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In this video, Sandeep Krishna discusses the term "tripartite agreement," particularly relevant for those in the real estate industry or individuals purchasing under-construction properties. He explains that this agreement involves three parties: the buyer, the seller, and a financial institution. It is necessary for buyers investing in properties that require financing, as it establishes the terms and conditions of the property deal. The tripartite agreement is a distinct legal document that outlines the obligations and rights of each party involved, ensuring clarity and legal compliance in real estate transactions.