Buyers of development and residential real estate pay the sellers some or all of the purchase price in exchange for a deed to the property. The similarities between these two types of transactions pretty much end there. The methodology for selecting, evaluating and pricing development property, the way the deal is structured, and the time frames for closing are radically different.What You See & What You GetWhen you’re buying a home, usually everything you need to know about the property is obvious. The exterior, interior, major systems and appliances are, for the most part, visible. If you’re buying land, you can’t discover the relevant facts by eyeballing the property. Most of what you need to know in order to decide if you should buy it is not obvious. This is why due diligence plays such an important role in land development deals. Buyers must investigate a myriad of issues, including zoning, sub-surface conditions, wetlands, soils, topography, environmental hazards, utility line locations and floodplain areas. The need for this research continues well beyond acceptance of the buyer’s offer and involves the efforts of a diverse team of players.Settlement Time FramesResidential resale properties change hands in 30-90 days. Transfers in new construction… Read full this story
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