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Entered into sale agreement. Buyer did not come after paying advance.
14-Feb-2023 (In Property Law)
I entered into a Sale Agreement on a plain paper to sell my factory premises and got some advance, and a date to transfer the property. The buyer did not turn up on the said date and it has been 3 months now.
How to get out of it and forfeit the deal now?
Expert Legal Advice:
Since you had entered into an agreement to sell and had set a future date for execution of proper sale documents / sale deed and had recieved only an advance / earnest money / bayana, you can get a Legal Notice issued to the purchaser that since he has failed to pay the balance sale consideration, you can grant him some more time to pay the sale amount failing which, the amount of advance payment made by him shall stand forfeited.
Also, we would like to see the agreement, to ascertain if there is an arbitration clause therein or not.
As an alternate option, you may also ask the other party for specific enforcment of the agreement to sell and demand the balance payment.
140+
Adv. Siddhant Sharma
Delhi | 200+ Answers
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