I am planning to purchase a flat in chennai. The flat is constructed in Joint Venture between owner and builder. Builder construct 8 flats on the land. The agreement between them is 50% UDS (4 flats) for each other.
Builder sold all his 4 flats and owner has only one flat left. i approached owner for that flat. everything is fixed, now i went to HDFC back for loan. They are asking Triparty agreement. Banker told that it is the agreement between Owner,builder and you. Owner doesn't have awareness on this. But he told that we already sold one flat, the buyer is also applied loan without any issue. He (his bank) didn't ask this agreement.
Builder is also replying the same. But Banker is asking this as a compulsory one for loan approval.
Can anybody explain what is the triparty agreement and it is really necessary?
Thanks & Regards,