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
- Bis certification question for my Startup
- Can legal action be taken on posting of complaint on online forums
- Wife threatening to file false dowry case how to get divorce
- Company made me sign bond and asking me to stay in branch for 1 year.
- Cousin claimed property which was in my name what can I do