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.
- 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 Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- VIsitor visa for United Kingdom refused
- What are the best ways to tackle fake 498 A cases
- Need Advice - private property - roof rights / common passage
- Builder is not giving receipt and not depositing cheque what can we do
- Who will have the first right on my aunt's property