I am selling a 5 acre construction yard within the city limits. I have a broker and a buyer. My broker recommended that I lawyer up for portions of the sales contract.
Land is 100% within the 25 year flood plain and contains a 1200 sqft office, garages, and some equipment canopies etc. I am able to operate my construction business there due to legal grandfathering or luck because the city just doesn't care because they think I have some grandfathering.
We have it developed to about 20 to 25% impervious cover, although most of that number is base.
My current sales agreement has owner financing for 2 years with a balloon payment after that.
My concern are:
What if buyer defaults? How big of a pain is it to repossess?
Bigger concern is buyer gets crossways with the city by bootleg developing or just outright poluting or some such.
If anybody knows a guy that knows a guy or can answer some of those questions. Shoot me a pm or bear it all here on surly. Thanks.