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Sale Agreement Cancellation : How to Cancel without incurring monetary loss

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Sale Agreement Cancellation : How to Cancel without incurring monetary loss

Last updated: December 6 2016
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  • Sale Agreement Cancellation : How to Cancel without incurring monetary loss

    Hi, I have booked a property via registered sale agreement. I have taken a bank loan. Now at the current stage of construction I do not want to continue with the purchase and want to cancel the purchase by any means( sell or cancel). My question is if I am not able to find a seller in such sluggish market, then how can I exit from the project without making loss. Any help will be immensly appreciated.
  • #2

    #2

    Re : Sale Agreement Cancellation : How to Cancel without incurring monetary loss

    Originally posted by sdgdas View Post
    Hi, I have booked a property via registered sale agreement. I have taken a bank loan. Now at the current stage of construction I do not want to continue with the purchase and want to cancel the purchase by any means( sell or cancel). My question is if I am not able to find a seller in such sluggish market, then how can I exit from the project without making loss. Any help will be immensly appreciated.
    sdgdas - Your exit route will be mentioned in the Sale agreement.
    [1] Under construction transfer of unit (which you refer as selling) generally attracts 1 to 2 % charges.
    [2] Cancellation generally attracts a fix fee deduction, in some very rare cases no charges.
    [3] Any taxes / surcharges are never returned.

    If you cannot find a buyer, you will necessarily be at some monetary loss.

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    • #3

      #3

      Re : Sale Agreement Cancellation : How to Cancel without incurring monetary loss

      Is the project sold out? If not, the builder usually puts a clause saying you cannot sell out until builder has offloaded certain number inventory. You will also need to pay a transfer fee to the builder for the new tripartite agreement. If you have only paid booking amount, its relatively straight forward, but if you have started paying bank EMIs, then avoiding a loss is unlikely unless you are able to find a buyer who is willing to pay a premium.

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      • #4

        #4

        Re : Sale Agreement Cancellation : How to Cancel without incurring monetary loss

        Interested in buying. please mention the details of project and unit & price details

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