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Buyer not making payments as per agreement what can I do
30-Jun-2023 (In Property Law)
we entered in to an agreement for sale purchase with a party. from seller side 13 members signed. after paying initial money buyer not paying further. two notices already issued. no reply by buyer . there is a specific clause in aggrement that if buyer does not pay as per terms his money will not be refunded and agreement will stand cancell. one of the 13 members having only 0.5% stake has sent e mail saying he has cancelled the agreement. he has taken lot of money from us out of rects. we want to give more time to buyer but our one member is blackmailing us to cancell we are JAIN
Respected Sir,
As per agreement law if buyer have not deposited the rest installment/payment whatever amount has been fixed, then buyers are defaulter. It is pertinent to mention here that it is your duty to send reminder notice if buyer default and the same you did. You are legally fit and entitled to forfeit the all amount paid by the buyers.
When you sign a contract with a buyer, it's reasonable to expect that the buyer will fulfill his responsibilities just as you fulfill yours. While buyers break contracts you are entitled to collect as many penalties as your contract/agreement.
If the buyer breaches the contract/agreement you have a right to whatever remedies will put you in the same position you would have been had the buyer paid. This includes the right to collect on the time, expense and inconvenience of pursuing the buyer.
As per agreement law if buyer have not deposited the rest installment/payment whatever amount has been fixed, then buyers are defaulter. It is pertinent to mention here that it is your duty to send reminder notice if buyer default and the same you did. You are legally fit and entitled to forfeit the all amount paid by the buyers.
When you sign a contract with a buyer, it's reasonable to expect that the buyer will fulfill his responsibilities just as you fulfill yours. While buyers break contracts you are entitled to collect as many penalties as your contract/agreement.
If the buyer breaches the contract/agreement you have a right to whatever remedies will put you in the same position you would have been had the buyer paid. This includes the right to collect on the time, expense and inconvenience of pursuing the buyer.
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Adv. Manish Kumar
Delhi | 25+ Answers
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You can go for specific performance of agreement in which you can seek enforcement of either of the tERM and condition which is laid down in agreement. If any one cancel the agreement after giving the notice then you will loose the right of enforcement of agreement.
Kind regards
Kind regards
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Adv. Anand Verdhan Maitreya
Delhi | 100+ Answers
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You can file suit for specific performance in the court. And kindly elaborate why he had taken money from you? Facts should be clear to you r lawyer to advice you in a right direction. Anyways, if buyer is not willing you can sell the same to other buyer by giving prior notice to the earlier buyer.
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Adv. Nupur Goswami
Delhi | 25+ Answers
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You must be sure and plz elaborate what is your organization, Sole Prop., Partnership, or a company??
There are two disputes, one is with the buyer wherein you are seller, in such condition, you have to adhere to the terms of the agreement and forfeit the money of the buyer and cancel the agreement. You one of the member is doing it right, cancelled the agreement.
Secondly, there is another dispute between you 12 persons and that another 13th person having 0.5 % stake. You may file a case before civil court for rendition of accounts.
There are two disputes, one is with the buyer wherein you are seller, in such condition, you have to adhere to the terms of the agreement and forfeit the money of the buyer and cancel the agreement. You one of the member is doing it right, cancelled the agreement.
Secondly, there is another dispute between you 12 persons and that another 13th person having 0.5 % stake. You may file a case before civil court for rendition of accounts.
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Adv. Manish
Delhi | 100+ Answers
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