See also: Can Rera remove „forced permit agreements“ obtained by developers to modify project plans? „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. All data access and exchange relationships must be governed by agreements that comply with the partners` legal and programmatic data sharing obligations. The Business Partnership Agreement (TPA) aims to document and formalize the business processes and contractual aspects related to the exchange of data through the Exchange Network. Such a person can normally take legal action to enforce the contract or the promise of its benefits. Tripartite agreements should contain details of the purpose of the property and contain an annex to all original documents. In addition, tripartite agreements must be stamped accordingly, depending on the State in which the property is located. 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. „Tripartite agreements have been concluded to help buyers acquire real estate loans against the proposed purchase of the property. As the house/apartment is not yet in the client`s name up to the property, the client is included in the agreement with the bank,“ says Rohan Bulchandani, co-founder and chairman, Real Estate Management Institute™ (REMI) and The Annet Group.
The tripartite agreement should represent the developer or seller who states that the property has clear title. In addition, it is also worth mentioning that the developer has not entered into any new contract with any other party for the sale of the property. For example, the Maharashtra Ownership of Flats Act, 1963, requires full disclosure from the seller/developer to the buyer on all details relevant to the purchased property. The tripartite agreement should also include the developer`s obligations to construct the building in accordance with approved plans and specifications approved by the local authority. According to Bulchandani, tripartite agreements must contain all the information mentioned below: The company has or intends to enter into a medical services contract with PLAN, the „TPA agreement“. . . .