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Author Topic: Regarding sharing land between friends and joint construction agreement.  (Read 691 times)

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Offline gen1707

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Gurus,

I and my friend want to purchase a plot of 1500 sqft jointly in PCMC, Pimple Gurav area. The dimension of the plot are 23(front)*66(Length).
We are planning to divide the ownership as 11.5*66 each. After buying we want to build the property jointly by availing the loan from bank.

Questions -
We want to make an agreement with below conditions -

1. Both parties will avail the plan & permission to develop the building for availing the bank loan.
2. Both parties will be sharing the land to construct the property. (will check legal liabilities on this from lawyer)
3. Property will be construct as per the T&P guidance, any alteration/extension can be carried out only after agreement of both parties.
4. Both parties will not be able to sell the property for say "5" years.
5. After 5 years property can be sold without any legal issues without any liabilities to other party.(Need to check legal liabilities on this from lawyer)

 

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