement they had with us about purchasing our flat on grounds of not being able to procure a loan. They want a refund of the earnest money. We had made an agreement which was notarized (they have the original and we have a photocopy)and is still valid. Kindly tell us the correct legal procedure(s) to cancel such an agreement. We shall tell them to follow that procedure and not harrass us over the phone repeatedly. The agreement does have a clause which states that in case they are unable to make a full payment to us within the agreed upon timeframe of two months and register the property in their names in spite of us being willing to resgister it post full payment then they shall forfeit the advance money of INR 1 lakh and yet we as gentlemen feel as if we should give their money back. But we want the cancellation to be done fully legally.
You can terminate the agreement by giving a notice to the buyer stating that you are no more interested to sell the property since he has not paid any advance amount towards the consideration of sale so far. Consult a local lawyer and take decision as per his further advise after seeing the agreement paper.
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