You must make arrangements in the new agreement to be reached that it clearly determines the subsequent payment of 10 lakes or more for the sale consideration and no serious money. 3) Instead of terminating the agreement, you should write to the seller that you are willing to pay the balance of Rs 66 Lakhs immediately by check and execute the balance registered in your favor. Please note that your bank account means the necessary means at the time of sending the letter or email 3 In general cases, there is no illegality if the seller loses some of the money from the chips, if the agreement provides for it. 1. The refund or sale of serious money is governed by the interim purchase contract between the seller and the potential buyer. If the contract requires forfeiture, the seller may let it expire, but the buyer is entitled to a full refund. (f) Termination clause: very critical clause specifically in the agreement. A buyer should indicate and define the conditions under which the contract can be terminated and the corresponding repayment clause. Even if the contract is terminated by the seller, then it will be a fine and vice versa. In the event of a legal default of the real estate or a real estate loan for a similar reason, the seller will refund the money of the token to the buyer. If you reach an agreement to transfer your rights to the basic property to a third party, the developer being the confirming partner, your sale price would include the GST and you will not be able to recover or charge a GST separately in such a transaction. In calculating capital gains, the GST already paid by you, you will be included in the acquisition cost. Capital gains are taxable in the long term if your holding period is three years, or the profits, if realized, are taxed as short-term capital gains.
4) it should provide for a refund if the contract is terminated. Since the real estate agreement may not move in the direction you intend to go, buyers need to keep an eye on certain issues in order to protect their interests. The first step in this direction is not to avoid cash payments. If money is paid in cash, the seller can then refuse to return the money if there is no legal proof that you made the payment. Real estate transactions should not always culminate in the execution and registration of an agreement. Sometimes the agreement cannot pass and can be abandoned halfway after payment of symbolic money or even after some of the payments have been made. For some reason, the agreement can be cancelled either by the seller or by the buyer. (d) Timeline/ Validity: Assuming you sign an agreement, please mention the validity of it. Also mention the payment schedule and other terms and conditions (if necessary) of the agreement. In the case of my clients, who is a seller, the buyer does not register the property even after 3 years of signing the sales contract.