The term “three-way agreement” refers to the structure of the REALTOR® organization. This agreement was reached between the State Federation, regional federations, boards of directors and local associations. Through this agreement, the national association grants each association and each board of directors the right to control the terms “REALTOR®” and “REALTOR-ASSOCIATE®” within its territorial jurisdiction. It also allows associations and boards of directors to use the terms REALTOR® and REALTOR-ASSOCIATE® to people qualified for membership. In return, the regional federations and local councils and associations agree: a tripartite construction credit contract generally lists the rights and remedies of the three parties from the perspective of the borrower, the lender and the owner. It mentions the construction phases, the final sale price, the date of ownership, and the interest rate and maturity of the loan. It also defines the legal procedure known as sub-rogatory, which determines who, how and when different securities of the property are transferred between the parties. In particular, tripartite mortgage contracts become necessary when money is lent for a property that has not yet been built or improved. Agreements resolve potentially conflicting claims about the property if the borrower – usually the future owner – breaks down, or may even die during construction work. In some cases, tripartite agreements may cover the owner of the land, the architect or architect and the contractor. These agreements are in essence “not a fault” of agreements in which all parties agree to correct their errors or negligences and not to make other parties liable for unfaithful omissions or errors. To avoid errors and delays, they often contain a detailed quality plan and determine when and where regular meetings will take place between the parties. Sub-pricing, as defined in a typical tripartite agreement, clarifies the conditions for the transfer of the property if the borrower does not pay his debts or dies.
A tripartite agreement is a transaction between three separate parties. In the mortgage sector, during the construction phase of a new residential or residential complex, there is often a tripartite or tripartite agreement to guarantee bridge credits for the construction itself. In this case, the loan agreement concerns the buyer, the lender and the owner. Tripartite agreements define the different guarantees and contingencies between the three parties in the event of default. The following information on the NAR`s three-way agreement is Section 2, Chapter 1 of the response booklet. For example, in order to ensure timely work planning and quality transformation, the borrower does not want to pay the contractor until the work is completed. But the owner may not be paid once the work is completed, when he himself owes money to suppliers such as plumbers and electricians.