The Real Estate Development Term Sheet is a crucial preliminary document used in Australian property development projects to establish the framework for negotiations and subsequent detailed agreements. It is typically employed at the initial stages of a development project when parties have identified a potential opportunity and need to document their preliminary understanding and commercial intent. The document captures essential terms including project scope, commercial arrangements, risk allocation, and key responsibilities while remaining generally non-binding. It serves as a roadmap for the development process and subsequent detailed documentation, incorporating considerations specific to Australian property law, planning regulations, and development requirements. This term sheet is particularly valuable in complex development projects where multiple stakeholders are involved and where significant due diligence and regulatory approvals are required before proceeding to definitive agreements.
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1. Parties: Identification of all parties involved, including developer, landowner, and any other key stakeholders
2. Background: Context of the proposed development, including property details and development concept
3. Definitions: Key terms used throughout the document
4. Project Overview: High-level description of the proposed development project
5. Development Parameters: Key metrics including proposed GFA, usage types, and development timeline
6. Commercial Terms: Core financial terms including land value, development costs, and profit sharing arrangements
7. Key Responsibilities: Primary obligations of each party during the development process
8. Conditions Precedent: Prerequisites that must be satisfied before proceeding with the development
9. Timeline: Key dates and milestones for the development process
10. Funding Structure: Overview of how the development will be funded and any equity arrangements
11. Risk Allocation: Preliminary agreement on how various project risks will be allocated between parties
12. Exclusivity: Terms of exclusive negotiation period
13. Confidentiality: Obligations regarding confidential information
14. Binding Nature: Specification of which terms are binding and non-binding
15. Execution and Next Steps: Process for moving forward and developing detailed agreements
1. Third Party Rights: Required when there are existing third-party interests or rights that need to be addressed
2. Environmental Considerations: Include when there are specific environmental challenges or requirements
3. Indigenous Land Rights: Required when the development may impact Indigenous lands or rights
4. Heritage Considerations: Include when the property has heritage significance or restrictions
5. Stage Development: Required for projects that will be developed in multiple stages
6. Pre-sales Requirements: Include when there are specific pre-sales targets before development can commence
7. Planning Approval Process: Required when specific planning challenges or requirements need to be addressed
8. Community Consultation: Include when community engagement is a significant factor
9. Infrastructure Contributions: Required when there are significant infrastructure requirements or contributions
1. Site Plan: Preliminary plans showing the development site and proposed layout
2. Development Program: Detailed timeline of development stages and milestones
3. Financial Model Summary: Key financial projections and assumptions
4. Planning Parameters: Summary of relevant planning controls and requirements
5. Due Diligence Checklist: List of required due diligence items and status
6. Proposed Project Team: Key consultants and their roles
7. Cost Schedule: Breakdown of anticipated development costs
8. Authority Requirements: Summary of key regulatory approvals required
9. Environmental Reports Summary: Overview of environmental studies completed or required
Relevant legal definitions
Agreement
Approval Date
Authority Approvals
Business Day
Commencement Date
Completion Date
Confidential Information
Construction Certificate
Construction Costs
Development Application
Development Approval
Development Manager
Development Period
Development Program
Development Site
Development Works
Environmental Law
Exclusivity Period
Final Plans and Specifications
Financial Close
Force Majeure Event
Gross Floor Area
GST
Heritage Requirements
Infrastructure Contributions
Land
Local Authority
Native Title
Occupation Certificate
Permitted Use
Planning Controls
Planning Scheme
Practical Completion
Pre-sale Requirements
Project
Project Budget
Project Costs
Project Feasibility
Project Team
Property
Related Body Corporate
Representative
Required Approvals
Security Interest
Site Conditions
Staging Plan
Sunset Date
Target Return
Term
Title Particulars
Works
Approval Date
Authority Approvals
Business Day
Commencement Date
Completion Date
Confidential Information
Construction Certificate
Construction Costs
Development Application
Development Approval
Development Manager
Development Period
Development Program
Development Site
Development Works
Environmental Law
Exclusivity Period
Final Plans and Specifications
Financial Close
Force Majeure Event
Gross Floor Area
GST
Heritage Requirements
Infrastructure Contributions
Land
Local Authority
Native Title
Occupation Certificate
Permitted Use
Planning Controls
Planning Scheme
Practical Completion
Pre-sale Requirements
Project
Project Budget
Project Costs
Project Feasibility
Project Team
Property
Related Body Corporate
Representative
Required Approvals
Security Interest
Site Conditions
Staging Plan
Sunset Date
Target Return
Term
Title Particulars
Works
Clauses
Parties and Project Details
Conditions Precedent
Development Rights
Project Scope
Planning and Approvals
Development Program
Financial Terms
Funding Structure
Risk Allocation
Project Management
Construction Requirements
Environmental Compliance
Heritage Matters
Indigenous Rights
Infrastructure Contributions
Pre-sale Requirements
Quality Standards
Dispute Resolution
Force Majeure
Termination Rights
Assignment and Delegation
Confidentiality
Exclusivity
Representations and Warranties
Insurance Requirements
Intellectual Property
Notices
Binding Nature
Governing Law
Documentation Process
Conditions Precedent
Development Rights
Project Scope
Planning and Approvals
Development Program
Financial Terms
Funding Structure
Risk Allocation
Project Management
Construction Requirements
Environmental Compliance
Heritage Matters
Indigenous Rights
Infrastructure Contributions
Pre-sale Requirements
Quality Standards
Dispute Resolution
Force Majeure
Termination Rights
Assignment and Delegation
Confidentiality
Exclusivity
Representations and Warranties
Insurance Requirements
Intellectual Property
Notices
Binding Nature
Governing Law
Documentation Process
Relevant Industries
Real Estate
Construction
Property Development
Urban Planning
Infrastructure
Commercial Property
Residential Property
Mixed-Use Development
Retail Development
Industrial Development
Relevant Teams
Legal
Development
Finance
Investment
Planning
Construction
Risk & Compliance
Commercial
Property
Project Management
Asset Management
Acquisitions
Relevant Roles
Development Director
Property Developer
Real Estate Manager
Project Manager
Development Manager
Chief Financial Officer
Investment Manager
Legal Counsel
Planning Manager
Construction Manager
Asset Manager
Development Executive
Acquisitions Manager
Risk Manager
Commercial Director
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