Legal Question in Real Estate Law in India

I have entered in a land sale agreement with a buyer in Rajasthan, I have also received some advance token amount from buyer thru cash & cheque. This agreement was made on plain paper (Not on bnayana or stamp paper) and NO time frame was mentioned on this agreement.
Now I have changed my mind and do not want to sale this land, and wants to construct my own hose there. Please let me know how to cancel the deal. This agreement is three months old.
I am ready to return advance amount with interest as per bank rate, but buyer is threading to go court.
Regards,
Arvind

Asked on 12/15/10, 3:08 am

Shrichand Nahar S.V.Nahar, Advocate

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0 attorneys agreed

Cancellation, as word itself suggest, is a bilateral contract. If both agree for cancellation, then it is possible.

You may explore possibility of termination or revocation depending on facts and circumstances of the case.

Please be guided by your lawyer for detailed advice.

Answered on 12/15/10, 9:54 pm

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