Vendors Contract -Selling a Commercial Property

C

Churchstreet

Registered User
Messages
16
Hi
Im considering selling a vacant commercial property, it was a small grocery shop in its day and on a maintstreet. There is 17 acres of land at the rear zoned for development. Whether the land will ever be developed is uncertain. In a previous development plan, my property was earmarked to allow access to this land zoned for development. On discussion with the council at the time, no CPO would be involved and the development would be developer lead. Its uncertain whether the land will ever be developed. I would be happy sell my property to someone that either wanted to set up their own business or convert it into residential use. However my fear is that I would sell it to someone on this pretence and then flip it to a developer at a massive mark up in order to open up the 17 acres to development. It would be a scorn to say the least.
My question is : Is there any claw back one could realisticlly put into a vendor document even a Time limited one (say 20 years), that would entitle my family or myself a clawback (%) on any development if my former property was to be use as an acess to the zoned land?
 
I presume you could put any clause you like in a contract.

If you sell it without that clause, then you will get a higher price as some developers may pay extra for the hope value.

If you have that clause, most people would avoid it as you could argue that they need to give you money if they put a Seomra on the land.

Brendan
 
Churchstreet said:
for the reason as outlined above. Thank you for your reply.
Click to expand...
That's not a reason that would explain why a prospective purchaser would want to sign such a deal, just why the vendor might want to include it.

If you really want to explore the development potential of the site, spend the money on the appropriate expertise and consultations. Don't expect someone else to put in the money and effort and then agree to give you a portion of the reward.
 
Leo, as a moderator I think you should be better behaved. You dont know my circumstances from Adam. Thank you for informative but Naive reply. For your information and as is my right I'm leaving this forum.
 
You must log in or register to reply here.
Back
Top