The Firm’s work for this client included advising and acting on the acquisition of title to the development site, advising on the most efficient structure to undertake the development, advising on and assisting with discharging all regulatory obligations, negotiating Development Agreements with Government, assisting with Planning Submissions, advising on traditional and non-traditional financing options, negotiating loan terms and agreements, reviewing Architectural and Construction Contracts, amending the standard Sale and Purchase Contracts and documentation, answering questions and negotiating sale and purchase agreements with prospective buyers and their counsel, acting as Trustee and Stakeholder for deposits prior to commencement of construction, securing registration of strata titles, effecting the transfer of title from the developer to buyers, advising on and establishing a management structure and entities, drafting and advising on employment contracts, advising on handing over the management of the development to owners or the assumption of management responsibilities through a developer-controlled management company, and advising on the ongoing management of the resort or the residential development.
Financing the Development
We provided advice on financing options and assisted in securing and structuring financing, including traditional bank borrowing.
We advised on business licensing obligations, work permits, national insurance, health and safety, and physical planning obligations.
The Development Agreement
We undertake all negotiations with Government regarding the reduction of import duties, permanent residency certificates, and work permit assurances.
Sale & Purchase Agreement
We advised on provisions providing for the forfeiture of deposits on default, provisions prohibiting the assignment of a purchase agreement during the developer’s sell-out period, claw back clauses, drafting and advising on suitable bylaws providing for a residential resort, or a flexible development, advising on the level and timing of interim payment obligations, advising on drop dead dates for the commencement of construction and the completion of the development, and advising on clauses providing for the conditionality of Sale & Purchase Agreement until the grant of planning permission.