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Real Estate Development Joint Venture Term Sheet

Real Estate Development Joint Venture Term Sheet Template for England and Wales

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Key Requirements PROMPT example:

Real Estate Development Joint Venture Term Sheet

"I need a Real Estate Development Joint Venture Term Sheet for a mixed-use development project in Manchester, where my company (50% stake) is partnering with an international investor (50% stake) to develop a £75M shopping center and residential complex."

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Document background
The Real Estate Development Joint Venture Term Sheet is typically used when two or more parties intend to collaborate on a property development project in England and Wales. It is prepared at the early stages of negotiations to document the principal commercial terms agreed between the parties. The document addresses crucial aspects such as project scope, ownership structure, funding commitments, profit sharing, and governance arrangements. It serves as a roadmap for lawyers to draft the detailed joint venture agreement and helps identify potential issues early in the negotiation process. This document is particularly important in complex development projects where multiple stakeholders are involved and significant capital investment is required.
Suggested Sections

1. Parties: Identification and details of all joint venture participants

2. Background: Context of the development project and parties' intentions

3. Definitions: Key terms used throughout the term sheet

4. Project Description: Details of the development project, including location and scope

5. JV Structure: Proposed legal structure and ownership percentages

6. Capital Contributions: Initial and ongoing funding commitments from each party

7. Management Structure: Decision-making process and management arrangements

8. Profit Sharing: Distribution of profits and losses

Optional Sections

1. Development Manager Appointment: Terms for appointing a development manager when a separate development manager will be required

2. Third Party Financing: Terms of external financing arrangements when external funding will be sought

3. Planning Conditions: Specific planning-related conditions and responsibilities when planning permission is not yet secured

4. Pre-letting Requirements: Conditions relating to securing tenants when pre-lets are required for the development

Suggested Schedules

1. Property Schedule: Detailed description of the development site and title information

2. Business Plan: Initial development business plan and financial projections

3. Construction Program: Proposed timeline and key milestones

4. Reserved Matters: List of decisions requiring unanimous approval

5. Professional Team: List of key consultants and professional advisers

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Business Plan
Capital Contribution
Completion
Confidential Information
Construction Documents
Development
Development Costs
Development Manager
Development Period
Development Property
Effective Date
Encumbrance
Event of Default
Final Completion
Financial Year
Force Majeure
JV Company
JV Interest
Land
Long Stop Date
Management Committee
Material Adverse Effect
Members
Outstanding Capital Contribution
Permitted Encumbrance
Planning Permission
Professional Team
Project
Project Documents
Project Manager
Property
Related Party
Reserved Matters
Share
Shareholders
Specifications
Target Completion Date
Territory
Title Documents
Clauses
Project Scope
Ownership Structure
Capital Contributions
Additional Funding
Management and Control
Reserved Matters
Decision Making
Profit Distribution
Cost Allocation
Development Management
Planning and Approvals
Construction Obligations
Professional Appointments
Transfer Restrictions
Pre-emption Rights
Tag-along Rights
Drag-along Rights
Deadlock
Exit Provisions
Default
Termination
Confidentiality
Non-Compete
Exclusivity
Force Majeure
Dispute Resolution
Governing Law
Representations and Warranties
Insurance
Environmental Compliance
Health and Safety
Intellectual Property
Assignment
Notices
Costs
Future Development Rights
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Companies Act 2006: Primary legislation governing corporate structures, company formation, directors' duties and responsibilities, and share capital arrangements for joint ventures structured as companies

Partnership Act 1890 and Limited Partnerships Act 1907: Key legislation applicable if the joint venture is structured as a partnership rather than a company

Town and Country Planning Act 1990: Crucial legislation governing planning permission requirements and development control for real estate projects

Law of Property Act 1925: Fundamental legislation governing real estate ownership, transfer, and legal interests in land

Land Registration Act 2002: Legislation setting out requirements for registration of property interests and land transactions

Building Regulations: Regulatory framework establishing building safety standards and compliance requirements for construction projects

Environmental Protection Act 1990: Legislation governing environmental impact assessments and contaminated land provisions in development projects

Construction (Design and Management) Regulations 2015: Regulations establishing health and safety requirements and construction project management standards

Competition Act 1998: Legislation governing anti-competitive behavior and market dominance considerations in joint ventures

Financial Services and Markets Act 2000: Regulatory framework applicable if the joint venture involves regulated investment activities

Tax Legislation: Various tax laws covering Stamp Duty Land Tax, VAT, and Corporation Tax implications for real estate development

Employment Law: Body of legislation governing employment relationships if the joint venture will employ staff

Data Protection Act 2018 and UK GDPR: Legislation governing the handling and protection of personal data within the joint venture operations

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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