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Cancellation of MOU after 90 days

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Cancellation of MOU after 90 days

Last updated: June 22 2019
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  • Cancellation of MOU after 90 days

    Hello.

    I had made a MOU to sell my property/ flat on 28th March 2019.
    Buyer had paid me INR 300,000.00 (Three Lacs Only) till date as advance amount. (Sale value agreed for INR 34,25,000.00) I had given all Flat Documents (Xerox Copies) to avail loan.

    Now on 26th June, the validity of MOU get completed.
    Is this deal get cancelled ?
    Should I send letter / mail to buyer regading cancellation of deal ?
    Can I deduct any amount while returning advance ? (Not mentioned in MOU)
    Can I returned the money in installments ?
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