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Legal precautions to be taken before entering into a joint agreement
10-Mar-2023 (In Property Law)
Dear Sir, We are planning to enter into JD, plot size is 50x80 gifted by the father self earned property. JD developer has built 5-6 projects same area, he is offering 50-50, due to demonetization, he is unable to pay goodwill amount instead he is giving full terrace rites by building 2,500sq.ft Penthouse, but giving Rs. 10Lac as goodwill and Rs. 20Lac as refundable deposit after 15 months when the project completes. Step 1. To sign initial stamp paper MOU which says basic, 50-50, 2,500sqft. Penthouse, mentioning amounts, 15months period. We have copy. Step 2. Next step is to sign the JD agreement/GPA which mentions, 50-50, G+3flrs, but doesnot mention Penthouse, 15months period. The Original JD/GPA document will be with the builder, while registered copy will be with us. Here they say we need to handover all the Original Documents to Builder to start construction. Kindly let us know what are the precautions we need to take before entering into the JD agreement. Thank yo
No need to handover all original documents to the Builder, but you have provide all copies of the documents and you are advised to construct the Building as per sanction plan only to avoid future dispute to the entire building.
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Adv. Periyaswamy K S
Bangalore | 100+ Answers
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JDA along with affidavit registered is Transferable Development Right which can be used to avail loans to run the project. The builder may use your documents for the same. Precautions as of now is to check with financial status of builder's earlier projects. You have to be cautious that the builder does not deviate the agreed terms and you can also take into writing the liberty to check accounts of the project as you wish. Feel comfortable to meet me along with final draft of JDA before registration.
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Adv. Geetha D Philip
Bangalore | 100+ Answers
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I was a advocate to a builder company and have seen all the usual method they adopt in cases of joint development. Later on I have represented them in several court cases. Now since last 5 years I have stopped representing all builder- developers and I am taking up cases of land owners and flat buyers only. You need to fix up an appointment and seek consultation with any good lawyer and get the agreements examined and follow their advice instead of trying to know everything online, because if there is a problem later each wording of the draft counts.
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Adv. S.K Prabhakar Shetty
Bangalore | 500+ Answers
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