Land purchase may not be completed within stipulated time, advance and part payment can be refunded.
I have signed an agreement for buying a plot of land in Guwahati. As per the sale agreement which was executed on 3rd August 2019 the following points are mentioned.
1. Advance amount of Rs. 5 lakhs paid on date of sale agreement and within next 4 months paid again Rs. 5 lakhs. And the remaining amount has to paid within 8 months.
2. All the necessary permissions will have to take out by us from the respective Authorities.
3. The deal has to be finalised before 31/03/2020 otherwise the agreement will be cancelled. Nothing is mentioned in the agreement that the Advance money will be forfeited.
Now, my question is that:
1. If we fail to get the required permissions in time, than the agreement can be extended.
2. If agreement can't be extended, than whether we will get back our advance and part payment.
3. Can we pay the full amount to the seller without the required permissions. If yes, than how.
Please advice
Asked 6 years ago in Property Law
Religion: Hindu
1.One clause is mentioned in the agreement,
That during the time of registration or taking possession of land any defect are found regarding right, title, etc. of the said land the seller will be liable to refund the entire amount to the buyer with interest.
This is the only clause mentioned in the agreement.
According to this clause shall my money will be refunded only if mentioned above or I will get the full refund after the sale agreement expires.
When I have to ask for my money to refund after expiry of agreement or before.
2. If buyer agreed to extend the agreement, than at what time I have to approach. After or before expiry.
Asked 6 years ago