Property Development Agreements

Residential real estate developers have always sought large condominiums where the building has been physically divided into apartments, but it exists legally only as property. Similarly, most of the other lawyers, Attwells Solicitors, are experts in real estate law with valuation for planners, so we can meet all your development needs until the sale of real estate. Because development agreements are promoted commercially, the key to developing an effective development agreement is to ensure that it meets the commercial needs of the parties without involuntarily triggering the application of laws and taxes that jeopardize the viability of the project. Like all agreements, it is essential to define precisely the identity of the parties in order to ensure that the application of contractual conditions is effective. The separate legal personality of the companies is strictly applied in the United Arab Emirates and obliges the parties to conclude the agreement in accordance with their financial and technical obligations. Unlike contractors, developers must participate in all profits. They can also protect their investment and capital contributions by controlling final sales, both in terms of selling prices and processes. Developers also need the right to sell and record all extra-budget sales of units and collect the proceeds from those sales through the project`s escurgant account. Both parties should also approve the appointment of a developer as the landowner`s representative for the development of the project.

The success or non-development and benefit obtained by the parties are largely related to the allocation of risks within the agreement and the control of each party over the costs and revenues of development. The development agreement should allow each party to have some control over the costs and revenues of development. These properties, common in some of our coastal cities, offer a developer the opportunity to legally divide title into apartments and thus potentially achieve a greater value of the property, as the total value of the dwellings can often be significantly greater than the value of the property as a property. It is likely that people who work from home and/or need to isolate themselves will slow down the response time of local planning authorities, which was not provided for in the contract agreement. A typical development agreement requires the developer to apply for planning permission within a few weeks of the agreement and to advance the application. However, if the authorization is not obtained until a long period of stoppage, each party may terminate the contract. Obtaining authorization often involves reaching an agreement under Section 106, which requires meetings with the planning authority. Requirements for non-face-to-face meetings are likely to slow down the process. Any time lost in obtaining the authorization and related agreements increases the pressure on the process and the need to obtain authorization until the long-standing shutdown.

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