Legal Question in Civil Rights Law in India

i decided to sell my house. So i got a advance of rs.5 lakhs and we had a agreement that the remaining amount should be settled in 2 months. Right now there are 10 more days for the deadline. But now i have decided not to sell my house and i want to cancel the agreement. Im ready to payback the advance amount. But the buyer is not accepting it. I dont want to sell my house now, please help me what should i do to cancel the agreement.


Asked on 7/07/13, 3:20 am

3 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

You will need to abide by the contract. Please read carefully the relevant clause in the agreement which provides for penalty if the seller refuses. You may compensate the proposed buyer in terms of the agreement.

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Answered on 7/07/13, 3:38 am
Fca Prashant Chavan Expert Edge LLP

07.07.2013

Dear Sir / Madam,

Taking an advance of Rs. 5 (five) lakhs is acceptance of the offer to sell your house making it a firm contract. If you have already parted with the possession of the house to the buyer, you will need to give the buyer the prescribed 10 ten days to pay you the remaining amount, else on then do you have the option to rescind the contract thereafter. If you are still in possession of the house, you will need to somehow dissuade the buyer to opt out of the deal and cancel the agreement, by paying the buyer a compensation which includes the principal amount of Rs. 5 lakhs plus interest @ 16% to 21% p.a. (if the Agreement for Sale is silent about the rate of interest) for the total period that you held the advance in your A/c.

Regards,

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Answered on 7/07/13, 9:43 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

you may return the money as per agreement to sell.

thanks and regards

Adv. Rajiv

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Answered on 7/08/13, 10:47 pm


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