Under Indian Contract Law, most of the time the agreement is usually the nature of that contract. The seller and seller entered into a contract, both of them should have obeyed the terms of the agreement. If one person does not fulfill the contract, the other person has the right to withdraw from that contract. In the case of a sales contract, the buyer having not complied with the contractual conditions, the seller has the freedom to revoke and hear the contract. Otherwise, you can delay payment for up to six months if you think the situation will improve and you can then proceed with the purchase. “Once the loan is paid, not even in part, it cannot be terminated, because if the credit payment arrives, the credit account number is already placed and the agreement between you and the lender is in effect,” Kaul said. He suggested using the moratorium facility if you think you can`t afford to start payments immediately. But remember that this will only be a temporary solution and will only increase your long-term interest expense (read more about bit.ly/2X6Oc41). When will your commitment be released from the contract? 2) Send a letter by the post of regd ad that, since the full payment does not apply within 3 months of the agreement has been terminated. There is a difference between the sales contract and the sales contract. in the sale agreement, the seller has the right to cancel the sale after informing the buyer that the buyer is not complying with the terms of the contract. if the price is paid in part, but the buyer has not paid the amount of the pension in the agreed period, then the seller can sell this property to any other buyer after informing the former buyer.
well, you can sell this property to another buyer because you informed the buyer correctly. If you have accepted his proposal to extend the deadline, you should revoke it by notification. It`s mandatory for you. 2) It is advisable to send a lawyer`s notice to the buyer and terminate the contract, while returning the money brought in by a cheque or a NEFT. A NEFT transfer would be more appropriate, as it would not give it any chance of refusing to accept the advanced amount. Refunds are allowed if the seller does not fulfill his side of the agreement and returns the property in due course. The withdrawal contract should be registered legally so that the refund can be accepted and approved. The buyer can get up to 98% of the stamp duty in refund.
It is expected that the original agreement and the initial withdrawal will be associated, both of which are registered at the same time as the claim. Buyers will not be reimbursed for their registration fees. The treatment for the refund of the money is different in all cases. Although the developer may have collected GST from you, he may or may not agree to repay this amount, as he may have already paid the amount on the government loan.