The work before
your capital.

RiskThe seller cannot deliver the intended interest; liens, restrictions, easements or access issues prevent the proposed use.

The upfront workEstablish property control; review ownership, title exceptions, restrictions, easements and legal access; identify required cures before closing.

EvidenceExecuted purchase or control agreement, title commitment, exception documents, access instruments and closing requirements.

What changesSpecific acquisition obstacles can be resolved or become reasons not to proceed. Insurance and contract protections have terms and exclusions; title review does not erase every possible claim.

RiskGross acreage overstates what can be developed; boundaries, topography, setbacks, flood constraints or encroachments reduce lot yield.

The upfront workReconcile boundary and topographic surveys with the proposed layout, constraints and applicable development standards.

EvidenceSurvey, constraints plan, layout and lot-yield analysis.

What changesReplaces acreage assumptions with a site-specific plan. It does not guarantee that every preliminary lot survives final design or approval.

RiskUnsuitable soil, rock, groundwater, unstable slopes or fill create unforeseen design and construction costs.

The upfront workHave qualified professionals investigate relevant subsurface conditions and incorporate their recommendations into design, scope and pricing.

EvidenceGeotechnical report, boring/test results and engineering responses.

What changesReduces uncertainty and supports cost allowances or mitigation. Sampling cannot reveal every condition between test locations.

RiskContamination, wetlands, waters, habitat or other site constraints restrict development or require remediation or mitigation.

The upfront workReview environmental history and conditions; complete further investigation and ecological or jurisdictional reviews where warranted; address findings in the plan and budget.

EvidenceApplicable environmental assessments, delineations, determinations and mitigation requirements.

What changesFindings can change the layout, budget or decision to proceed. Environmental assessment and wetlands authorization are distinct processes; neither is a blanket clearance.[2]

RiskProposed use or density is not allowed; discretionary approvals, conditions or appeals change the project's feasibility.

The upfront workEstablish permitted use and density; obtain applicable entitlement decisions and understand approval conditions, expiration and further steps.

EvidenceZoning records, adopted approvals, approved plans and conditions.

What changesAn issued approval resolves the particular discretionary decision, subject to its conditions and legal status. Entitlement is not automatically permission to start construction.

RiskWork cannot begin legally, approvals expire, or permit conditions require design changes, mitigation or additional expense.

The upfront workIdentify the required authorizations, responsible parties, dependencies and issuance schedule; incorporate conditions into the construction plan.

EvidencePermit register, issued authorizations, outstanding requirements and applicable stormwater plans.

What changesRequired permissions must precede the activities they authorize. Capital-call and closing materials should identify any items still outstanding. Texas construction stormwater requirements, for example, include preparing and implementing the applicable SWP3 before construction.

RiskA concept layout does not translate into buildable grading, drainage, roads and infrastructure; incomplete design causes changes and rework.

The upfront workAdvance engineering sufficiently to define the scope for agency review, coordinated utility design and contractor pricing.

EvidenceCivil plans, specifications, drainage analysis and review comments/responses.

What changesReplaces conceptual quantities with an engineered plan. Design changes, errors and unforeseen site conditions can still affect delivery.

RiskWater, sewer, power or access cannot serve the project at the assumed cost, capacity or schedule; off-site work or easements are needed.

The upfront workConfirm availability and requirements with providers; identify connection points, extensions, easements, fees, dependencies and delivery responsibilities.

EvidenceProvider correspondence or commitments, capacity confirmation, utility plans and cost/schedule assumptions.

What changesReduces speculative assumptions about service. Provider performance, inspections and third-party scheduling remain execution dependencies.

RiskIncomplete bids, excluded work, escalation, contractor failure or poor sequencing cause overruns and delays.

The upfront workSolicit competitive bids; reconcile scope against engineering; secure fixed-price terms where agreed; review exclusions, allowances, change-order terms, schedule, contingency and contractor capacity.

EvidenceBid comparison, scope reconciliation, executed contracts, budget and schedule.

What changesFixed-price terms allocate defined scope risk; they do not cover every exclusion, change, delay or contractor default. A bid alone is not an executed fixed-price contract.

RiskFinished lots have no committed buyer, expected pricing is unsupported, or take-down timing fails to match the development plan.

The upfront workSecure the builder purchase agreement; evaluate purchase price, deposit, take-down schedule, delivery standards, conditions and remedies.

EvidenceExecuted agreement, deposit evidence, milestone schedule and material conditions.

What changesReplaces an assumed future buyer with a contractual commitment. The non-refundable deposit provides economic commitment according to its terms; builder default, conditions, extensions and enforcement remain relevant. Contracting the exit is not the same as collecting the proceeds.

RiskDebt or equity is unavailable, terms change, conditions are unmet, or the capital stack cannot support the complete execution plan.

The upfront workFinalize the capital plan, lender terms, required equity, closing conditions, draw mechanics, reserves and contingency funding; reconcile sources and uses.

EvidenceFinancing commitment/loan documents, sources and uses, closing checklist, draw conditions and reserve budget.

What changesReduces uncertainty about how the project is funded. A term sheet differs from a binding commitment, and both differ from funded proceeds; loan compliance and future draw conditions remain important.