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Particular Contracts-Purchaser to Erect Buildings and Selle

224 Particular Contracts-Purchaser to Erect Buildings and Seller

Agreements made between the purchaser and the seller provides that the seller sells the property at an agreed rate per square foot of land and that the entire property consists of a stipulated amount of square feet. This property also needs to be free from incumbrances and allows the purchaser the right to use the streets which adjoin the property and the common passageway as well.

It also states that the purchaser pays the seller interest at a stipulated percent on the purchase money and interest on all the advances which the seller makes to the purchaser as per the terms of the agreement till the purchase has been completed.

The purchaser is entitled to possession of the land and will bear all the taxes as well as rates and assessments and the purchaser will not dig or remove anything more than what is required to excavate from the land in order to erect a building, without getting the permission of the seller.

It states that in a month after the agreement has been executed, the purchaser shall commence the building on the piece of land and it needs to be finished before the date specified in the agreement.

The house which is to be constructed needs to be approved of by the architect of the seller and it needs to be built with good material with a distance which is stipulated away from the street.

If all these norms are adhered to, the seller will advance the sum agreed upon for the erection of the house.

 

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