The Yacht Club
The Firm’s work with this client included advising on the combination of parcels to create the development site, the most efficient structure to undertake the development, advising on and assisting the developer with discharging all regulatory obligations, securing the combination of various parcels to create the development site, negotiating a Development Agreement with Government, assisting with Planning Submissions, advising on traditional and non traditional financing options, negotiating Architectural and Construction Contracts, drafting the standard Sale and Purchase Contract 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 title, 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 transfer of management and control of the development to owners.
Financing the Development
We provided advice on financing options and assisted in securing and structuring financing, including traditional bank borrowing, advising on a potential joint venture, and structuring a large front end lump sum payment for the acquisition of multiple units (at a discounted price).
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 and work permit assurances and.
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.