We have previously discussed the process of property development, but in this article, we talk about the legal dimension of this topic. There are many reasons why you need trustworthy legal advice from the outset when you seek to conduct a property development project. We will share these and some important legal points to consider during property development.

What do I need to know as a property developer?

There are some essential things to consider as a property developer to keep you on the right side of the law. A good property lawyer is worth their weight in gold when it comes to offering you the legal guidance you need to make the most of your investment.

Do a risk assessment

Property development often involves investing substantial capital, so it’s essential to do your due diligence before beginning a project. Research the lender that you plan to take out a loan with. Make sure you do a feasibility study to determine if the numbers will add up. You also need to know if your property development will turn a profit. Risk assessments should be made concerning the proposed property location, as it will have a profound effect on the financial success of your development. Risk can also appear from several other considerations such as build construction, council requirements, and your building company. Many planning and building regulations need to be taken into account.

Get your contracts customised

Property development is an intricate undertaking with many legal considerations to take into account. While it’s OK to use standard contracts in property development agreements, usually, that contract will need amendments to make sure it’s best suited to the parties and situation involved. Getting your lawyer involved early in the property development process is vital. They can help you choose the correct legal entity to sign the contract with. If an entity is not nominated before development takes place on the property, you could risk attracting double stamp duty fees. Having a trusted lawyer is thebest way to stay on top of your legal obligations and responsibilities.

Defend against disputes

The best offence is a good defence, so the saying goes, and this motto is equally applicable to the legal realm. If you have hired a lawyer to customise your contracts, you have already gone a long way toward building an iron-clad defence, ensuring all the proper clauses are in place. But no matter how well you prepare, a building dispute is always a risk. When you have a good lawyer helping you through property development legalities, they will be beside you, ready to give you the crucial advice you need at the right time to get the best possible outcome for you in a dispute.

Get help with approvals

The approvals and planning steps for property development can be eased with the help of a good lawyer, as they can liaise with councils and town planners to help get your desired outcome. Different councils enforce variations on the regulations and guidelines relating to town planning, depending on their own goals for their suburbs. It can feel like navigating a labyrinth, getting through all the red tape, but when you have a knowledgeable lawyer, it’s much easier. You will have a map and a trusted advisor to help you through the maze. In the end, it will be worth it.

Your property development project is safe with P&B Law

At P&B Law, we have an experienced team with particular expertise in property development, allowing us to lead you through the process confidently. We can help lower your risk as a property developer by providing you with superior legal counsel.

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Essential legal considerations for property development