Real estate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2017 For practicing lawyer:

I registered my property agreement to sale with a clause that sale agreement should be made withing 3 months from the date of registration of agreement.
I received 6 lakhs with a commitment from the buyer that he will raise loan from the bank of Remaining amount.

Withing 3 months he didnt registered that sale deed. what are the legal implications of the same?
There is no clause in the agreement regarding cancellation of agreement.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 November 2017 In case there is the time limit of 3 months in the agreement but the sale is not executed within time settled, the vendor may terminate the agreement by serving a Notice upon the purchaser and may forfeit the money paid by the purchaser in advance.

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