What is a Tripartite Agreement

Dev Singhraha

Relocation Expert

When a deal is made, the roles and responsibilities of all the parties involved should be made clear in order to avoid dispute. A tripartite agreement is made for this purpose. It is a legal document, clearly stating the obligations of all the parties involved and making them accountable towards the terms and conditions of the agreement.

The buyer must make sure that the agreement contains all the relevant information about the property and all the requirements are fulfilled at the time of the making of the document. The tripartite agreement must be stamped in the state where the property is located. The buyer must be aware of the parts of the agreement.

Here are some details that would help a buyer understand the agreement in more detail:

The said agreement facilitates all the parties to exercise their rights during the transaction.
The agreement should mention that the clear title of the property is in the name of the developer.
It should state the property has not been sold to any other party or any other agreement has not been made by the developer.
It should also be mentioned that the developer is responsible for building the property in accordance with the specifications and maps approved by local authorities.
The perspective of all the three parties involved should be mentioned.
The sale value, date of possession and stages of construction and common amenities to be provided by the developer are other details that should be mentioned in the agreement.
Details regarding interest rate of home loan, monthly instalments are also stated
The details of penalty, in case the booking is cancelled is also there in the agreement.

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