Agreement for sale registered
I as a seller of a property has entered into an agreement for sale with a buyer and have duly registered the same.
One of the clause of the agreement is that buyer will pay through a loan and for sanction of loan, demand register/Porcha of the property is required, which is not available with me. Hence, as i am not able to provide the same, loan is not getting approved and delay is getting counted against me. Also the intentions of the buyer seems not correct and hence, I would like to discontinue the agreeement.
Kindly advise for the process for cancellation of agreement for sale (from a seller side).Have received a sum of Rs.1.5lacs only and i am ready to return the same with interest.
Cancellation clause as written in agreement :
It has been agreed by the parties herein that if the vendor delay to execute and registrar the deed of conveyance on that event the purchaser either to claim for refund of advance money with 10% simple interest p, r annum from the date of payment till registration or alternatively shall initiate legal proceeding for specific performance of contract before the competent court of law for registration of the deed of conveyance in respect of the schedule mentioned property. Similarly if the purchaser fail to pay the balance consideration amount to the vendors within s-:ipulated period on that event it is the discretion of vendors to extE nd the stipulated period or cancel the instant agreement for sale and refund/return the earnest money to the
purchasers after deducting 10% of the advance amount as holding
charges and further the vendor shall have liberty to sell the said property to the third party.