boadicea
11-22-2006, 01:23 PM
Hi there,
So i have scheduled a meeting between a family friend and a land owner. The family friend works for a company that builds retirement communities. He is looking to build a new 3 acre facilty and I managed to find a plot of land that was not for sale but the owner has decided to meet my friend and discuss developing 3 acres. They are both open to leasing the land, co-owning the land and possibly purchase/sale(depending on seller).
Problem. I'm concerned that the two are meeting but i have no contracts or agreements prepared ahead of time to establish my fee, especially for the leasing of the land by the seller. Some collegues have mentioned a 5%, 4%, 3%, 2%, 1% for the first 5 years of the land lease... Is this standard? What else should I prepare myself with before the meeting?
Thanks all, and happy thanksgiving!
georgie
So i have scheduled a meeting between a family friend and a land owner. The family friend works for a company that builds retirement communities. He is looking to build a new 3 acre facilty and I managed to find a plot of land that was not for sale but the owner has decided to meet my friend and discuss developing 3 acres. They are both open to leasing the land, co-owning the land and possibly purchase/sale(depending on seller).
Problem. I'm concerned that the two are meeting but i have no contracts or agreements prepared ahead of time to establish my fee, especially for the leasing of the land by the seller. Some collegues have mentioned a 5%, 4%, 3%, 2%, 1% for the first 5 years of the land lease... Is this standard? What else should I prepare myself with before the meeting?
Thanks all, and happy thanksgiving!
georgie