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Sale of house first memorandum.
26-Oct-2023 (In Property Law)
Dear Sir/Madam,
We make the first memorandum of our house sell by the lawyer. Not any sale agreement or power of attorney. We make only token amount memorandum. The buyer gives us 5 lakh as the token amount. Now we want to cancel sell our house to the buyer. In this situation what action will be taken the buyer & what is a process to cancel this memorandum. Kindly guide me.
This is my response to you:
1. What are the terms of the memorandum?
2. Is there a clause of termination?
3. If yes then you are bound by it;
4. If not then you are bound by the law of contracts;
5. Consult a local lawyer, let him vet your documents and then take legal steps.
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Adv. Gowaal Padavi
Mumbai | 1000+ Answers
CONTACT NOW
The manner of cancellation will be mentioned on the Memorandum of Understanding. Please go through that. you might have to pay interest to the buyer along with the payment of the amount. A proper opinion can be given on perusal of the MOU. Please contact for any assistance
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