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How to break a contact?


How to break a contact?

Last updated: September 9 2010
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  • How to break a contact?

    I have a property, received deposit 5-6 months back. buyer has not paid me full amount yet. Here is what happened:

    * Contract made in January this year.
    * Buyer paid me 10% deposit at the time of contract
    * I gave all the documents (photo copies) to Buyer for loan approval
    * His Bank said he will need a original copy of the sale deed (i think) of the purchase I made from another seller (this was 20 years ago)
    * I contacted few people and we cannot get the original papers but will get an attested copy (corporation said they lost the last paper of the document)
    * I told the buyer that he can get a loan from another bank like IDBI (i checked with IDBI and they are ready to give loan with the attested copy)
    * Buyer does not want to get the loan from another bank.
    * Buyer now wants all the money back and break the contract saying i cannot provide him the original papers.
    * I checked the contract but it does not says anything about breaking of contract, it is very simple (may be less informative) contract which does not tell me much.
    * I then asked my lawyer, first she said, i will have to give all the deposit money to the buyer. when i raised question about my loss(vacant property,travel to india cost, etc.) she said, we will deduct the amount and give rest to the buyer. I dont think she had a clew on this.

    Now my options are:
    1. break the contract and give all money back to the buyer(which i dont want to do)
    2. find the attested copies from the corporation, give it to the buyer and tell the buyer i have provided all the papers, and if he breaks the contract, he will loss all the money.
    3. send legal notice to the buyer that after 6 months, they have not purchased the property so they loose the stake on it. and i then will able to sell to some other person.

    I really do not want any complications. If the matter sorts out without the legal complications i will be more than happy. but i suspect buyer now does not want to buy the property and making some excuses not to buy it.

    What is the law for breaking the contract? specially when it is not written in the contract? how do I find more information on this? is there any good lawyer who can help in this?

    Any help would be greatly appreciated.
  • #2


    Re : How to break a contact?

    Bump !
    no one knows?


    Have any questions or thoughts about this?