Legal Question in Real Estate Law in India
We entered into a sale agreement (Ajmer, Rajasthan) 5 years back and took an advance as well. It took longer than expected to get the documentations ready. In the meantime the rates have gone up. We would like to review the agreed sales price or cancel the agreement and are ready to give back the advance along with any interest. The sale agreement was made on stamp paper and notarised; it was not registered. There is no exit clause in the agreement. Can we still cancel the deal?
1 Answer from Attorneys
10.09.2013
Dear Sir / Madam,
If the Sale Agreement stipulates a time frame within which the purchaser has to pay up and settle the entire purchase consideration, and if the purchaser has failed to pay up and settle the amount within the time period, the Sale Agreement automatically becomes null and void, and you become liable to return back the advance taken by you from the purchaser.
Regards,
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