ABSTRACT
A binding agreement between the landowner and the developer does not exist until the parties execute the definitive document—a purchase and sale agreement (PSA), land contribution agreement or option to enter into ground lease. In broad terms, the definitive document should follow the agreed to provisions in the letter of intent, but flesh out the details and cover standard business and legal terms based on the property locale. Outlines the important provisions of purchase contracts, land contribution agreements and options to ground lease, and discusses potential revisions to the contract as due diligence reveals the need for more time to address unanticipated site or development problems.
