Is this land Quitclaim and development rights way to risky ?
Hello all the my extend bigger pockets family : )
I am a Real Estate Agent in Connecticut and a seller has reached out to me for assistances . Since he does not own the land, he is selling the Development Rights, all engineering work and his Army Corp of Engineers Wetlands Approved Jurisdictional Determinations for a 40-Unit Residential Project. At the closing he will Quit Claim the land to the buyer and they can go build this. The Zoning Density Factor allows for 40 units but a Variance can be asked for and the unit number could be as high as 60 units. he has have appraisals, market studies and a mostly complete Site Drawing for the Project. I know Quitclaim is risky , I am talking to the 2 Land and Zoning Attorney on Tuesday .However, I would love some input for the BP community. I do not sell Lemons. I believe in providing value in the community and to my clients. Should I accept this project ( I love challenges ) or keep fishing for safer deal?