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Q.Transition Agreement
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Q. Transition Agreement

We have formed a association and expecting the builder to handover the building maintenance and other legal documents of the building to the association. We would like to have transition agreement in place with the builder. Looking for a transition agreement and the suggestion on how to take this forward
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A. Transitional Service Agreement (TSA) - is drafted in favor of the buyer, but aims to be reasonable and includes provisions that are common to negotiated transition services agreements. TSA is an agreement requiring the seller of a division or business line to provide transition services to the buyer following the closing. TSA is common in situations where the buyer does not have the management or systems in place to absorb the acquisition, and the seller can offer them for a fee.

Transitional service agreements can be extremely difficult to manage if they are not properly defined. Usually, poorly drafted TSAs result in disputes between the buyer and the seller centered around the scope of services to be provided.

I haven't yet drafted any TSAs so far, however someone well versed in this sort of agreement in Vidhikarya may help you with this.

Apart from this, if you need any guidance relating to the list of documents which are required from the builder during taking over maintenance from builder, you can contact me through Vidhikarya.

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ROBERT D ROZARIO

Experience: 15 Year(s)

Responded 9 months ago

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A. Dear you can registered your organisation then further action.

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Bharat Pawar

Experience: 9 Year(s)

Responded 9 months ago

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A. Transition agreement is an agreement by which a contractor or builder agrees to provide service to an association in a transition period, even though the original agreement is discontinued. For instance, when a certain service provided by a service providing association to another party is going to change or discontinue at some time in future the parties through a transition agreement agrees that the providing association will help the other party through the transition period. Generally, a transition agreement is a more general contract that can be used for any service in real estate. You should contact with builder and form agreement in written.hire lawyer who knows property related documentation.you can approach to our vidhikarya lawyers.contact with us.

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Deepak Bade

Experience: 9 Year(s)

Responded 9 months ago

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A. First get your trust or society registered as per law and take over the charge from the builder. Contact local lawyer from this portal for help if required.

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