There was an agreement between Land owner and developer to develop the land of the land owner, and according to that agreement the developer sanction the plan. but after getting the plan sanctioned by the proper authority. the developer is not interested to continue with the project.
Whereas another developer is interested to continue over the project with same plan sanctioned by the previous developer. Land owner is also agreed to cancell the power of the previous developer and give power to the new developer.
under the above circumstance the second developer is willing to continue with plan sanctioned by the first developer.
how it is to be legalised.
plz refer me in details
1 Answer from Attorneys
Dear Sir / Madam,
You should obtain a letter to record the fact from the present Developer that he / she is not interested to continue with the project and that he / she unconditionally surrenders all his claims, rights and privileges thereto. Thereafter, you should sign a fresh Letter of Intent (LOI) and Memorandum of Understanding (MOU) with the new Developer to commence with the project as per approved plans.
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