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Provide a template for a Real Estate Development Agreement
Real Estate Development Agreement Template
This is a sample Real Estate Development Agreement template for use in Kenya. It is important to note that this is a general template and may not be suitable for all situations. You should always consult with a qualified legal professional to ensure that the agreement is tailored to your specific needs.
Table of Contents
Introduction
Parties
The Project
Development Agreement
Development Costs
Construction
Marketing and Sales
Profit Sharing
Default and Termination
Dispute Resolution
Governing Law and Jurisdiction
Entire Agreement
Notices
Severability
Waiver
Binding Effect
Amendments
Confidentiality
Representations and Warranties
Miscellaneous
Schedules
Signatures
1. Introduction
This Real Estate Development Agreement (the "Agreement") is made and entered into as of [Date] by and between [Developer Name], a [Type of Entity] duly organized and existing under the laws of [Country], with its principal place of business at [Developer Address] (the "Developer"), and [Landowner Name], a [Type of Entity] duly organized and existing under the laws of [Country], with its principal place of business at [Landowner Address] (the "Landowner").
2. Parties
The parties to this Agreement are:
Developer: [Developer Name]
Landowner: [Landowner Name]
3. The Project
The parties agree to develop a real estate project (the "Project") on the following property (the "Property"):
Property Address: [Property Address]
Legal Description: [Legal Description]
Size: [Size]
The Project will consist of [Description of Project].
4. Development Agreement
The Developer agrees to develop the Project in accordance with the terms and conditions of this Agreement. The Landowner agrees to grant the Developer the right to develop the Project on the Property.
5. Development Costs
The Developer shall be responsible for all costs associated with the development of the Project, including but not limited to:
Land Acquisition Costs: [Amount]
Construction Costs: [Amount]
Marketing and Sales Costs: [Amount]
Other Development Costs: [Amount]
The Landowner shall be responsible for all costs associated with the ownership of the Property, including but not limited to:
Property Taxes: [Amount]
Insurance: [Amount]
Maintenance: [Amount]
6. Construction
The Developer shall be responsible for the construction of the Project in accordance with the following:
Construction Plans: [Construction Plans]
Construction Specifications: [Construction Specifications]
Construction Schedule: [Construction Schedule]
The Developer shall obtain all necessary permits and approvals for the construction of the Project.
7. Marketing and Sales
The Developer shall be responsible for the marketing and sales of the Project. The Developer shall use commercially reasonable efforts to market and sell the Project.
8. Profit Sharing
The parties agree to share the profits from the sale of the Project as follows:
Developer Share: [Percentage]
Landowner Share: [Percentage]
The parties shall agree on a method for calculating the profits from the sale of the Project.
9. Default and Termination
This Agreement may be terminated by either party upon the occurrence of the following events:
Default by the Developer: The Developer fails to perform any of its obligations under this Agreement.
Default by the Landowner: The Landowner fails to perform any of its obligations under this Agreement.
Force Majeure: The occurrence of an event beyond the reasonable control of either party that prevents the performance of this Agreement.
10. Dispute Resolution
Any dispute arising out of or relating to this Agreement shall be settled by binding arbitration in accordance with the Arbitration Act, 1995. The arbitration shall be conducted in [City, Country] and the language of the arbitration shall be [Language].
11. Governing Law and Jurisdiction
This Agreement shall be governed by and construed in accordance with the laws of [Country]. The courts of [Country] shall have exclusive jurisdiction over any dispute arising out of or relating to this Agreement.
12. Entire Agreement
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
13. Notices
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, sent by certified or registered mail, return receipt requested, or sent by overnight courier service, addressed as follows:
If to the Developer:
[Developer Name]
[Developer Address]
If to the Landowner:
[Landowner Name]
[Landowner Address]
14. Severability
If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck from this Agreement and the remaining provisions shall remain in full force and effect.
15. Waiver
No waiver of any breach of any provision of this Agreement shall constitute a waiver of any other or subsequent breach.
16. Binding Effect
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
17. Amendments
This Agreement may be amended only by a written instrument signed by both parties.
18. Confidentiality
The parties agree to hold confidential all information disclosed by the other party pursuant to this Agreement, except to the extent such information is already in the public domain or is required to be disclosed by law.
19. Representations and Warranties
Each party represents and warrants to the other party that:
It has the full right, power, and authority to enter into this Agreement and to perform its obligations hereunder.
This Agreement is valid and binding upon it and enforceable in accordance with its terms.
20. Miscellaneous
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
This Agreement may be executed by electronic signature.
21. Schedules
Schedule A: Construction Plans
Schedule B: Construction Specifications
Schedule C: Construction Schedule
Schedule D: Marketing and Sales Plan
Schedule E: Profit Sharing Agreement
22. Signatures
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
Developer:
[Developer Name]
By: [Signature]
Name: [Printed Name]
Title: [Title]
Landowner:
[Landowner Name]
By: [Signature]
Name: [Printed Name]
Title: [Title]
Case Laws
Relevant Case Laws:
[Case Name]: [Citation]
Parties: [Parties]
Outcome: [Outcome]
Relevance: [Relevance]
[Case Name]: [Citation]
Parties: [Parties]
Outcome: [Outcome]
Relevance: [Relevance]
[Case Name]: [Citation]
Parties: [Parties]
Outcome: [Outcome]
Relevance: [Relevance]
Conclusion
This Real Estate Development Agreement template provides a framework for a legally binding agreement between a developer and a landowner in Kenya. It outlines the key terms and conditions of the development project, including the development costs, construction, marketing and sales, profit sharing, and dispute resolution.
TLDR
This is a sample Real Estate Development Agreement template for use in Kenya. It outlines the key terms and conditions of the development project, including the development costs, construction, marketing and sales, profit sharing, and dispute resolution.
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Answered by mwakili.com