3. The owner is not allowed to delay the transfer of 10% of the lump sum value until he finds a potential buyer. The owner cannot travel outside the four walls of the agreement. If the contract allows the owner to refuse the return of the balance until he does not find a new purchaser, such a clause is illegal. 1. With regard to forfeiture, it is made to ensure the safety of the seller so that no sudden sale is terminated by cancellation. In the event of termination of a deal for the purchase of a property for which the agreements have already been registered, the Maharashtra government authorizes a longer period of two years from the date of the agreement, for the claim of the refund of stamp duty, under certain conditions. This refund is only permitted if the developer does not hand over ownership of the reserved property and this is mentioned as a reason for cancelling the agreement in the notice of withdrawal. The rules also stipulate that the withdrawal contract must be registered. Until the contract is registered, the seller cannot deduct the money from the amount of the advance.
If the buyer is able to negotiate well, he can get all his money back. Another option you might consider is refinancing the longer term loan and the lower ME to reduce the load in these difficult times. But if you`re a buyer for a new project and you can finance your EMIs, you may have to bear the consequences if too many other buyers return. The project may become bogged down or completely frozen due to a lack of resources. « It depends on the owner in question. Large organized developers are sufficiently capitalized and would not see their project funding bogged down due to customer cancellations. Small owners can have problems, » Thakur said. 2. The repayment of the money depends on the terms of the agreement. As the agreement provides for a 10% reduction in the flat value, the owner can apply this clause against you. From the buyer`s point of view, a cancellation is costly at this stage. « Once the contractor-buyer contract is registered, the seller is legally entitled to dig up a certain portion of that amount.
Each contractor contract is written differently and according to the terms set out in the agreement, the buyer must drop part of the total sum, » says Sanjor Kumar, a real estate broker in Delhi. Joydeep Karmakar was happy to give up rent and become a landlord when things stopped. The 43-year-old, who works in the travel industry, had paid bail on his savings to book an apartment in a full-fledged building and borrowed to finance the rest, when he was suddenly without constant income.