What are the options available to a seller who has entered into an open-ended agreement and the buyer is delaying the balance payment? Read the opinion by our experts to know more about the same.
If there is an open dated Sale Agreement of a property what options does the seller have to cancel it in view of the situation that the buyer is not completing the sale after making the initial token payment?
The cancellation is possible. But the mode of cancellation depends on the terms and conditions that were mentioned in the contract. So before asking for cancellation, you should thoroughly go through the deed and decide on the methodology. What are the responsibilities of the buyer's side and what are the responsibilities from the seller's side? These are to be thoroughly read. If the buyer is violating any clause that is accepted in the agreement, you can highlight that and you can go for cancellation, We have to see the deed of the agreement and then take a decision. I suggest you go and contact the best advocate in your area with all the documents and tell him about your intentions. He will go through the complete documents and he will proceed further and help you in doing the cancellation without ending up with a problem. Please go to a known advocate.
Open dated or open ended sale agreements suffer from certain disadvantages as the seller or buyer may delay in its execution in one form or other leading to conflict. So generally the legal course in such agreements is limited to the terms and conditions of the contract.
The market is always having fluctuations and cost of property may remain stagnant or go down or go up. In such cases the parties can delay the exercising the option of paying or giving delivery.
Generally this type of contracts are preferred by employers to employ the employees at will and not for a fixed period. The sellers or buyers of property avoid such contracts as money is blocked due to obvious reasons.
Another problem with open ended contracts is that any party can quit any time during the contract not abiding by it and in that case it is deemed to be cancelled. Due to ambiguity in the contract legal recourse may also not be of much help though opinion of an experienced lawyer can always be obtained.
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