• As a property owner I want to cancel the agreement for sale

We have put an agreement for 3 months and took 5 lakhs from the buyer, Now we are able to sell the property to the buyer because the cost has increased by 10%. Now the buyer is pushing us for registration, I'm not willing to sell the flat to him. If I told him this he is not ready for cancellation.
Please suggest me I don't want to sell that!
Asked 4 years ago in Property Law
Religion: Hindu

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14 Answers

Is there any Essence of time in agreement ?

Buyer can pursue specific performance through court, terms of agreement matters.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

1. The Seller becomes bound by the Terms of the Sale (oral /written) to the Buyer of the property.

2. Increase /Decrease of property prices can be re-negotiated, depending on circumstances.

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

you cannot back out from the deal now

2)you must execute sale deed in favour of purchaser provided he is willing to pay the balance amount at time of registration

3) if you back out purchaser would file suit for specific performance

Ajay Sethi
Advocate, Mumbai
87976 Answers
6207 Consultations

5.0 on 5.0

execute sale deed in favour of purchaser

Ajay Sethi
Advocate, Mumbai
87976 Answers
6207 Consultations

5.0 on 5.0

show me clause, in how much time agreement shall perform.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

Dear Sir, with in 3 months from the date of agreement the buyer will not come forward to buy the said property, at that time you have to issue a legal notice immediately to cancellation of said sale agreement by forfeited the some percentage of amount in advance amount sale consideration. You do it immediately before he issuing a legal notice to you for willing to purchase the said property. if you want more advice in this regard I will do it. ...... by Chandrashekhar Vithal Jadhav, Advocate & Law Consultant, Ex-District Government Pleader, Bangalore.

C. V. Jadhav
Advocate, Bangalore
545 Answers
18 Consultations

4.7 on 5.0

This my advise to you:

1. As per the terms of the said sale agreement, 'time is the essence of the contract';

2. In that context you can proceed to cancel the sale agreement in the event the purchaser fails to purchase the property within the stipulated time;

3. In that circumstances send him a a letter cancelling the said agreement along with the refund of advance money and then enter into a sale agreement with another buyer on such terms as you mutually agree afresh;

4. If the time period is one week, then you have no problem;

5. You can cancel the transaction;

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

The agreement to sale which is valid till now can be enforced by the opposite party and you are bound to sell it in case you don't wish to sell him there should be a breach from his side so as to enforce the contract in case you wish to cancel the deal you have to pay for the compensation are the laws incurred by the buyer in case he goes to file a civil suit against you

Vimlesh Prasad Mishra
Advocate, Lucknow
6848 Answers
23 Consultations

4.9 on 5.0

If there is any such clause then you are safe otherwise you would have to repay the amount so received with other amount may also if any such term was there in the agreement.

Sanjay Baniwal
Advocate, South Delhi
5464 Answers
13 Consultations

5.0 on 5.0

You cannot say that since the cost has increased you cannot sell it at old rat.

If the buyer approaches court with a suit for specific performance of contract, you my have to execute a registered sale deed on the old rats as per court order.

Your contention is illegal and not maintainable in law.

T Kalaiselvan
Advocate, Vellore
78133 Answers
1543 Consultations

5.0 on 5.0

Yes Essence of time is present in the agreement! Left out time is 1 week

If that is the case, the buyer may aproach court with a suit for specific performance of contract.

You cannot fight it out on the basis of what you say.

T Kalaiselvan
Advocate, Vellore
78133 Answers
1543 Consultations

5.0 on 5.0

If the buyer in time pays you the decided amount then you have to go for registration otherwise buyer can file a suit of specific performance and can seek stay that is interim injunction on transfer of the property.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

If within 1 week he does not pay you agreed amount of consideration than you can serve him a legal notice for cancellation and can refund his advance to avoid litigation and can proceed for sale to other party but you cannot refuse now to take amount from him and cannot delay you have to register as per clauses agreed in the agreement.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1. Check for a termination clause in your agreement and the consequences on termination

2. The buyer may file a specific performance suit against you

3. Without seeing your agreement, it's hard to advise

Yusuf Rampurawala
Advocate, Mumbai
6882 Answers
79 Consultations

5.0 on 5.0

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