I am a seller who entered into agreement
10 months ago
I'm a seller who entered into agreement with a buyer by getting an advance. Within 2 days of agreement, buyer is demanding for the advance amount saying that he doesn't want to purchase, but not willing to come and sign the cancellation of agreement, as he is having the original agreement in his hand. Will the agreement gets void automatically after the 60 days period mentioned in the agreement? Or will I not be able to enter into another agreement until he comes.and sign the cancellation and get his refund? Please answer.
A.As a seller you need to keep original agreement to sale once it is executed and notarized giving a true copy of same to buyer. However, when you are aware and confident about the condition of automatic cancellation of agreement after expiry of 60 days you should refund the advance after the expiry of 60 days on receipt of original agreement from the buyer. Refund of advance should be done with a written note citing the clause of automatic cancellation with documented delivery of refund of advance.
Thereafter you may enter into agreement with other afresh.
Thereafter you may enter into agreement with other afresh.
Helpful
Helpful
Share
A.Hello,
As per the information you have given you can enter into another agreement if it becomes viodable at the option of other party as per law , however in regard to the advance amount it is better to get signed to avoid any further dispute.
As per the information you have given you can enter into another agreement if it becomes viodable at the option of other party as per law , however in regard to the advance amount it is better to get signed to avoid any further dispute.
Helpful
Helpful
Share
Read Related Answers
Apartments terrace laws
Dear Client,
The rooftops of the Building are also known as an open terrace and a part of the common area useable for all the floor owners of the multistoried building. Legally, a Builder cannot sell...
Tenant Eviction - Rental and Sale Agreement Signed but Expired
Dear Client,
Neither a rent agreement nor an agreement to sell confer any ownership right to a tenant or a buyer. On the expiry of the rent agreement, you can ask the tenant to vacate the rented premi...
Favoring employees of the builder in parking allocation
Dear Client,
In the given scenario, if the housing project is a registered project of RERA, then such a deviation or breach of contract, flat owners can file a complaint either individually or collec...
Builder Refuses to Refund Our Money
Dear Client,
In the given scenario, if the housing project is a registered project of RERA, then for an unreasonable delay in delivery of possession flats to flat owners should be filed against the Bu...
Can Builder Cancel Affordable After taking full Amount
Dear Client,
In the absence of any specific term Builder Buyer Agreement(BBA) a Builder cannot cancell an allotment of a flat outrightly on receipt of full or part of the price or value of the flat fr...
Read Blogs on Real Estate
Real Estate Lawyers
Find Lawyers by Location
