At least the contract must contain a description of the seller and buyer, a description of the property for sale and the purchase price. These are known as the essential conditions of the agreement. See also: Can RERA overturn “mandatory licensing agreements” obtained by contractors for the modification of project plans? Tripartite agreements should contain object information and contain an appendix to all initial ownership documents. In addition, tripartite agreements must be labelled accordingly, depending on the state in which the property is located. “Tripartite agreements have been reached to help buyers acquire home loans against the proposed purchase of the property. As the house/apartment is not yet in the client`s name, the owner is included in the agreement with the bank,” said Rohan Bulchandani, co-founder and president of the Real Estate Management Institute™ (REMI) and Annet Group. The sale of land generally includes devices and fittings. These are objects that are permanently attached to the structures or buildings of the countryside. In determining whether an object is a device and/or adaptation, three aspects should be considered: the object of destination or the type of object to which it was attached, the manner in which an object was attached, and the intention of the owner when placing the object.
There are some ambiguous areas, namely structures such as sheds and wendy houses, objects used in combination with a device, such as garage door remotes and batteries for solar installations. If the buyer wishes to include this type of item in the sale, the clause that defines it must be as specific as possible. It is difficult to impose oral agreements in this regard. “By law, any developer who builds a housing company must enter into a tripartite written agreement with any buyer who has already purchased or will buy a home in the project,” explains Vijay Gupta, CMD, Orris Infrastructures. “This agreement clarifies the status of all parties involved in real estate transactions and keeps an eye on all documents,” he said. This document contains the obligations and responsibilities of all parties to purchase real estate.