Selling land to property company

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Selling land to property company

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magicrabbit75

Posts: 1
Joined: 18/4/2008

Selling land to property company

Hi

I live in a big house converted into 5 individual flats. I have recently been approached by others in the house who've been in contact with someone working in the industry, who's indicated that there is potential for us to sell the building as a whole. One option would apparently be demolishing and for the purchasing company to put up new flats on the land.

We've been told we could potentially get the market value of our flat, plus, 30, 35, or 40%. Firstly, does anyone know anything about this type of deal and what kinds of things we should think about?

More specifically, we have been told that what happens is that individuals get their flats valued, then say what percentage increase they would be happy with. These are then added up to make an overall value for the property, so each flat gets a percentage of this based on their valuations.

My question is then, what is to stop people giving an over inflated valuation for their flats, thereby getting an unfair overall percentage?

Report Abuse | Date 18/4/2008 10:42:43 AM

buyproperty12

Posts: 5
Joined: 6/5/2008

RE: Selling land to property company (in reply to magicrabbit75)

Land contracts are sometimes used by buyers who do not qualify for conventional mortgage loans offered by traditional lending institutional, for reasons of poor credit or an insufficient down payment. The legal status of land contracts varies from region to region. Typical land contracts are easy to understand and usually only make up 3-5 pages. Land contracts are common throughout the United States.

< Message edited by Admin -- 13/5/2008 6:40:53 PM >

Report Abuse | Date 9/5/2008 12:28:38 PM