Selling Lot Line Adjustments

[Michael Lesavoy]

I’m in COLORADO 

I have a semi large lot (17 acres) under contract in the center of a popular neighborhood that I planned to subdivide into a development. I asked a few neighbors if they would like to purchase the land adjacent to the existing homes. I only asked 3 out of the 29 homes around the perimeter and 2/3 wanted to buy. If I’m able to sell to 5+ of them 1/4  to 1 acre it would cover the acquisition cost and I could keep 10+ acres of the best land. I know how lot line adjustments work. 

What I need help with.... 

How/what should I have them sign to confirm sales prior to closing on the land. What would be a recommendation for the full process and offerings?

What sales doc would I use? 

— 20% down that is refundable and 80% after the adjustments successfully approved? 

-should I pay for the adjustment costs? 

Thanks!