Expiry of sale agreement
We have signed sale agreement for a re-sale property in Bangalore on 22nd April 2015. This is a registered agreement and we have made it on a stamp paper amounting to 0.1% of sale value
Sale agreement has following clause
"The sale shall be completed within 45 days from this date of signing this sale agreement."
Now problem is we have applied for a loan from SBI and loan disbursement is taking time. My question is
a. What will happen if we are not able to sign sale deed and complete the sale after the expiry of 45 days. Do we need to sign another sale agreement and pay 0.1% of sale value again.
b. Can the seller call off this deal and keep penalty amount with him based on following clause in sale agreement –
“In the event of the PURCHASER not being able to complete the transactions as detailed above in this Sale Agreement for any reasons including personal, professional or others, All sum received by the VENDOR will be returned by deducting Rs.50,000./-(Rupees Fifty thousand only) to the PURCHASERS as damages for breach of this Sale Agreement.”
c. What is the option for us in case seller is willing to wait till loan is disbursed.
d. Can we sign sale deed and not register it as any how we have a time of 3 months to get sale deed registered. We can get it registered once our loan is sanctioned.