A Real Estate Development Term Sheet is commonly used in the initial stages of property development projects to establish fundamental agreement terms before proceeding with detailed legal documentation. It typically precedes formal agreements and helps align parties' expectations regarding project scope, financial arrangements, and timeline. This document is particularly important in U.S. real estate transactions as it provides a framework for negotiation and serves as a reference point for attorneys drafting definitive agreements. The term sheet addresses critical aspects such as property details, development plans, financial terms, and key milestones while remaining flexible enough to accommodate project-specific requirements.
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1. Parties: Identification of developer, property owner, and other key parties involved in the development project
2. Background: Project overview, context, and purpose of the term sheet
3. Definitions: Key terms and their meanings used throughout the term sheet
4. Property Description: Legal description and details of the development site, including location, boundaries, and current condition
5. Project Scope: Detailed description of the proposed development, including type, size, and intended use
6. Timeline: Key dates and milestones for the development, including start date, completion phases, and deadlines
7. Financial Terms: Budget, costs, financing arrangements, and payment terms
8. Regulatory Compliance: Requirements for compliance with federal, state, and local regulations
9. Due Diligence: Required investigations, studies, and assessments to be conducted
1. Environmental Considerations: Environmental impact assessments and mitigation measures, applicable when project has significant environmental implications
2. Community Benefits: Proposed benefits to local community, required when project needs community support or public approval
3. Phasing Plan: Details of multiple development phases, applicable for large-scale projects
4. Affordable Housing Component: Details of affordable housing requirements and compliance, applicable in jurisdictions with mandatory affordable housing provisions
5. Historic Preservation: Requirements and considerations for historic preservation, applicable when development involves historic properties
1. Schedule A - Site Plan: Detailed plans and drawings of the proposed development
2. Schedule B - Financial Pro Forma: Detailed financial projections and assumptions
3. Schedule C - Environmental Reports: Environmental studies and impact assessments
4. Schedule D - Market Analysis: Market research and feasibility studies
5. Schedule E - Zoning Documentation: Current zoning status and required changes
6. Schedule F - Development Timeline: Detailed project schedule with key milestones and deadlines
7. Schedule G - Required Permits: List of required permits and their status
Relevant legal definitions
Development Project
Property
Development Site
Project Schedule
Commencement Date
Completion Date
Development Costs
Developer Fee
Permitted Use
Approvals
Entitlements
Development Plan
Project Budget
Construction Documents
Force Majeure
Substantial Completion
Development Rights
Net Operating Income
Common Areas
Zoning Requirements
Environmental Conditions
Building Standards
Project Milestones
Development Period
Required Insurance
Performance Standards
Site Work
Project Team
Development Agreement
Governing Authority
Building Permits
Development Incentives
Capital Contributions
Return on Investment
Development Services
Property
Development Site
Project Schedule
Commencement Date
Completion Date
Development Costs
Developer Fee
Permitted Use
Approvals
Entitlements
Development Plan
Project Budget
Construction Documents
Force Majeure
Substantial Completion
Development Rights
Net Operating Income
Common Areas
Zoning Requirements
Environmental Conditions
Building Standards
Project Milestones
Development Period
Required Insurance
Performance Standards
Site Work
Project Team
Development Agreement
Governing Authority
Building Permits
Development Incentives
Capital Contributions
Return on Investment
Development Services
Clauses
Project Description
Property Description
Development Rights
Project Scope
Timeline and Milestones
Financial Terms
Budget and Costs
Approvals and Permits
Environmental Compliance
Development Obligations
Construction Requirements
Due Diligence
Conditions Precedent
Representations and Warranties
Termination Rights
Force Majeure
Assignment
Confidentiality
Exclusivity
Governing Law
Insurance Requirements
Indemnification
Dispute Resolution
Notices
Zoning and Land Use
Community Benefits
Performance Standards
Default and Remedies
Project Management
Progress Reporting
Property Description
Development Rights
Project Scope
Timeline and Milestones
Financial Terms
Budget and Costs
Approvals and Permits
Environmental Compliance
Development Obligations
Construction Requirements
Due Diligence
Conditions Precedent
Representations and Warranties
Termination Rights
Force Majeure
Assignment
Confidentiality
Exclusivity
Governing Law
Insurance Requirements
Indemnification
Dispute Resolution
Notices
Zoning and Land Use
Community Benefits
Performance Standards
Default and Remedies
Project Management
Progress Reporting
Relevant Industries
Relevant Teams
Relevant Roles
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