The Real Estate Development Term Sheet is a crucial initial document used in property development projects within England and Wales. It captures the essential commercial and technical parameters agreed between parties before proceeding to detailed documentation. This document typically precedes formal development agreements and helps align parties' expectations regarding project scope, financial arrangements, timelines, and key obligations. While primarily non-binding, it serves as a roadmap for subsequent legal documentation and helps identify potential issues early in the development process.
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1. Parties: Details of the developer, landowner, and other key parties involved in the development
2. Background: Context of the development proposal, site details, and relevant property information
3. Definitions: Key terms and definitions used throughout the term sheet
4. Project Description: Detailed overview of the proposed development including scope, size, and purpose
5. Commercial Terms: Key financial arrangements, payment terms, and commercial considerations
6. Timeline: Development phases, key milestone dates, and completion targets
7. Planning Obligations: Planning requirements, commitments, and Section 106 obligations
8. Development Requirements: Construction standards, building regulations compliance, and quality requirements
9. Risk Allocation: Distribution of risks between parties and related mitigation measures
1. Pre-conditions: Conditions precedent to development commencement, used for complex developments with multiple dependencies
2. Infrastructure Requirements: Details of required infrastructure improvements and utilities, included when significant infrastructure work is needed
3. Environmental Provisions: Environmental commitments and requirements, included for developments with significant environmental impact
4. Community Benefits: Provisions for community improvements and benefits, included when development requires significant community contribution
5. Phasing Structure: Detailed phasing arrangements, included for multi-phase developments
1. Schedule 1 - Site Plan: Detailed plans and drawings showing the development site boundaries and key features
2. Schedule 2 - Development Program: Detailed timeline of development phases and key milestones
3. Schedule 3 - Planning Permission Details: Copies or summaries of relevant planning permissions and conditions
4. Schedule 4 - Financial Model: Key financial projections, assumptions, and commercial terms
5. Schedule 5 - Technical Specifications: Detailed technical requirements and specifications for the development
6. Schedule 6 - Environmental Reports: Environmental impact assessments and related reports
Relevant legal definitions
Agreement
Architect
Building Permit
Business Day
Completion Date
Conditions Precedent
Construction Period
Development
Development Plan
Development Site
Effective Date
Environmental Laws
Financing
Force Majeure
Gross Development Value
Infrastructure Works
Land
Local Authority
Long Stop Date
Material Adverse Change
Permitted Use
Planning Permission
Planning Requirements
Professional Team
Project
Project Costs
Project Documents
Property
Relevant Consents
Section 106 Agreement
Site Plan
Specification
Statutory Requirements
Target Date
Title Documents
Transaction Documents
Works
Architect
Building Permit
Business Day
Completion Date
Conditions Precedent
Construction Period
Development
Development Plan
Development Site
Effective Date
Environmental Laws
Financing
Force Majeure
Gross Development Value
Infrastructure Works
Land
Local Authority
Long Stop Date
Material Adverse Change
Permitted Use
Planning Permission
Planning Requirements
Professional Team
Project
Project Costs
Project Documents
Property
Relevant Consents
Section 106 Agreement
Site Plan
Specification
Statutory Requirements
Target Date
Title Documents
Transaction Documents
Works
Clauses
Project Description
Development Program
Planning Obligations
Commercial Terms
Financial Terms
Site Access
Due Diligence
Conditions Precedent
Development Obligations
Construction Requirements
Infrastructure Commitments
Environmental Compliance
Health and Safety
Timeline and Phasing
Project Management
Cost Allocation
Risk Allocation
Warranties
Insurance Requirements
Confidentiality
Exclusivity
Professional Team Appointments
Local Authority Requirements
Community Benefits
Utilities and Services
Title Matters
Planning Permission
Building Control
Termination Rights
Force Majeure
Dispute Resolution
Governing Law
Development Program
Planning Obligations
Commercial Terms
Financial Terms
Site Access
Due Diligence
Conditions Precedent
Development Obligations
Construction Requirements
Infrastructure Commitments
Environmental Compliance
Health and Safety
Timeline and Phasing
Project Management
Cost Allocation
Risk Allocation
Warranties
Insurance Requirements
Confidentiality
Exclusivity
Professional Team Appointments
Local Authority Requirements
Community Benefits
Utilities and Services
Title Matters
Planning Permission
Building Control
Termination Rights
Force Majeure
Dispute Resolution
Governing Law
Relevant Industries
Relevant Teams
Relevant Roles
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