what are clauses in agreement for sale regarding refund of earnest money . kindly clarify
2) if agreemnt provides that on cancellation of deal earnest money would be refunded you are enttiled to refund
3) if not earnest money would be forfeited
Non performance on part of purchaser of terms of "agreement to sell"
I along with my wife entered into an "agreement to sell" as second party(s) as purchasers ten days ago with the terms that the "sale deed" will be executed by 20th of December, 2021. which is only four days far from now. Earnest money of rupees five lacs and fifty thousand paid at the time of entering into the "agreement to sell" with the terms that the remaining amount will be paid at the of execution of "sale deed". The " Agreement to sell " has been signed by the seller and my wife as purchaser. I am yet to sign it. We have decided to cancel the deal and recover the "earnest money" paid in advance. What are the ways of recovering the "earnest money". Please advise, thanks
Asked 4 years ago in Property Law
Religion: Hindu
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2 Answers
You may have to communicate the decision to cancel the agreement well befog the expiration date of the agreement for the reasons you rely upon and demand refund of the advance money you have paid to the seller.
Anything done beyond the date of last date of the agreement may not have legal validity, hence you may have to rush up with your decision to the seller.
