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MOU signed to sell the property but no further proceeding what to do
16-Mar-2023 (In Property Law)
I signed an Memorandum Of Understanding with a gentleman from Bangalore to sell a house in Bombay and now 2 years of have elapsed and no action has taken place. What action can they take if i cancel the MOU and return the amount through bank transfer? Can i cancel the MOU?
yes..
You can cancel the MOU as it is legal and valid to cancel when the purchaser has not fulfilling his duty..
Please give him notice that you are cancelling the MOU and returning the amount.
However, you will have to take precaution that he does not files case in civil court and takes stay order against you to stop you from selling to third party as well as to cancel the MOU
Hope this helps
You can cancel the MOU as it is legal and valid to cancel when the purchaser has not fulfilling his duty..
Please give him notice that you are cancelling the MOU and returning the amount.
However, you will have to take precaution that he does not files case in civil court and takes stay order against you to stop you from selling to third party as well as to cancel the MOU
Hope this helps
Helpful?
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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