I signed a simple agreement to sell my factory in India and received a down payment, with a set date for transferring ownership. The buyer didn’t show up on that date, and it’s been 3 months. How can I get out of this deal and keep the advance payment?

Apni Law
Apni Law
Law Forum › Category: Property › I signed a simple agreement to sell my factory in India and received a down payment, with a set date for transferring ownership. The buyer didn’t show up on that date, and it’s been 3 months. How can I get out of this deal and keep the advance payment?
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Apni Law Staff asked 7 months ago

I signed a simple agreement to sell my factory in India and received a down payment, with a set date for transferring ownership. The buyer didn’t show up on that date, and it’s been 3 months. How can I get out of this deal and keep the advance payment?

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Best Answer

Apni Law Staff answered 7 months ago

Under Indian law, you may be able to terminate the agreement due to the buyer’s breach. You can send a legal notice demanding performance or cancellation and keep the advance payment as liquidated damages if the agreement explicitly allows for it.

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