(1) A planning authority may enter into an agreement with an owner of land in the area covered by a planning scheme.(2) A planning authority may enter into the agreement on its own behalf or jointly with any other person.(3) A planning authority may enter into an agreement under subsection (1) with a person in anticipation of that person becoming the owner of the land.(4) The planning authority is not entitled to apply to have the agreement referred to in subsection (3) registered under section 78 until the person becomes the owner of the land but the agreement is binding on the parties.(5) An agreement is binding on the parties to the agreement on the day on which it is executed.