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How to create a legally enforceable contract in real estate project
05-Jan-2023 (In Corporate Law)
Hi, I'm investing in my friend's real estate project. I would like to enter into a legally enforceable contract with him with the terms of my investment. Please advise on the do's and don'ts of creating such contract, especially if it needs to be registered. Also, please advise if I should go the partnership route. Thanks, CV
If this Real Estate project is not yet registered, then you can create a Partnership or a Joint Venture. Joint Ventures/ Development contracts are more common in the field of Real Estate. I cannot advise on which option is preferred unless I have more facts. The agreement would include several clauses that protect your investment with him and also covers returns on the investment, including what should happen in case of a dispute. You should definitely register the Agreement for better legal enforceability. Please do not download any Agreement - get a customized Agreement from an Advocate and register it with the jurisdiction Sub-Registrar Office if required.
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