Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Legal / What is rescission of contract?
Q.

What is rescission of contract?

view 178Views

1 Year

Comment

1 Answers

Send
2 2023-04-25T18:05:55+00:00
⤺ Reply

Hey,

I've seen a lot of questions about property contracts and rescission of contracts. I will share with you what is rescission of contract in simple terms.  Normally, contracts are drawn between a buyer and seller for the purchase or sale of real estate property. Keep reading to know more.

Get your property documentation verified from expert lawyers using NoBroker legal services

According to  leading real estate website “Under the Specific Relief Act, of 1963, a contract can be rescinded if there has been a material breach of the terms of the contract by either party, or if the contract is voidable due to the presence of coercion, undue influence, fraud, misrepresentation, or mistake”.

Meaning of rescission of contract in easy terms:

Rescission of contract just means cancelling or terminating a contract by one or both parties. In real estate, the right of rescission may apply to certain types of contracts, such as those signed during a timeshare presentation or home solicitation sales. This gives the buyer a limited time frame to cancel the contract without penalty.

Right of rescission real estate contracts does not apply to all real estate contracts. For example,  if you've already taken possession of the property or completed the transaction, it may be too late to exercise your right of rescission. Another example of rescission of a contract in Indian real estate could be when a buyer purchases a property from a developer, but later discovers that the developer has misrepresented important facts about the property, such as the size, amenities, or ownership rights. The buyer may then seek rescission of the contract to cancel the agreement and recover any money paid to the developer.

Advertise your real estate for free on NoBroker to get genuine leads.

I hope my explanation on ‘what is rescission of contract’ helps you.

Read more:

What is the Unregistered Sale Agreement Validity Period? Can a registered sale agreement be cancelled?

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

I Want My Shop To Be Rented for Bank ATMWhat is the difference between sales agreement and sales registration?What is the Unregistered Sale Agreement Validity Period?How much is stamp duty and registration in Mumbai?Can a Property be Registered in Two Names?How is betterment charges/improvement charges calculated for an apartment? Is it calculated based on UDS or the Built Up area? Is it a one time payment? And if the BC/IC is paid by the builder for land before construction do we need to pay it again for apartment?Can GPA Holder Register Property in His Own Name?What is the difference between the registration of agreement of sale and sale deed?What happens when someone dies before completing an agreement to sale an immovable property?Difference Between Sale and Exchange?See All

Recently Published Questions

What are the Property Buying Rules?What are the Documents Required for Flat Transfer?How to Sell a Property to a Family Member?How Long Does It Take to Get Patta in Chennai?What is the cost to register a gift deed?What is the process of cancellation of the Sale Deed?What is the difference between contract and agreement?What is Sale Deed Registration?How to Stop Someone Selling Your Property?How to Get Consent Deed for Mother Deed?See All
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners