Developing your property is a great way to add all the essentials and features for your property and at the same time, adding great value to it. Depending on the results, the development of your property adds the potential of enhancing your return on investment. When you are looking for a cost-effective way to develop your property, there are several paperwork and process that you have to go through that ensures a greater return of investment on your property. Without the presence of these documents, you have a less-likely chance of your property’s development to go as planned. Consequently, you lose your chance of increasing your return of investment. Below we list down several requirements to ensure that the process of developing your property goes well:
- Option agreement: An agreement, in the form of a contract, between the owner of a property and a potential buyer that gives the potential buyer the right to give the seller a notice upon selling the property at either an agreed price or at its market value.
- Joint venture agreement: An agreement, for which two parties (companies) develop a new entity for a shared purpose or benefit.
- Development management agreement: An agreement that is used when a joint venture company appoints a third party to manage the property under development process.
- Building contract: A contract that is used for large or complex construction projects, where the presence of contract provisions are required in order for the project to continue.
- Presale off-the-plan contract: A contract with brief details of the property under development, which gives the developer of a property entitlements over the purchaser’s property for a certain period of time.
- Subdivision and strata and community filling arrangement: An arrangement for special types of property, including strata and other subdivisions.
- Finance arrangement: An arrangement between the property owner and the buyer that establishes rights and obligations to receive the payment over time for the purchase of the property.
All these documents are essential to getting the most out of your property’s development. They will make sure that you get a great value for your return on investment. However, when these documents are not made properly, they can a backfire effect on you. Development plans without the correct documents won’t be able to grant you any enhancement in your return on investment. Therefore, ensuring that these documents are made and executed properly will be crucial in getting the best out of your investment.
Conveyancing solicitors in Sydney will be able to help you get the most out of your investments on properties. From buying to selling to development and wills/probate, professional conveyancing solicitors in Sydney will help prepare contracts, settlements, sales, etc. for your property in Sydney. They make conveyance Sydney easy for you to buy and sell properties, while at the same time making sure that you get the most out of your investment.