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Real Estate Development Joint Venture Term Sheet

Real Estate Development Joint Venture Term Sheet Generator for United States

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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 Miami where my development company will partner with a private equity firm, with a 70-30 ownership split and development fees of 4% of project costs, targeting project completion by March 2025."

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Document background
The Real Estate Development Joint Venture Term Sheet is utilized when parties intend to collaborate on a real estate development project and need to establish preliminary terms before proceeding with detailed legal documentation. This document, governed by U.S. law, typically emerges during the initial stages of partnership discussions, outlining essential elements such as capital structure, ownership percentages, management rights, and profit distribution mechanisms. It serves as a roadmap for attorneys drafting the final joint venture agreement and helps parties align their expectations early in the process.
Suggested Sections

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

2. Background: Context of the development project and reasons for forming the joint venture

3. Definitions: Key terms used throughout the term sheet

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

5. Capital Structure: Initial capital contributions and funding arrangements

6. Ownership Structure: Percentage interests and voting rights

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

8. Distribution Waterfall: How profits and losses will be distributed

Optional Sections

1. Development Fee Structure: Details of development fees if one partner acts as developer - used when one partner takes on development responsibilities

2. Exit Mechanisms: Buy-sell provisions and exit strategies - used for longer-term ventures or when requested by investors

3. Property Management: Terms for ongoing property management - used when project includes operational phase

Suggested Schedules

1. Project Budget: Detailed development budget and cost estimates

2. Development Timeline: Project schedule and key milestones

3. Property Description: Legal description and details of the development site

4. Pro Forma Financial Projections: Financial models and return projections

5. Capital Call Procedures: Detailed procedures for additional capital contributions

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
Affiliate
Applicable Law
Asset Management Fee
Business Day
Capital Account
Capital Contribution
Capital Event
Cause
Company
Joint Venture
Construction Budget
Construction Schedule
Development Budget
Development Fee
Development Plan
Development Services
Distribute
Distribution
Effective Date
Exit Event
Fair Market Value
Fiscal Year
Force Majeure
Initial Capital Contribution
Internal Rate of Return
IRR
Major Decisions
Managing Member
Member
Members
Net Operating Income
Operating Budget
Operating Cash Flow
Percentage Interest
Pro Rata Share
Project
Property
Promote
Promoted Interest
Qualified Appraiser
Required Capital Contribution
Return on Investment
Sale
Transfer
Unreturned Capital Contribution
Waterfall
Clauses
Purpose and Scope
Capital Contributions
Ownership Structure
Management Rights
Development Rights and Responsibilities
Profit Distribution
Capital Call Provisions
Development Fee Structure
Asset Management Fee
Major Decisions
Transfer Restrictions
Buy-Sell Provisions
Exit Rights
Tag-Along Rights
Drag-Along Rights
Project Budget
Development Timeline
Cost Overrun Provisions
Property Management
Confidentiality
Exclusivity
Non-Compete
Deadlock Resolution
Default Provisions
Force Majeure
Indemnification
Dispute Resolution
Governing Law
Amendment Process
Term and Termination
Representations and Warranties
Environmental Matters
Insurance Requirements
Reporting Requirements
Tax Treatment
Industries

Securities Acts (1933 & 1934): Federal laws governing securities offerings, registration, and disclosure requirements for joint ventures involving investment interests

Internal Revenue Code: Federal tax regulations affecting partnership structures, real estate investments, and general tax treatment of joint ventures

FIRPTA: Foreign Investment in Real Property Tax Act - Regulations for foreign investment in US real estate and associated tax implications

State Corporate/LLC Laws: State-specific regulations governing entity formation, fiduciary duties, and operating agreement requirements

State Real Estate Laws: State-level regulations covering property rights, transfers, zoning requirements, and construction permits

Blue Sky Laws: State-specific securities laws governing registration requirements and disclosure obligations for real estate investments

Municipal Codes: Local regulations covering building codes, zoning ordinances, environmental requirements, and development permits

Environmental Laws: Federal (EPA) and state environmental protection regulations, including impact assessment requirements

Labor Laws: Federal and state regulations governing employment, including FLSA, OSHA, and construction worker safety requirements

Americans with Disabilities Act: Federal law mandating accessibility requirements for commercial real estate developments

Fair Housing Act: Federal law ensuring non-discrimination in residential real estate development and transactions

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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