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.
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.
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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