When designing a tripartite agreement, the following important elements should be taken into account: the tripartite agreement should represent the developer or seller who indicates that the property has a clear title. In addition, it is also worth mentioning that the developer has not entered into any new contract with any other party for the sale of the property. For example, the Maharashtra Ownership of Flats Act, 1963, requires full disclosure from the seller/developer to the buyer on all details relevant to the purchased property. The tripartite agreement should also include the developer`s obligations to construct the building in accordance with approved plans and specifications approved by the local authority. The tripartite agreements describe the different guarantees and contingencies between the three parties in the event of non-payment. The post How do tripartite agreements work? He appeared first on Housing News.