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advance and part payment cheque bounced
30-Jun-2023 (In Property Law)
I had sold a property for 1.10cr. The buyer has given me 4 lac cash and two cheque of Rs 2.5L each as advance and part payment at the time of handing over property paper copy and signing unregistered seller agreement on Rs 50 stamp paper. On presenting the first cheque, it has been bounced (reason: stopped payment), second Rs 2.5L cheque has not been presented. The agreement doesn't state forfeiture of amount. The agreement says, the party can get the agreement enforced by the court. 1.) does the deal stands canceled? 2.) can i forfeit the amount received ? 3.) can i sell the property to someone else ?
As per the requirements of negotiable instruments act you are supposed to give a 15 days notice after which the party will get a chance to clear the cheque or make alternative payment. If he fails, you can forfeit the amount received and also go on to sell the property to someone else. You should also get the agreement to sell registered in future as it's registration is mandatory.
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Adv. Manu Tripurari
Delhi | 100+ Answers
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