Cancellation of registered sale agreement
Sale of agreement was in first week of December 2015 on receiving token amount .from buyer of flat.
It was agreed by buyer to pay balance amount before end of December( accordingly it was mentioned in sale agreement)
But still buyer has not paid balance amount, says he is going to pay it shortly.He is avoiding to come for cancellation of sale agreement
1)what is remedy
2) Is it possible cancel Sale of agreement registration in absence of buyer?
Asked 1 year ago in Property Law from Navi Mumbai, Maharashtra
1) it appears time is essence of contract in the sale agreement
2) if buyer has failed to make balance payment within stipulated period issue legal notice to buyer to make balance payment
3) if he fails to do file suit for specific performance
4) you cannot unilaterally cancel regd sale agreement
5) sale agreement must have contained provisions regarding default on part of buyer in making payment within stipulated period
1. Send a notice canceling tha agreement and return the toke amount as well.
2.Then proceed to negotiate with other buyers and then sell the same.
3. Sale agreement can be cancelled unilaterally if there is breach of terms of the agreement.
1. Was there any clause stipulating that the said agreement will be treated as cancelled if any term or condition mentioned therein is not complied by either parties?
2. If yes, send him a letter cancelling the said agreement on the stated ground,
3. Unless there is a forfeiture clause in the agreement, return the advance amount received by you.
The remedy is two fold- you may either file a lawsuit against him to seek specific directions from the court to him to pay the balance amount and honour the agreement. Alternatively, you may forfeit the earnest money paid by him after cancelling the agreement.