Yes the agreement stands cancelled if it is breached by the buyer himself, you can serve buyer a notice intimating that he shall promptly take steps and deposits the amount before 19 otherwise the agreement stands cancelled and the seller is not bound by any agreement then.

Further though in absence of any condition you cannot forfeit complete advance amount though you can deduct expenses incurred by you and a minimal advance amount and return rest amount to avoid litigation in future.

1) Wait till 19th May to complete the agreement clause. Till that don't give possession of the flat, unless n until you receive full n final amount. Other the agreement treat to cancel.

Dear Client,

If no clause of refund than no clause of forfeiture of earnest money too on default.

Well, u can forfeit it, rest will be later thing if he approach court for recovery.

1. The buyer blocked your property for 45 days

2. You could have sold your flat to another buyer and realised amount till now

3. On expiry of agreement with buyer, in all fairness you can deduct 10% of money paid by buyer and forfeit that and refund the balance

4. If buyer comes up with the payment then you can proceed with final sale agreement

This is my response to you:

1. You can terminate the MoU that you have signed;

2. Make sure you terminate it immediately if your are 100% sure;

3. Also, pay him a little more to cancel the agreement otherwise he may refuse to return you, your 45 lacs;

4. Usually the other side don't oblige that easily and therefore take all precautions from your side;

5. If he refuses to return you, then you can send a legal notice stating that MoU can be cancelled before the end of the last date.

It depends on the classes of this agreement with you can forward the amount paid are not normally the entire amount cannot be forfeited this agreement stands cancelled and the valuation of the clause as discussed above due to nonpayment of the promised amount you may speak to the buyer and thought out the dispute if any instead of getting into legal hassel.

Hi

1) The agreement will expire on 19 May as per terms of contract.

2) However as per Contract Act, you will need to issue notice(by registered post with acknowledgment due) to the prospective buyer asking him to fulfill his part of contract within next 10 -15 days from date of notice by

a) Pay up the entire sale consideration

and

b) come forward to execute the sale deed in his favour

and

c) Take possession of the flat

3) Please note that under contract act, you will need to ensure that you are able to demonstrate that the prospective buyer has NOT come forward to fulfill his part of contract and serving of notice is the only way to demonstrate that the prospective buyer was not willing to come forward to fulfill his part of contract.

4) If you have no previous knowledge of the prospective buyer or his antecedents, you should also file a Caveat petition in the court having pecuniary jurisdiction over the property, so as to ensure that the prospective buyer does not create legal trouble to you and your property.

5) With reference to Forfeiture of amount, even if there is no mention of the return of advance monies, courts will permit you to retain only up to 10% of advance monies received by you unless and until you can demonstrate to the court that you have suffered losses to the extent of advance monies on account of failed transaction.

Hope this information is useful.

It is necessary to peruse agreement fir sale entered into by you to advice

2) if purchaser has failed to make balance payment within period stipulated in contract you can cancel the agreement

3) you can forfeit the advance money received if there is clause to that effect in contract

4) if agreement is silent refund advance money received

Hello,

As there is no express clause about refund you have to return the amount of the other clause does not infer the opposite.

Hope this helps.

Regards

You can forfeit the money if it was paid as a 'bayana' which is known as earnest money. If it was paid as advance money then you have to return.

You have also option to file a suit for specific performance of the contract or alternatively you can claim damages for breach of contract..

Mean while send him a notice asking him to complete the contract otherwise the earnest money shall be forfeited..

Firslty, in the property transactions matters the most important part has been played by the terms of the agreement.

Secondly, if it’s silent on the refund of money then you won’t have to return it but yes there must be a condition in the agreement as to closure of the agreement in the 45 the day.

Thirdly, if the above last close is there then there would be a presumption as to same was not to bed paid to get it refunded.

The time stipulated in the agreement is within that date and not exactly on the same date.

You may be aware that the unregistered sale agreement is not enforceable in law.

If there is no clause to state that you can forfeit the advance amount then you cannot forfeit it on your own.

Do not take any legal step in haste, this may backfire you with more troubles.