construction contract
Rakesh
(Querist) 17 September 2016
This query is : Resolved
Hello members
I have a piece of land area 550sq yards in ghaziabad, Uttar Pradesh. Now, we have an arrangement with a family friend where he is constructing around 16 flats on the same. He is bearing all the construction costs and we have decided to divide the profits after construction equally. We don't have any legal contract in this regard. My question is am I taking a risk by letting him construct without any contract?
Can he sell off the flats without my permission?
Guest
(Expert) 17 September 2016
Anything can happen in the absence of a valid agreement.
Ms.Usha Kapoor
(Expert) 18 September 2016
Dear Client,
It's better you Reduce or incorporate your agreement in writing laying down all the terms an conditions of the conditions contract which would be safer so as to keep away all kinds of apprehensions.
Rajendra K Goyal
(Expert) 18 September 2016
It is always better to have terms in writing, have services of some professional.
Kumar Doab
(Expert) 18 September 2016
Engage a very able counsel and reduce T&C in writing, with mutual consent and amicably.
Raj Kumar Makkad
(Expert) 18 September 2016
You both are taking risk and major risk involved if your friend. As already advised, it is not harmful to get the terms in writing and also to get such agreement registered so s to avoid future complications of any type.
Various questions shall arise like how a profit shall be calculated when entire cost is being borne by your friend except the cost of land?
ADV-JEEVAN PATIL, MUMBAI
(Expert) 22 September 2016
Di the following:
Execute
1)MOU,
2) Development Agree
3) PoA
Get them registered except MOU to be nottorized.
Pl. Note it is important n carefully make documents failing which will end with multiple Legal issues.
Contac:9869400938.jeevansci@yahoo.co
ADV-JEEVAN PATIL, MUMBAI
(Expert) 22 September 2016
Di the following:
Execute
1)MOU,
2) Development Agree
3) PoA
Get them registered except MOU to be nottorized.
Pl. Note it is important n carefully make documents failing which will end with multiple Legal issues.
Contac:9869400938.jeevansci@yahoo.com
