Of all of the legal agreements that you will have to go over in your lifetime, a real estate development agreement is one of the longest and one of the most complicated. Many of the other forms we've looked at here are short; usually one or two pages and they can be filled out and read over in only a few minutes. With a real estate development agreement, you will likely need hours to wade through one of these dense, 10-50 page documents. Let's take a look at what a real estate development agreement is and why they are so lengthy.

A real estate development agreement is just that, an agreement to develop a parcel of land for personal or commercial use. The agreement can be between an individual and a construction company, a commercial builder and a city or town, a city and town and a retail business or other combinations of the above. Some real estate development agreements between large companies like Wal-Mart and a city or between a company that will be dealing with hazardous chemicals, like a gas station and a city, can be extremely long as they need to cover any eventuality that could arise during building or later on if there is an accident.

The typical real estate development agreement starts off with simple definitions of who is involved with the agreement, the date and where the piece of property that is scheduled for development is. The agreement will also spell out the municipality that is in charge of overseeing the development. The next part of the contract is often the "Witnessed" section that lists all of the necessary steps the builder has had to complete up to this point to have the development agreement approved by the city. The city will make sure that the area you've chosen to build on is properly zoned for the type of building you intend to do and they will also check that you've submitted a development plan, which is different than this agreement, to the city in advance of this form. Once those steps are met, the meat of the contract is spelled out.

The first section is the definitions that simply spell out what each term used in the contract refers to. For example, the city or builder will likely define what "total cost" means so it can be used throughout the contract. If it is a simple home building contract, there will only be two or three definitions, if the contract is for commercial property, there could be dozens.

Next, the development plan sketches out the project. This section is often short and simply lays down the ground rules of the build, such as the time frame, property limits and so on. The improvements section can be quite long as it outlines all of the improvements this development will do with the city like improving sewer lines that it hooks up to.

The final sections of the contract go over deadlines for building and things like landscaping rules, parking rules and what rules are in place for further building on that parcel of land. Overall, a real estate development agreement is often as complicated as your plan is: simple for homes, complicated for commercial properties.

Mark Warner is a Real Estate Development Agreement Research Analyst for RealDealDocs.com RealDealDocs gives you insider access to millions of legal documents online drafted by the top law firms in the US that you can download, edit and print. Search For Free at RealDealDocs.com

Article Source: http://EzineArticles.com/?expert=Mark_Warner

A development agreement is an understanding reached by two or individuals or parties about their respective rights and obligations in relation to a certain thing or a specific subject. The development on which these two parties are reaching agreement can fall into a number of categories.

In terms of real estate, the development agreement could pertain to land improvement, construction involving land, or buildings. In the technological fields, it could pertain to new product development, software development, or other improving techniques for technological development. It can also refer to business or corporate development.

The developer is the one who will do the designing, developing, and sometimes even manufacturing and marketing of the product or subject to be developed. The specific details will be laid out in the development agreement. The agreement will also discuss the obligations of each of the parties, the deliverables, specific milestones, and other details of the project to be developed. Specific exchange of information will be detailed, as well as where and/or how these exchanges will take place. The terms on which the deliverable will be accepted will also be spelled out specifically in the developer agreement. There may be a specific time limit associated with this acceptance. Any potential fees will be laid out, along with any other payment terms. Other elements such as distribution may be discussed.

Having a written development agreement can be important. If properly created, this document will prevent disputes. If problems do develop, the development agreement will provide ways to resolve the issues. If the parties were to end up in court, the development agreement establishes their legal responsibilities to each other. Having a written development agreement can prevent delivery of an unsatisfactory product. The best way development agreements break the project down the project into distinct parts or stages. These are generally referred to as milestones.

As each milestone is reached, the developer is required to provide an acceptable deliverable. While this may not be a completed product, it should be something that will allow the other party to assess the progress of the developer. These milestones are usually tied to a payment, which gives the developer motivation to meet any deadlines for the milestones. This process enables both parties to monitor the development process and resolve any problems or issues early on. In a worst-case scenario, there should be provisions in the development agreement to end the project early if mutually satisfactory progress is not being shown through the milestones.

Having this sort of development agreement has benefits for the developer as well. Since the client signs off on each step of the project, they can avoid any potential claims of an unsatisfactory product or performance. The developer has a chance to address any of the client's shifting needs and requests as well. Few development projects ever develop exactly along initial specifications. Development projects tend to grow and change as the process moves along. The key is to have a development agreement that allows for communication between the two parties regarding changes and a delivery timetable that is realistic yet flexible.

Mark A. Warner is a Development Agreement Research Analyst for RealDealDocs.com. RealDealDocs gives you insider access to millions of legal documents online drafted by the top law firms in the US that you can download, edit and print. Search For Free at RealDealDocs.com.

Article Source: http://EzineArticles.com/?expert=Mark_A._Warner

If you're buying a new home for your family or selling one you currently own, a few simple steps can help you find just the right real estate agent to fit your needs. With so many choices available, it can be hard to know which agent is going to do the best job for you, but here are a few things to look for when choosing an agent.

Agents For Buying A Home -

If you're looking to purchase a home, notice how much time each agent you interview spends asking questions about your family's needs, then how much time they spend listening to your answers. An agent who spends more time asking about your family finances or your ability to obtain a mortgage - rather than about the size of your family, whether or not you have children, and what sort of schools you may or may not be looking for - might not have your best interests in mind.

Also, make sure the real estate agent you choose is willing to work around your schedule when it comes to showing potential properties. In today's technological age, many agents save time by sending out general lists of listings to potential buyers. You may be better served by an agent willing to work around your schedule; regardless of whether sending you listings that actually match your criteria, or taking the time to show potential properties in person, when your schedule allows.

Agents For Selling A Home -

If you're looking for a realtor to help sell your home, an agent who examines your house with a fine toothed comb for the things needing fixed or changed is concerned about helping you sell for the quickest and best price. Also, look for a real estate agent who will help you to stage your home so it looks best for potential buyers. Staging may involve repainting the walls if they are too loud a colour, removing large pieces of furniture to make the home look bigger, and rearranging other furniture to make your home more appealing.

Overall, choosing a real estate agent who will work for you doesn't have to be a difficult process. The main thing to remember is your agent should be working for you, and not just for the commission they earn when you either buy or sell your home.

Want to avoid being Sleepless in Seattle or Gullible in Gig Harbor when you're buying or selling a home? Visit Terry Heath at his blog, My Gig Harbor Realtor (http://mygigharborrealtor.com) for real estate tips and tidbits.

Article Source: http://EzineArticles.com/?expert=Terry_A._Heath