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CLAUSES IN AJoint development
1.Title-Joint Development Agreement2.
Parties
3.Recital-narrative and introductory4.Offer5.Acceptance6.Project
Land Area7.Consideration-owners-developers8.Earnest
Money/Non-refundable deposit9.Balance payment schedule10.
Conditions precedent-buyer-seller11. Escrow mechanism12. Purpose of
the transaction13. Nature of development14. Deposit of title deeds
with the Escrow agent15. Investigation of title/search
report/certificate of
title
16. Public notice17. Curing the defects/encumbrances18.
Representation and warranties of the Owners
Marketable title-no encumbrances-possession-power and
authority-no prior agreement-no acquisition and
requisition-no reservation-consent-execute further
documents-deliver the copy of the documents-no
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violation of land laws-N.A. Permission-joint survey-no lis-
pendants- no-adverse changes-valid and binding
19. Representation and warranties of the DevelopersPower and
authority-consent of the company/firm-
no impediments-purpose-financial resources-valid and
binding-compliance with statutory authorities-no liability
20. Rights, duties and obligation of the DevelopersInspection of
the title deed- development Plan-
development potential-payment terms-possession-licence-
Project promotion-Advertisement management-
development and construction- cost of the development-
demarcation and allocation of constructed area-developer-
owner-development control regulations-modification of
sanctioned plan-Project marketing-mofa- cc-oc- time
period-specifications-NBCC-quality guarantee-basic
infrastructure-no encroachment-ultimate organization-copy
of sanctioned plan-comply with lawProject finance-
common area-allocation of area under reservations-setback
margins-Appointment of contractors and sub contractors-
compliance with law-Time is the essence of the contract-
21. Rights, duties and obligations of the owners:-
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No land cost- copy of the title deed - Permission from
the concerned and competent authorities-Possession-
Development permission and plan sanction-Irrevocable
power of attorney-Broker commission-interim maintenance
management supervision-tdr-easements- other rights
22. No competition23. Termination- Defaults on the part of the
owners-
Defaults on the part of the purchasers
24. Services of the Architects25. Services of the Advocates and
Solicitors26. Taxes and Outgoings etc27. Stamp duty and
Registration28. Tenure of the land29. Insurance of the property30.
Project Name31. Dispute Resolution32. General Provisions:-
a.Noticesb.Confidentialityc.No Waiverd.No Amendmente.No third
party agreementf. Specific performanceg.Liquidated
Damagesh.Severability
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i. Entire agreementj. Indemnityk.Force majeurel. No
partnershipm. Governing lawsn.Jurisdictiono.Counter partsp.Read and
understoodExecution Sheet
Schedules
Annexure
mylawhouse.in
Ph:9833843250
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