I am the owner of a 2200 sq ft plot and propose to sell 550 sq ft UDS each to 3 persons retaining 550 sq ft for myself. We propose to jointly construct an apartment complex of 4 apartments by engaging the services of a known builder (individual). Individual construction agreements are required by the 3 buyers which will be registered along with the sale of UDS as mandated in TN. These will be used by them for loan application purposes. I require help and clarification on the following:
1.Do I as the owner and seller require a construction agreement? If so, does it have to be registered?
2.What is the format used for drafting the construction agreement in this situation? Please provide a format which we can use.
I would appreciate a quick response.
Thank you.
Asked 7 years ago in Property Law
Religion: Christian