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what is the sale agreement time limit
12-Aug-2023 (In Property Law)
Greetings, we kept our site for sale and later a person came and did an agreement with rs.5lacs advance on Rs.200/- estamp. Total consideration was 24lacs which should be settled in 3 months i.e. at the time of registry of the property. He gave in total 21 lacs till now and with 2 cheques bounced in different installments. But he is not registering the property in his name. And still my 3 lacs is pending.18 months over and in agreement already mentioned with in 3months if I fails to register the property then I need to pay double the amount received and if he fails to register property then his paid amount will be forfeited. Kindly advice
Sir,
The as you informed that the agreement for sale of property was done and also you received a sum of Rs.21 lakhs.
You are not mentioned the payment on the Agreement of Sale consideration . Any how he had made part payment towards the sale consideration.
As you told the agreement prescribed the time limit. Here you have two option.
One, you can immediately issue a notice under 138 of the negotiable instrument Act and also you also issue notice under specif relief act and request him to registered the property by paying the remaining balance of amount.
Please proceed immediately. Don't make delay.
The as you informed that the agreement for sale of property was done and also you received a sum of Rs.21 lakhs.
You are not mentioned the payment on the Agreement of Sale consideration . Any how he had made part payment towards the sale consideration.
As you told the agreement prescribed the time limit. Here you have two option.
One, you can immediately issue a notice under 138 of the negotiable instrument Act and also you also issue notice under specif relief act and request him to registered the property by paying the remaining balance of amount.
Please proceed immediately. Don't make delay.
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Adv. M Lakshmikanth Arya
Bangalore | 500+ Answers
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Can we break sale agreement?
The seller may cancel the agreement in the following circumstances: The buyer does not make payment. Buyers only pay balance if they are satisfied with the property title.
What is the Supreme Court Judgement on agreement to sale?
The Supreme Court ruled that signing a sale agreement does not confer ownership rights on the buyer or any other title. The Supreme Court has ruled that entering into a sale agreement does not confer ownership rights on the buyer. 15 Nov 2023
How long is an agreement valid?
A registered agreement to sell is valid for a period of three years. 31 March 2023
What if agreement of sale is expired?
The vendor will receive the balance and execute the deed of sale in your favour. You will then be granted possession.
sir, normally limitation period regarding sale agreement is three years from the date mentioned in the agreement condition. but you are in safe stand you may give legal notice and accordingly to do so.
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Adv. LP Mutaguppi
Bangalore | 25+ Answers
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the agreement mentions time limit, say, the buyer has to pay the remainder price within stipulated time, the buyer has to pay the remainder and conclude the contract. If the buyer does not pay the amount within specified period , the seller has option to rescind the agreement by giving one month's notice. If however buyer does not pay within stipulated period and the seller does not take any action, it means he has acquisced in this and has to settle for the price while entering in to agreement. Law does not help laggards!
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Adv. Vedashree A
Bangalore | 500+ Answers
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A sale agreement that is not registered has a validity period of three years. If there is a negative condition in the agreement, for example, that the buyer must register the property within 3 months, then the statute of limitation will be extended by this period.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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