Discuss the process of land acquisition from determining what property to develop to purchasing the land
What will be an ideal response?
This response should not that once a property is selected for development, a determination must be made that the project will be economically viable; the resulting property can be sold, rented or leased. The project must return enough revenue to pay off the loans and make a profit for the developer. In purchasing the land, a developer can find a suitable parcel and purchase it outright. At other times, the developer may have to acquire the land parcel by parcel a little at a time until the desired area is acquired. One danger of acquiring land is that the landowners will find out that a developer is snatching up the land. Consequently, the landowners inflate the price if the land. A developer may use a straw party to purchase the land in order to remain anonymous.
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What will be an ideal response?
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