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In this video tutorial, Sandeep Krishna explains the concept of a tripartite agreement, which is commonly used in the real estate industry. This agreement involves three parties - the buyer, seller, and a financial institution. The terms and conditions of property deals where a financial institution is involved are laid out in this legal document. Buyers investing in under-construction properties typically have to sign a tripartite agreement. This agreement ensures that all parties are bound by the terms and conditions of the deal.