A joint development agreement generally includes the intention of the parties to develop the land, obtaining funds, the timetable for the completion of the project, the distribution of the developed dwelling(s) between the owner of the land and the developer, the obligation for the developer to comply with the legal requirements, the costs to be borne in order to obtain the legal authorizations of the competent authority, Search for potential buyers, common areas and equipment, indicating the percentage of total interest in common areas and facilities available to each owner, the mode of use of the multi-family building, penalties for non-compliance by the parties with the general conditions of sale, etc. In short, joint venture agreements clearly define the obligations and responsibilities, obligations and rights of the owner of the land and the developer. The following factors are considered by potential investors when structuring a joint venture. Thus, as part of a joint venture project, owners and developers come together to develop the land for the benefit of both. In order to avoid likely disputes, misunderstandings between them and the successful conclusion of the project, they shall conclude a joint venture agreement clearly refining the details of the conditions. The development contract must be in writing and must be approved. It is very normal for the landowner to transfer rights/title to the property to his family member as part of family regulations. These transfers are made by GPA. In other scenarios, the landowner asks the buyer to transfer the money to a family member. The reason for these scenarios is ”the heir.” The country is hereditary and, in most cases, I have observed that the joint development agreement is signed by 15 to 20 people, including children under the age of 10.
In such cases, either one of the landowners holds surrogacy from all stakeholders, or there is a family comparison agreement between landowners to allow a person to transfer the property through surrogacy. In many cases, I have observed that landowners own benami. Therefore, the buyer should be especially careful. A list of Do`s and Don`ts that owners must follow when using the terrace are grouped under the terrace rights. Terrace rights are usually included in the owner/buyer`s contract in order to avoid unauthorized construction or abuse of the terrace, such as rental, installation of panels or mobile pylons. The private terraces are directly accessible from the apartment, which is mentioned separately in the contract of the client / buyer. In order to conclude a joint venture agreement, it is essential to describe in detail how and when the joint venture will end. As a general rule, it is in the interest of both parties to make the dissolution of the joint venture as economical as possible (i.e. to avoid lawyers` fees, etc.). .