Tripartite Agreement Meaning in Marathi

If you are a resident of Maharashtra, India, then you may have come across the term “tripartite agreement” in Marathi. While the term may seem complicated, it is actually a common agreement used in real estate transactions.

A tripartite agreement is a legal document that is signed between three parties – the lender, the borrower, and the builder. The agreement is typically signed when the borrower is taking out a loan to purchase a property that is still under construction.

In a tripartite agreement, the builder agrees to complete the construction of the property within a specific time frame. The lender, on the other hand, agrees to disburse the loan amount to the builder in installments, based on the construction milestones. The borrower, in turn, agrees to repay the loan amount to the lender as per the agreed-upon terms and conditions.

The purpose of a tripartite agreement is to protect the interests of all the parties involved in the transaction. The builder is assured of getting the necessary funding to complete the construction, while the lender is assured of timely repayment of the loan amount. The borrower, on the other hand, is assured of getting a completed property within the stipulated time frame.

In Marathi, a tripartite agreement is known as “त्रिकोणीय समझौता”. It is an important legal document that is usually drafted by a lawyer or a real estate expert. Before signing the agreement, it is important to read it carefully and understand the terms and conditions mentioned in it. If you have any doubts or queries, it is always advisable to seek legal advice.

In conclusion, a tripartite agreement is a common legal document used in real estate transactions in Maharashtra. It is a binding agreement between the lender, the borrower, and the builder, and outlines the terms and conditions of the transaction. If you are planning to take out a loan to purchase a property that is still under construction, then you may need to sign a tripartite agreement. Make sure to understand the terms and conditions mentioned in the agreement before signing it.