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Author Topic: Vendors Restrictive Covenants with the purchaser  (Read 266 times)

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Offline buzzbalaji

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Vendors Restrictive Covenants with the purchaser
« on: October 16, 2016, 07:22:08 PM »
Planning to buy a land in Bangalore - Dealing with Promoter (who is SPA holder of Land Developer) and I have no contact with Land Developer (who is GPA holder of Land Owner) or Land Owner.
1) For registration, Promoter is stating only he will sign the deed in behalf of Developer/Owner - Is it okay?
2) In draft sale deed, in Vendor/Restrictive covenants with the purchaser it is mentioned that "The PURCHASER hereby declares that he shall have no claim of whatsoever nature or account against the VENDORS for refund of any and or all monies paid by him to the PROMOTER for purchasing the schedule site and further declares that the account is settled fully. The DEVELOPER has paid the statutory fee, levies, deposits, etc., for obtaining conversion, sanction of plans, permissions, etc., to form the residential layout, wherein the schedule site is situate. However, in the event of any such fee, levy, deposit, penalty, charges, etc., whatsoever being demanded by the Government Instrumentality or Agency of the Government or any statutory Authority, Body or Local Authority, Panchayath, etc., the PURCHASER agrees to make good the same to the VENDORs or to such authority directly, however, within thirty (30) days of due intimation being obtained in that regard and it shall not concern the VENDORS. ". Whether such covenants are normal?
Thanks!

 

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