A JV Agreement sets
out what each party will contribute, both money and effort, and sets
out each party’s obligations. It also sets out what happens if the
parties 'fall-out' with each other as well as the division of profits
or losses.
We want to involve more developments and expansions
in the upcoming projects. You might benefit from their knowledge of
new technologies and get a better quality of service.
Builders:
Usually the most problematic issue will be the property with a clear title with proper owners / mediators for a positive development. The builder’s aim might be to strengthen their business from a guaranteed volume of sales. We carefully screen Members and the support and education provided are very effective.
Usually the most problematic issue will be the property with a clear title with proper owners / mediators for a positive development. The builder’s aim might be to strengthen their business from a guaranteed volume of sales. We carefully screen Members and the support and education provided are very effective.
Land Owners:
Usually the most basics reason revolves around something you don't have. Some of them may be:
Usually the most basics reason revolves around something you don't have. Some of them may be:
- I own land ... have capital & capacity to borrow ... but no experience.
- I have capital & capacity to borrow ... partner has land ... both have no experience.
- I am 'time poor' ... work full time and can't be
personally involved ...
Some points to be kept in
mind:
Landowner will have to execute a general power of
attorney (GPA) favoring the builder
- GPA must be on stamp paper of suitable value
- Joint venture development agreement must be drawn before the builder starts construction
- Joint venture development agreement will include complete details of the size, share, amenities and facilities, materials to be used, car parking allotted per apartment, etc. And also, the financial transaction details such as advance paid and the possession date.
- Upon receiving the approved plan the owner must ensure that an allocation agreement stipulating his share of the property is executed.
- On completion of the construction before possession the owner
can get a certified engineer and measure the square feet allotted to
him.
