Can i forfiet the advance of property
This query is : Resolved
03 March 2017
i did agreement in September for sale of rs 10L. At that time I received advance of 1L, rest payment was due on 30 Nov.
It was mentioned in agreement that default in payment on 30 Nov Will entitle the seller to forfiet earnest money of 1 L.
In Oct and Nov, received 1L each month but purchaser defaulted on 30 Nov.
In Dec, I sent the legal notice through advocate stating that I have received 3 L earnest money and pay the balance money within 15 days otherwise 3L will be forfieted and agreement will be cancelled.
No reply received from the purchaser till now.
Can I legally forfiet the 3L money and sell the property to another.
It was mentioned in agreement that default in payment on 30 Nov Will entitle the seller to forfiet earnest money of 1 L.
In Oct and Nov, received 1L each month but purchaser defaulted on 30 Nov.
In Dec, I sent the legal notice through advocate stating that I have received 3 L earnest money and pay the balance money within 15 days otherwise 3L will be forfieted and agreement will be cancelled.
No reply received from the purchaser till now.
Can I legally forfiet the 3L money and sell the property to another.
CA R SEETHARAMAN
(Expert)
03 March 2017
You can only legally forfeit the earnest money of 1 lac and sell the property to another.
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