63 – Legal tips for astute property developers

Getting your legal foundation properly set up enables you to protect your projects and ensure they have the best chance of succeeding. So we are talking all things legal when it comes to property developing with property legal eagle Lewis O'Brien. It feels like a lot has happened since the last episode. Market sentiment and momentum has noticeably picked up across Melbourne and it seems in other cities too. Property values have been steadily rising and confidence is returning to the property sector. Which is great news for property developers. A lot of the doom and gloom news stories have dried up and we seem to be at the start of a new growth cycle. An incredible amount has happened since we last spoke. We finally received a planning permit for our project that has been drifting through planning for two years. It was great to finally get that stamped letter and we can move on to the documentation and sales phase. And the timing might work well as the market shifts gears. On my other project we have settled on a funding solution and have received a term sheet from a financier so we are working through all the requirements of that. The valuation report is almost complete and then we will get the Quantity Surveyors report knocked over once we finalize some details with the builder. So it is all happening on that project too. It feels like more has happened in the past six weeks than most of the past 12 months, so it is nice to have a sense of momentum with the projects. And speaking of momentum, if you want to get some momentum going with your plans to start property developing, then remember we have the mentoring program that is available to teach you everything you need to know to become a successful developer. Email me on Justin@propertydeveloperpodcast.com for further details. "It’s easy to enter into a contract worth half a million dollars, so it’s worth getting some advice about how to make it better." Lewis O'Brien property lawyer Okay, on to today’s guest, our first legal discussion with property lawyer Lewis O’Brien. Lewis specializes in property and commercial law, with a particular interest in serving property developers and investors. With more than 20 years of experience, Lewis has seen plenty of contracts across his desk and also the sticky situations some people find themselves in when property deals go wrong. We have a fairly broad conversation covering such topics as covenants, options, joint ventures, contracts and the common pitfalls that you should look out for. During the discussion Lewis refers to some useful resources that he has available on his website and I will provide the access code for those following our chat. Property Development Training If you are interested in learning the fundamentals of property development, in your own time and at your own pace, then be sure to head over to www.propertydevelopertraining.com and take a look. I take you step by step through the development process so you know exactly what is needed to find a site, run a feasibility and complete a small scale property development, be that a duplex or 3 or 4 unit site. The training includes a bonus program called Taking It To The Next Level for people who may want to go into developing full-time, along with another bonus course called Raising Capital which covers how to raise money for your projects. So head over to propertydevelopertraining.com and take a look... I would love to see you on the inside... Property Developer Quiz Keen to find out how ready you might be to become a developer? Then take the Property Developer Quiz (https://www.propertydevelopertraining.com/quiz) and get a sense of where you are at… Become a Million Dollar Property Developer Grab my book Become a Million Dollar Property Developer about my journey into property development. This book is ideal for anyone who intends to get into small-scale property development and wants an insider’s guide...