If cooperation is simple and development is minimal, parties can use standard licensing agreements and orders. If the parties are considering starting an active business and making substantial investments, the creation of a separate joint venture may be the best way forward. However, in many cases, a joint development or cooperation agreement provides the appropriate framework – the definition of a set of rules adapted to the relationship without overhead and the complexity of a separate joint venture. This first describes important points of the contract, which frequently occur in the JDDs, and aims to provide points for review and lists of points that the lawyer must take into account when preparing and negotiating a JDA, including intellectual property rights arising from development work. After the conclusion of the joint development contract, this will be recorded at the time of payment of the prescribed taxes. This agreement is signed by both the owner and the owner of the land and the owner then pays the first tranche of the refundable deposit to the owner of the land. In addition to the joint development contract, the owner of the land also gives the owner a power of attorney to apply for various permits for the construction of an apartment building and to sell the dwellings that are in the proportion of the owner. It is quite normal for the owner of the property to transfer the rights/titles of the property to his family member as part of the family subdivision. These transfers are executed by GPA. In other scenarios, the owner asks the buyer to transfer the money to a family member.
The reason for these scenarios is ”legacy.” The country is hereditary and, in most cases, I have found 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 the GPA of all parties involved, or there is a family agreement between the landowners to allow a person to cede the property through the GPA. In many cases, I have observed that the landowners owned Benami. Therefore, the buyer should be especially careful. A joint development agreement generally contains the intention of the parties to develop the country, the obtaining of funds, the timetable for the completion of the project, the distribution of land/housing developed between the owner and the owner, Obligation for the developer to comply with the legal requirements, costs associated with obtaining legal authorizations from the competent authority, search for potential buyers, common spaces and facilities that determine the percentage of interest unavailable for the common spaces and facilities available to each owner, in short, joint venture agreements clearly define the obligations and responsibilities, obligations and rights of the owner of the land and the owner. Please note that there is no HARM for the performance of the endorsement if it is also registered. Otherwise, the endorsement is just another piece of paper with NO VALUE. Thus, in one case, 23 dwellings were allocated to the landowner under the JDA with specific housing numbers.
An endorsement was then signed.