Development Agreements And Special Agreements

According to Section 2(e) of the Indian Contract Act, 1872, “Agreement” means “every promise and every set of promises, forming the consideration for each other.” Every day, we make agreements in one or the other way. There are different types of agreements buying and selling, partnership, indemnity, etc. 

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Development Agreement

 

One of the major types of agreement required and very essential in real estate is A Real Estate Development Agreement (“Agreement”). It is an agreement between an individual and a construction company, city, or builder to develop a parcel of land for the individual’s personal or commercial use. It is a legally binding contract required through existing regulations. It solidifies the purpose and the goals and helps to facilitate a process where the expectations of both the parties are well articulated so that no future conflicts arise. The Real Estate Development Agreement involves the submission of a Development Plan by the Developer to the Owner of the property. The Agreement contains details regarding the responsibilities of the Developer and Owner, provisions regarding subcontracting, details of the work to be carried out in different phases, etc. Further, it stipulates the duties of the keeping of books and records, insurance, cash flow projections, etc. The developer shall create, maintain, and deliver the accounts, records, and reports of the Agreement. Before commencing work, the developer has to discuss with the Owner about matters relating to land use entitlements affecting the Property. The developer may delegate or subcontract portions of its obligations to architects, engineers, expediters, market researchers, and consultants.

 

Contents of the Development Agreement

 

Some of the important documents and things to be mentioned in the Development Agreement are:

  1. Particulars of the project like survey number, boundaries, areas, etc.
  2. Proof of ownership of land
  3. The ratio of sharing of profits
  4. Accountability for statutory permissions, compliances, and liabilities

 

Special Agreement

 

Similar to the development agreement, another important agreement is a special agreement. Agency, Bailment, Indemnity are some of the special agreement mentioned and statutorily provided in the Indian Contract Act, 1872. 

In a real estate, Special Agency Agreement is provided so that one person, the principal delegates, some of his rights to his/her agent i.e. a third party. In this type, the principal empowers the agent to perform a particular act or a specific act or a transaction. That is why it is known as the Special Agency Agreement.

For instance, in Real Estate Listing, when a salesperson lists a property for his firm, the agency relationship created between the seller and the broker is a special agency. 

 

Termination of a special agreement

 

Since special agreements between the principal and agents are made and limited to the specific job or duty of the agent, therefore, once the work is done, its agreement also ends. For example, if an agent is entered into a special agreement for selling a home and buying a new one. Hence, once the principal gets a new home, the agreement between the terminates.

 

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