A real estate development agreement facilitates the buying and selling of real estate property. In other words, it can be said that real estate development property helps a parcel of land to become a residential or commercial real estate property. This kind of real estate development agreement, generally takes place between
- A construction company and an individual
- A commercial builder and a city
- A retail business organization and a city
In order to gain a sound knowledge about real estate development agreement, first you are required to know about the parts or sections that the agreement contains.
What are the different sections of a real estate agreement?
• The first section of the agreement contains the definitions of the terms that are used in the contract. If the real estate development agreement is associated with a residential house building contract, then the agreement will contain only 2 or 3 definitions. But, if the agreement involves any contract related to commercial real estate property, then there can be more than 12 definitions.
• In the Development Plan section, sketches of the real estate project are included. Other than that, this section also specifies the ground rules of building, the property limits and the time frame.
• The Improvement Section of the agreement lists all the developments that the project will take care of. All the development projects like improvement of sewer lines are included in this section and as a result this section of real estate development agreement becomes quite long.
• In the “Witnessed” section, all those necessary steps are mentioned that, the real estate builder is bound to follow in order to get the development agreement approved by the city. The city approves the agreement only after checking whether the particular real estate plot is zoned for the building type that the builder is trying to develop. Before granting approval, the project development plan submitted by the real estate builder is also checked.
• The final section of the real estate development agreement contains the different rules like landscaping rules and parking rules. The deadline of the building project is also mentioned in the final section.
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