Land Assembly › June 2018
What is Land Assembly? A land assembly refers to the joining of adjacent lots to make a larger parcel.
Why is Land Assembly gaining popularity? Due to the steady decrease in the availability of developable land in Metro Vancouver, many municipalities and developers are looking to redevelop and increase density in what traditionally were single family home communities.
Where is Land Assembly happening? The frequency of land assemblies is most common along major transportation corridors. Sometimes, adjacent property owners decide to market the sale of their properties all together and other times a developer may initiate the process by approaching a group of owners to purchase all their properties.
How does Land Assembly benefit owners? By selling a property as part of a land assembly, owners are able to demand a higher purchase price since their individual property is worth more to a developer when combined with adjacent properties.
With all land assemblies, consideration needs to be given to the following items: Intention of all owners in the land assembly to sell; whether all properties in the land assembly will be treated equaly, or if there are special characteristics of some properties that warrant special treatment, such as a corner lot; Formula to determine purchase price of each lot and; the Official Community Plan for the areas.
Land assemblies vary from traditional property sales, in that they are dependent on all (or most) of the properties in the assembly enter into binding contracts. Furthermore, the timelines for land assemblies are often much longer, from the time of signing a contract to removal of subject conditions to the completion date, can be several months and even years.
Due to this longer timeline, there are commonly deposits given throughout the process. Consideration must be given to the amount of time a property is tied up by the contract before the subject conditions are removed, since there is no guarantee the transfer will complete until subjects are removed.
Steps to a Land Assembly
LISTING your property for sale
MARKETING your property to potential Developers
OFFER NEGOTIATION (1-2 week) presentation to acceptance
ASSEMBLY CONDITIONS (2-3 months) assembling neighbouring properties
FEASIBILITY CONDITIONS (2-3 months) Plan Submission, Level 1 Environmental, Soil Tests, Arborist Study, etc.
SUBJECT REMOVAL and DEPOSIT put in place
COMPLETION and POSSESSION: (6-12 months)
Come and enjoy summer in this 1-bedroom loft condo -- great east-facing patio with views of Mt Baker and the North Shore mountains. This condo boasts 1.5 updated bathrooms and updated kitchen. The fireplace currently has an electric insert but can easily be converted back to wood burning. The complex has an indoor swimming pool, low maintenance fees and secured under building parking. Centrally located and walking distance to everything: Minoru Park Activity Centre, Richmond Centre, Richmond Brighouse Library, Canada Line skytrain and more. Open house Sun, June 17 from 2-4 pm.
Well-maintained, 4 bedroom, 3 bathroom family home in ENGLISH BLUFF. This home has been meticulously cared for by the original owner. The grounds are beautiful, and the home has so much potential. It could easily be suited for a mortgage helper. Tree trimming would provide views of Boundary Bay. Great layout with family room off kitchen, nice large rooms, sauna, work room and attached shed. Bring your design ideas and make this a fabulous family home or build your dream home on this 8,775 sq. ft lot.
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