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Buyer is not capable to pay the money what damages can I seek
25-Feb-2023 (In Civil Law)
i am seller of the house. i have done notry agreement with a buyer and taken some amount in advanced and given him time of three month to pay the remaining amount but know he is not capable of paying amount, time given to him has exceeded .in agreement we have mentioned that if he fails to pay the remaining amount within the 3 months automatically deal will be canceled and i will have to return his token amount. my question is 1) how much time i legally have to return his token money ?because in agrement we havent mention any specific time 2) this deal is getting cancelled because of him can i claim on him for my damage?
As you said you have not mentioned any period or specific time in the agreement, that mean you can pay according to convenience and also by concern of the person who you have dealt with. The Agreement has been already cancelled as per your conditions in the Agreement. Therefore its upto you both whether to continue or not. Question of damages you can claim but as you said he isnt capable of paying the remaining amount then why to get into trouble. Just on humanitarian grounds just get your money back which you have given in advance.
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Adv. Dhananjay Ravikant Gangawane
Pune | 500+ Answers
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The notary agreement it self explained that only three month time is allowed to give remaining payment as decided previously. As buyer is unable to perform his duties u had right of specific performance to claim damages from him.
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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In absence of any specific provision in the Agreement regarding returning of token money, you will need to return the amount within reasonable period of time.. say 2 to 3 months.
In absence of any specific provision in the Agreement regarding Damages, you cannot claim any damages due to cancellation of the deal.
In absence of any specific provision in the Agreement regarding Damages, you cannot claim any damages due to cancellation of the deal.
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Adv. Kiran P Kamthe
Thane | 25+ Answers
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Answer 1: You will have to return the token amount within the period as mentioned in the Notarized Agreement.
Answer 2: The compensation can be payable only if the 'damage due the cancellation' clause is mentioned in your agreement.
P.S. This legal opinion is based in response to the query posted. If you can send me agreement I can go through the same and suggest the legal remedies.
Answer 2: The compensation can be payable only if the 'damage due the cancellation' clause is mentioned in your agreement.
P.S. This legal opinion is based in response to the query posted. If you can send me agreement I can go through the same and suggest the legal remedies.
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Adv. Abhishek Upadhye
Mumbai | 25+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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