Land Purchase: What Happens Where A Buyer Fails To Pay Balance After Part Paymen - Properties

Land Purchase: What Happens Where A Buyer Fails To Pay Balance After Part Paymen - Properties - Nairaland

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Land Purchase: What Happens Where A Buyer Fails To Pay Balance After Part Paymen by Treash(op): 7:31am On Jun 01, 2020

Treash:
After the expiration of the agreed date for payment of balance, it's necessary to write a notice of demand to the buyer for payment of balance. Where no payment is made, the law gives the seller two available options:

1. Right to rescind (cancel) the contract: The seller has the right to cancel the sale and refund the money or make a refund after another subsequent buyer has paid.

2. The seller can go to court and apply for what is called "Specific Performance". This is to compel the buyer to pay the seller at all cost.

Barr Ayo Adeolu Aderinto.

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