VIC Contract - Terms for a Joint Property Venture?

[Ed James]

I have been approached by a developer wanting to buy some property I own. They have provided two terms for a joint venture that is linked below. (Years and prices have been replaced with "X".)

1. I am interested in some general impressions of the two terms.

2. If I were to provide my own terms to the developer in reply, would my terms be considered an offer or be considered a contract?

3. Some guidance about the type of legal professional and taxation professional that would be appropriate to gain further insight into joint ventures and capital gains tax would be appreciated.

Thank you.

Both terms listed at:

Terms for a property joint venture Terms 1 Below are the core elements of a Development Agreeme... - JustPaste.it

 

[Rod]

1. See a lawyer. It is easy to take terms out of context without seeing the whole contract.
2. Counter offer.
3. Any lawyer dealing with developments.

 

[Ed James]

1. See a lawyer. It is easy to take terms out of context without seeing the whole contract.
2. Counter offer.
3. Any lawyer dealing with developments.

Thank you for you reply, Rod.

Can I ask what your qualifications are in, do you work in tax and/or law?

A contract has not been presented, only the short list of terms. Should a contract be provided now to read together with the terms?

Will any lawyer dealing with developments be able to advise properly regarding taxation?

Thanks.

 

[Rod]

You can ask, but prefer not divulge any more than what is in my signature.

If it was me, there is no way I'd agree to accept just part of a document. Particularly one that involves significant money over a number of years. For instance, what is the mechanism for determining market price?

What you have is like a marriage and who knows how that is going to end. Could be joy, or could be tears. Developers are not known for being nice. And if there are cultural differences expect even more problems. Some developers have no scruples (ala demolished Carlton pub). Expect to hear what you want to hear until your signature is on the piece of paper.

I can't speak for lawyers, you need to ask them.

 

[Ed James]

You can ask, but prefer not divulge any more than what is in my signature.

If it was me, there is no way I'd agree to accept just part of a document. Particularly one that involves significant money over a number of years. For instance, what is the mechanism for determining market price?

What you have is like a marriage and who knows how that is going to end. Could be joy, or could be tears. Developers are not known for being nice. And if there are cultural differences expect even more problems. Some developers have no scruples (ala demolished Carlton pub). Expect to hear what you want to hear until your signature is on the piece of paper.

I can't speak for lawyers, you need to ask them.

No worries, appreciate your response and that extra detail. You raise some interesting points and cautious advice for further investigation. Thanks again.