Purchase of Site

 

purchaseSiteLewis O’Brien & Associates can assist with a number of site acquisition matters as well contract reviews and the due diligence process.

Generally speaking, site acquisition is the first step in the development process. In some cases however, access to and control of the site may be sufficient. If this can be done by way of joint venture or similar arrangement with the vendor, then it can save the costs of site acquisition. In this case, it is important the developer carefully considers how the construction costs will be funded.

Where the site is purchased, there are various techniques that can be used to try and accelerate the development and reduce developmental costs. With the right special conditions in the contract, the surveying and necessary applications can begin prior to settlement.

Another special condition that may be valuable is a due diligence clause. More commonly applied in larger purchases, it can give a developer certainty in relation to the site while a detailed due diligence is conducted.

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