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REAL ESTATE Development


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REAL ESTATE OUTLINE I. INTRODUCTION A. Develop’s Perspective for Commercial Property Re-Development: 1. 4 Big Considerations: a. What are the legally permissible uses of the land? b. What are the physically possible uses of the land? c. What are the economically feasible uses of the land? d. What are the maximally productive uses of the land? 2. A “Usual” Transaction (step-by-step): a. Location and negotiation for site (search and haggle) b. Contract c. Due Diligence: the standard of practice for the review of available facts that a prudent person would customarily use to evaluate the commercial reasonableness of the transaction i. Condition of title ii. Land survey iii. Engineering inspection of land and improvements iv. Interview owner, tenants, and neighbors v. Review tax status vi. Re-development scheduling d. “Platting and Zoning”, the “Entitlement Process”: i. Zoning ii. Restrictive covenants iii. Subdivision replatting: think about legal lots status, utilities, regional storm-water drainage, off-site traffic impact, replatting, amending an existing plat e. Prepare for Development i. Site -planning and Development: Requirements and procedure Site design Governmental supply of utilities Soil analysis Burial sites Environmental assessment Flood plain and storm water handling On-site traffic Parking Landscaping and viewage easements Sign regulations ii. Building Permits and Construction Plans Underground storage tank removal Asbestos and other hazardous substances removal Erosion and sedimentation controls Air pollution controls
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Fill dirt Storage of fuels and chemicals Electrical, plumbing, and fire codes ADA and state architectural barrier regulations iii. Architectural plans iv. Bidding and Contractor Identification f. Leasing g. Closing i. Purchase/sale h. Finance the Purchase and Construction i. Construction i. Completion: compliance with government mandates, no government indemnity, certificate of occupancy j. Opening and Operation (“The Punch Out”) k. Sale II. SITE ACQUISITION – THE LAND PURCHASE CONTRACT A. Statute of Frauds (Sec 26.01) 1. Must be in writing 2. Must be signed 3. Applies to a contract of real estate sale or lease for more than one year B. Requirements: 1. Property Description: a. Uniqueness b. General Rule: the writing must furnish within itself, or by reference to some other existing writing, the means or data by which the land to be conveyed may be identified with reasonable certainty ( Morrow ) c. General Rule: can a judge, with a $3 calculator, figure out what property the contract is describing? d. 6 ways: i. Traditional: Metes and bounds: refer to compass and monuments (see page 145 for example) Beginning: start with a physical monument Thence: go a certain direction for a certain distance to a point Continue until back to the start Lot and block: a grid system, Cartesian coordinate system Reference to written document containing either of the above, doesn’t have to be recorded ii. Alternatives: Informal survey: monument to monument with no directional or distance information
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