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Regarding cancellation of a sale agreement within the stipulated time
18-Jan-2023 (In Property Law)
i have a residential property which i had a wish to sell 2 months ago. I found a buyer who negotiated with me and entered into a sale agreement for minimum price (30 Lakhs, I was expecting around 48 Lakhs). He promised to finish the sale procedures within one month though the sale agreement had a stipulated period of 3 months (14.03.2019) after which the agreement shall stand cancelled as per the will of the seller. Now the problem is he doesn't have enough money and has applied for bank loan and has also taking loan from his family and friends. Also he is asking for a fresh agreement (for name sake) of 20 Lakhs to save on the stamp duty. Now I have changed my mind and do not wish to sell the property and keep it for myself. The buyer in question has also lost the original agreement and possess only a photocopy of it. Can I cancel the agreement before 14.03.2019 or will I have to face any Legal Consequences
the usual legal way of cancelling sale agreement would be to issue a notice to the person in the agreement informing him of your decision to cancel the agreement and offering to return such amount as whatever term of the agreement provided. but taking advantage of loss of original agreement copy by him and just cancelling the agreement by you may not be safe as he will be having evidence of amount that you have received and he may get an interim order from court. So can tell more on seeing the agreement.
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1.
1. Not to issue fresh agreement.
2.Issue legal notice to the buyer that you would like to cancel the agreement.
3. Approach jurisdictional sub-registered office to cancel the same formally.
4. Refund the money through DD or bank transfer.
1. Not to issue fresh agreement.
2.Issue legal notice to the buyer that you would like to cancel the agreement.
3. Approach jurisdictional sub-registered office to cancel the same formally.
4. Refund the money through DD or bank transfer.
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