If you Purchase land and take some time to pay in the respect of contract but you have to failed arranging payments so what you will be doing ?

I would start looking for an investor ASAP, I will not leave the land if I hit my deadline payment due I would ask for more time.I would go to court as a last resort ever; I would consider leaving the advance payment if the loss now to loss later if gone to court is less.

Renegotiating for further terms with the owner is the best option and give him what is realistic by when you think you will be able to pay the balance due.