“Under the law, any developer who builds a housing company must enter into a written tripartite agreement with any buyer who has already purchased an apartment in the project or is about to buy a home,” says Vijay Gupta, CMD, Orris Infrastructures. “This agreement clarifies the status of all parties involved in real estate transactions and monitors all documents,” he says. Tripartite agreements are usually signed for the purchase of units in projects under construction. A tripartite agreement signifies the role and responsibilities of all parties involved, with the exception of basic information about them. “In the leasing sector, tripartite agreements can be concluded between the lender, the owner/borrower and the tenant. These agreements usually stipulate that if the owner/borrower violates the non-payment clause of the loan agreement, the mortgage lender/lender becomes the new owner of the property. In addition, tenants will then have to accept the mortgage/lender as the new owner. The agreement also prevents the new landlord from changing the tenants` clauses or provisions,” Bulchandani adds. Tripartite agreements should contain details of ownership and contain an appendix to all original documents. The company has or intends to enter into a medical services contract with PLAN, “the TPA contract”.

In addition, you will find below some examples of the positive requirements for submitting written agreements with public insurance authorities or notifying regulatory authorities of the existence of such agreements: tripartite agreements should contain details of the property concerned and an annex to all original ownership documents. In addition, tripartite agreements must be stamped accordingly, depending on the State in which the property is located. What are the main details mentioned in the tripartite agreement? A tripartite agreement signifies the role and responsibilities of all parties involved, with the exception of basic information about them. Why is a tripartite agreement important? This document defines the obligations and responsibilities of all parties to the purchase of real estate. What do tripartite agreements contain? Tripartite agreements should contain details of ownership and contain an appendix to all original documents. What type of real estate activity requires tripartite agreements? Tripartite agreements are usually signed for the purchase of units in projects under construction. The conditions set out in such agreements can be complex and therefore difficult to understand. It is advisable that buyers seek the help of legal experts to look into the document. Failure to do so may result in complications in the future, especially in the event of litigation or project delay. The tripartite agreement should represent the developer or seller who states that the property has clear title. In addition, it is also worth mentioning that the developer has not entered into any new contract with any other party for the sale of the property.

For example, the Maharashtra Ownership of Flats Act, 1963, requires full disclosure from the seller/developer to the buyer on all details relevant to the purchased property. The tripartite agreement should also include the developer`s obligations to construct the building in accordance with approved plans and specifications approved by the local authority. While almost all states that have enacted TPA laws impose the above requirements with respect to administrative service agreements, there are a number of states that also have positive requirements for filing agreements with public insurance supervisory authorities or reporting to regulatory authorities, within certain time limits, the existence of such agreements . . .