Legal Advice on Property BuyBack Agreement & Mou
Would anyone here will be able to help with the draft or guidance on property buyback agreement & mou offered by a real estate developer to an investor.
2. Get copy of the Mutation record.
3. Get copy of the Land and corporation/panchayet tax receipt.
4. Get copy of the sanctioned plan.
5. Get copy of the landlord -Promoter agreement. (in case the land is not in Promoters name)
6. Get a copy of Power of Attorney (in case the land is not in Promoters name)
7. Get a draft of the proposed Sale agreement.
8. Go to your own Advocate for a search of the Land and vetting of agreement( If you desire a housing loan, better do this by the Bank's empaneled Advocate) with all 7 above mentioned papers.
Note that, some banks have pre-approved some housing project. Even in such cases, get copy of such banks project approval with the above papers. Go to your own advocate(now not to Bank's Advocate for his view.
Check also if such Promoter is not black listed. If he claims that he already performed such activity, ask for project completion certificate of such project. Such certificate is awarded by authorities different in States.
Read the agreement draft to understand hidden costs. Pay all sum strictly as per the agreement. more
Would be glad to review and explain ... more