Real estate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2011 i had entered into an agreement to sell my plot of land to be executed within 1 year.. the purchaser had paid me an earnest amount at the time of signing the deal.. its been two years now and nothing further has been done.. do i have the right to forfeit the amount paid and sell my land to someone else..

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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18 October 2011 It depends upon the terms of the agreement. If the terms of agreement give you a right to forfeit the money if the sale of land is not executed in a year. Only then you can do so.
Else, you can't even proceed with the sale of land to another party because you are already into an agreement with a party!

Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2011 forfeiture is not a problem i am ready to pay back the money.. but i am wanting to sell the land to someone else since it has been over an year that the period mentioned in agreement for sale expired. the rates of the property have more than tripled.. the buyer threatens me to book me under specific performance act as the agreement for sale is valid for 3 years irrespective of the time mentioned in the deed. is the buyer right in doing so.. are there no judicial pronouncements in which the courts have favoured the seller.

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CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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19 October 2011 You can be on the unfavourable side, as even though more than 1 year has passed after the expiry of the agreement, you have still not refunded the money and no legal notice has been issued yet to the party.
On what grounds you will contest???
Consult a civil lawyer!