initial amount paid but full payment pending
if a person buys a property from me and after giving some amount of around 25 % as a consideration and does not give the rest of the balance amount for years. what legal action should i take and can the amount given by him be forfeited ?? what other measures can be taken if a dispute arises.
It appears that you are the owner of the property and it is in your possession. Consequence of default on the purchaser shall depend upon the terms entered into at the time of agreement to sell. If there is a forfeiture clause in the agreement, you can forfeit the earnest money if it was by way of earnest money. There is a difference between the advance and the earnest money. In this present scenario you can not sue for recovery of balance amount.
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