Barg, Thanks for that. Have had 3 calls this afternoon from the Real Estate guy asking if I have signed the letter of offer.
Am I wrong in thinking that developers only work with put and call contracts? Seems that all the neighbours who have signed up have done so through a put and call contract. I have heard on the grapevine that the development across the street is going ahead and consequently the contracts entered into by our neighbours will be exercised before Xmas. So it would seem sewage and water are being provided by the first developer and this guy is coming in on their coat tails. Am I also right in assuming all the due diligence and development approvals have been obtained by the first developer and any dd and da for our site would be covering ground already plowed by the first developer. IMHO all the hard work has been done - and sure as eggs once sewage and water come past our place the value should go up!!
HMMM. Might ask for $2M. All he can do is walk away. AND there is a possibility the initial developer will look across the street and see the wisdom of expanding his development by a couple of hectares with the possibility of a further 8 hectares falling into line.
Anyway. Thanks for your advice. Will sleep on it over the weekend.
