Real Estate development contracts are the contracts which are made when a party hires another individual or a company for the purpose of development of a real estate property. Such contracts are legally binding in nature and are written by following a particular format.
Sample real estate development contracts:
Contract code number: LK/90k
This contract has been entered as on 25th June, 2011
This contract is made between Mr. Jacob Gellar who is herein referred to as the OWNER and Mr. Fred Nicholson who is herein referred to as the DEVELOPER. Both these parties have entered the contract for the purpose of a real estate property.
Details of OWNER:
Address: 45-J, peling street, London
Email address: firstname.lastname@example.org
Details of DEVELOPER:
Address: 89-l, Greg towers, London
Email address: email@example.com
Details of the real estate property:
Address: HK-90, George road, London
Area: 10 acres
This real estate property belongs to the OWNER who has henceforth hired the DEVELOPER for the development purpose of the given property.
Terms and conditions:
- Payment Specifications:
The OWNER shall pay an amount of $10000 for the overall development of the real estate and this amount shall be paid in 5 parts of $2000 each on equal intervals of time.
- Contract Period:
This contact shall terminate on 25th December, 2011 which means that it remains in effect for 6 months.
- In a situation where any of the two parties fail to live up to the terms of the contract, the contract will terminate immediately and prematurely.
- This contract ensures the OWNER cannot hire any other party for the purpose of development of this real estate.
Jacob Gellar Fred Nicholson