Tripartite Agreement In Home Loan
According to Bulchandani, tripartite agreements must contain all the information mentioned below: a tripartite agreement must be signed by these three parties – which makes the document worth its name – if a buyer opts for a home loan to buy a house in a project under construction. 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. Tripartite agreements are usually signed for the purchase of units in projects under construction. „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.