Buying A Development Site - What's The Deal?

The completion of a new housing development marks the culmination of a complex process in which a host of people with different roles will have been involved. Architects, engineers, building contractors, bankers, lawyers, States officials, all will have played their distinctive and necessary roles. However, virtually all developments start with a deal struck between two parties, the landowner and the developer. Every deal is different, depending on the property and parties concerned, but there are a number of principal ways in which the contractual arrangements are structured.

First, the transaction may proceed straight to completion. There may be an existing planning permission in place for the site or the purchaser may otherwise be confident of being able to develop as it wishes. This, of course, is the simplest form of transaction and the one which is likely to be most favoured by vendors, with the prospect of realising the value of the site in a short