Your First Steps in Land Assembly by Geraldine Santiago
1. RESEARCH: Do a little research for yoursrelf to find out about your property's zoning and whether or not your property falls within the boundaries of the official community plan (OCP) by going to your city's website. Most cities have adopted an official community plan which lays the foundation to the community's future goals and desires. It will encompass population growth, employment opportunity, sustainability, transit options, security in neighbourhoods, recreation, outdoor parks and community centres and so on. In addition, look around your neighbourhood to see if there are any rezoning applications, or if there have been any talk about rezoning projects.
2. REALTOR®: Speak to 3 commercial Realtors® to see what each one has to offer. Interview them and ask for references whenever possible, as well as land assemblies they have worked on. Look at the projects they are currently working on to see whether or not they are too busy for your own needs.
3. ASSEMBLE: When you have found out about your zoning and realize that your property can be a land assembly site, begin speaking with your neighbours to see whether they are interested in a project like a land assembly or selling their home in the near future. You might be surprised because more and more home owners are interested in land assemblies as the prospect of selling their parcel of land and not having to fix their home, and having repair expenses might be ideal for them.
4. MEETING: Have a meeting with your Realtor® to discuss strategies and timelines, expectations and fees. The meeting with your Realtor® will should outline some timelines, and some of the steps. I have been very open and provided these steps on my website so that you can just refer to my website anytime you want. The meeting with your Realtor® will also outline some of the concerns you might have regarding timelines and deposits, expectations etc.
5. CONTRACT: There will be a contract in place with each individual owner of each property. It is important to note that contracts with our team are not on the MLS and are exclusive listings. We prepare each contract for you and allow enough time for you to share it with your lawyer. We recommend getting the legal advice of your lawyer as many home owners have not gone through a land assembly and it is different compared to a regular sale of a home.
The above are the first steps you should take if you are considering a land assembly project. If you have any other questions, please feel free to contact me at (604) 764-6873.