Legal Question in Real Estate Law in India

I had signed an agreement for sale of property with a vendor thereby taking 3 lacs. of advance money. Now since, I cancelled/revoked the general power of attorney given to him thereby showing interest in cancellation of the deal, the vendor is asking for the money alongwith interest for 6 months. What would be the interest rate applicable? How much altogether I have to repay him? Does revocation of P.O.A. (registered) automatically would cancel the agreement or I need to cancel it through court? I'd conveyed him through lawyer's notice?


Asked on 1/10/11, 5:59 am

1 Answer from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

In case of a registered instrument, it is always advisable to have registered cancellation or revocation or termination, as the case may be.

Interest rate would depend on mutual agreement.

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Answered on 1/28/11, 12:30 am


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