Hello everyone,
I would like to tap into the collective knowledge here because I’m currently feeling a bit “lost” or even stressed.
I am part of an inheritance group with a total of 3 parties involved. The issue concerns a plot of land measuring 1000 sqm (approximately 10,764 sq ft) in Baden-Württemberg. The general value for farmland is around €10 per sqm (approximately $11 per 10.76 sq ft), and the official standard value when classified as building land is about €700 per sqm (approximately $755 per 10.76 sq ft).
Anyway, as it often happens, the land is not yet classified as building land, but it borders directly on a residential area. After consulting with the city authorities, it appears that the land will not be reclassified as building land anytime soon, partly because of its small size and the lack of interest to initiate any change.
All of us in the group still want to sell the property and, based on discussions with a real estate agent, we expect a price in the range of about €300–400 per sqm (approximately $323–431 per 10.76 sq ft). (We will not accept less.)
Now the agent has drawn up a contract for us. Unfortunately, I’m starting to have second thoughts. Do you see any potential issues in the contract? Of course, we want to pay the agent only when a contract is signed and the buyers pay more than €300,000 (approximately $323,000). If there are no offers or only lower ones, we don’t want to sell.
What do you think about the agent’s contract? Is it easy to terminate it after one year, and what happens if we reject offers for whatever reason?
Here is an excerpt from the contract:
See attachment
I would like to tap into the collective knowledge here because I’m currently feeling a bit “lost” or even stressed.
I am part of an inheritance group with a total of 3 parties involved. The issue concerns a plot of land measuring 1000 sqm (approximately 10,764 sq ft) in Baden-Württemberg. The general value for farmland is around €10 per sqm (approximately $11 per 10.76 sq ft), and the official standard value when classified as building land is about €700 per sqm (approximately $755 per 10.76 sq ft).
Anyway, as it often happens, the land is not yet classified as building land, but it borders directly on a residential area. After consulting with the city authorities, it appears that the land will not be reclassified as building land anytime soon, partly because of its small size and the lack of interest to initiate any change.
All of us in the group still want to sell the property and, based on discussions with a real estate agent, we expect a price in the range of about €300–400 per sqm (approximately $323–431 per 10.76 sq ft). (We will not accept less.)
Now the agent has drawn up a contract for us. Unfortunately, I’m starting to have second thoughts. Do you see any potential issues in the contract? Of course, we want to pay the agent only when a contract is signed and the buyers pay more than €300,000 (approximately $323,000). If there are no offers or only lower ones, we don’t want to sell.
What do you think about the agent’s contract? Is it easy to terminate it after one year, and what happens if we reject offers for whatever reason?
Here is an excerpt from the contract:
See attachment
A
Aloha_Lars25 Nov 2021 11:34Roger12 schrieb:
Amen!
If you knew how many properties in the Stuttgart metropolitan area have already been sold by developers and then turned into building land just two months later, you would see this differently. Here in the Swabian Alb region, we personally waited a long time for a building plot in a development area that was still in the planning phase. We were even on a waiting list of interested parties. Shortly before the project was supposed to start, the owner of some agricultural land decided to put pressure on the municipality with certain demands before handing over his land for the development. The municipality did not agree, so the development was canceled after 2–3 years of planning. We people from Baden-Württemberg are quite particular—"you don’t just sell a plot of land" ;-) Sometimes even well-intentioned projects fail because of a Swabian "complainer."