Validity of registered sale agreement
07-Sep-2023 (In Property Law)
What is an agreement for sale?
An agreement for sale is a promise made by the seller to the buyer. The agreement for sale must be registered for it to be considered enforceable in a court of law.
Validity of a registered sale agreement
A registered sale agreement is valid for three years. In the presence of a negative clause in the agreement, for instance, if the buyer is required to register the property within three months, the limitation is then extended by such period.
If full payment is made, and no time limit is mentioned in the agreement, the validity of the sale agreement doesn't expire. In all other cases, the agreement is valid for three years.
Is agreement of sale a valid document?
What is the validity period of unregistered sale agreement?
Is sale agreement valid after 10 years?
Can a sale agreement be Cancelled?
It is in your interest you comply with the following in spite of negative clauses favoring you found in the agreement:
If sale is not registered, then, you have to issue notice of revocation and cancellation of agreement even though the agreement is cancelled by flux of time. Validly cancel the agreement. It is always advisable to do this.
It all depends on the clauses framed in the agreement.
It is always good to refund the advance taken.
There are many citations from various courts of law. I think it is not required to be shared at this juncture.
Dr Gubbi S Subba Rao, Advocate, Bangalore
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