According to experts, tripartite agreements have been concluded to help buyers acquire financing from banks against the project to buy a house by a real estate developer. See also: Can Rera remove “forced permit agreements” obtained by developers to modify project plans? A tripartite construction credit agreement generally lists the rights and remedies of the three parties from the perspective of the borrower, the lender and the developer. It describes the phases or phases of construction, the final sale price, the date of holding as well as the interest rate and the payment plan of the loan. It also defines the legal procedure known as the transfer of receivables and determines who, how and when different securities are transferred in the property between the parties. The transfer of debt, as defined in a typical tripartite agreement, clarifies the requirements for the transfer of the property if the borrower does not pay or pass on his debt. As the house/apartment is not yet in the client`s name up to the property, the client is included in the agreement with the bank,” says Rohan Bulchandani, co-founder and chairman, Real Estate Management Institute™ (REMI) and The Annet Group. According to Bulchandani, tripartite contracts must contain all the information mentioned below: “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 must then accept the mortgage/lender as the new owner.. . . .
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