„Under the law, any developer who builds a housing company must enter into a written tripartite agreement with any buyer who has already purchased an apartment in the project or is about to buy a home,“ says Vijay Gupta, CMD, Orris Infrastructures. „This agreement clarifies the status of all parties involved in real estate transactions and monitors all documents,“ he says. The Contractor and the Bank undertake to notify each other within [NUM] days of notification of acts or omissions of which the Party is aware, which may infringe the Tripartite Agreement or which may be fraudulent or unauthorized. According to experts, tripartite agreements have been concluded to help buyers acquire financing from banks against the project to buy a house by a real estate developer. Tripartite agreements should contain details of ownership and contain an appendix to all original documents. See also: Can Rera remove „forced permit agreements“ obtained by developers to modify project plans? In some cases, tripartite agreements may cover the owner, architect or designer and contractor. These agreements are essentially „no-fault“ agreements, in which all parties agree to correct their own errors or negligence and not to make the other parties liable for omissions or errors committed in good faith. In order to avoid errors and delays, they often contain a detailed quality plan and determine when and where regular meetings will be held between the parties. The conditions set out in such agreements can be complex and therefore difficult to understand. It is advisable that buyers seek the help of legal experts to look into the document. Failure to do so may result in complications in the future, especially in the event of litigation or project delay. Tripartite agreements are usually signed for the purchase of units in projects under construction. A tripartite agreement must be signed by these three parties – which makes the document worth its name – if a buyer opts for a home loan to buy a house in a project under construction.
What are the main details mentioned in the tripartite agreement? A tripartite agreement signifies the role and responsibilities of all parties involved, with the exception of basic information about them. Why is a tripartite agreement important? This document defines the obligations and responsibilities of all parties to the purchase of real estate. . . .