Joint Venture termed for a venture or a project achieved jointly or combined. A project which has been achieved by the collaboration of two or more parties. In real estate joint venture means that a project is developed by two parties jointly. This generally happen where one party would have his land and the other party would be interested to develop a project on that land.
Some time the owner of the land could not develop it because of many reasons such as he doesn’t have the expertise or he doesn’t have the fund and likewise for the other party who want to develop might not have a land in the prime location where he can build up a nice project.
So, if these two parties join together on a mutual understanding they sign an agreement which is termed as joint venture agreement. This agreement comprises legal understand like will there be any advance or good-will money be paid by … Read the rest