Raghunath shelke 29 August 2023

Tri-party agreement for under construction property

The under Construction property location In Palghar
The property was booked both units ( Flat & Shop ) on Feb 2013.
The agreement was executed according to with the Maharashtra Ownership of Flats Act ("MOFA") on July 2015.
In the July 2015 executed agreements, but the Promoter omitted the date of possession.
The Promoter failed to provide possession of the Said Flat and Said Shop within the time frame specified.
A society has not been established or Registered till Now.
No Home Loan outstanding.
Now Due To Delayed Possession: The first owner (seller) wishes to withdraw from the project and cancel the registrations.
According the project's promoter, due to a lack of financing Builder requests that the seller resell both units under Tripartite Agreements and refund the money.
Instead of surrendering property units, the builder is requesting that Tripartite Agreements be used to offer resale units.
The builder will find a new buyer/investor and complete the process.
The new buyer will first deposit 100% of the purchase price into the seller's account.
The flat will be registered/transferred to the new buyer Tripartite Agreements once the entire purchase payment is deposited into the seller's account

I need help for A tri-party agreement in India has various terms and conditions that must be adhered to before finalizing the sale. What Precaution should take .

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T. Kalaiselvan, Advocate (Advocate) 31 August 2023

Tripartite agreements are legal documents that involve three parties, each with their specific role. They are commonly used in real estate, where a builder, buyer, and seller enter into an agreement. Check for Legality. Ensure that the agreement is legally binding and has been drafted in compliance with Indian laws.

The tripartite agreement format must represent the seller or developer stating that the title of the property is clear. The agreement must also state that the developer is not in an agreement with another party for the sale of the same property. For example, complete legal details of the property have to be given. The tripartite documents must also include the developer’s obligation. The developer can only construct a building under the specification and plan approved by the local administrator.