Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Estate definition

What does Estate mean? In practice, “estate” describes either: (1) the nature and duration of a person’s proprietary interest in land; or (2) the aggregate property of a person, commonly on death or bankruptcy. England & Wales and Northern Ireland: An estate in land denotes the time-based interest, not the land itself. Statute and case law limit legal estates primarily to freehold (fee simple absolute in possession) and leasehold (term of years absolute), with other interests (for example, life interests and beneficial interests under a trust) arising in equity. This concept underpins conveyancing, security, priorities and land registration. Ireland: Under the Land and Conveyancing Law Reform...

Real estate development finance: property and development conditions precedent, LMA REF drafting, initial and staged drawdowns, and EC(TE)A 2022 (England and Wales)

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Practice notes

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Many of the standard Conditions precedent (CPs) associated with a conventional syndicated loan facility will likewise be highly relevant to a real Estate finance transaction. For further information on those CPs, please refer to Practice Note: Conditions precedent. In a real estate development finance arrangement, the borrower obtains funding not only to acquire the property but also to carry out the development itself. As a result, a large number of CPs used in real estate finance investment facility agreements will also govern development facilities, with additional CPs required to address the development aspects of the transaction. This Practice Note considers the real estate finance specific CPs that typically arise and apply in a real estate development finance transaction. For details on CPs in real estate finance investment facilities, see Practice Note: Real estate finance—conditions precedent and the mechanics of drawdown in investment facilities.

Purpose of conditions precedent in a real estate development finance transaction

CPs are included within finance documents for the protection and benefit of lenders. They give lenders clear grounds to decline to advance funds if they are not sufficiently comfortable with the matters underpinning their credit appraisal...

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Web page updated on 21/05/2026

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