Legal Question in Real Estate Law in India
Agreement for sale:
We are the property owners (First Party) have done agreement with the second party and have not mentioned the time to execute the sale deed. Its only mentioned during registration time the remaining part money will be given. The agreement done in 2010 June and the property have not yet registered with my father in law/s name as some property division problem. So we want to cancel the agreement for sale. The second party has given 50% of the sale value. Please let us know whether we can cancel the agreement as per law.. What are negatives are there is we cancel. What the second party can claim with us.
3 Answers from Attorneys
dear client....
Yes you can cancel the agreement but need to have valid cause for doing so...
if possible send the agreement copy so that it can be studies properly at [email protected]
One way is a mutual cancellation wherein both parties execute / register appropriate deed recording cancellation.
Other way is approaching court seeking cancellation.
Some people also opt for unilateral termination. However, in such event, purchaser may approach court for specific performance within 3 years from communication of termination regarded as refusal.
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