My neighbour wants to buy my two acre paddock. I'm happy to
sell the land as I'm not currently using it, but I have a
suspicion that he may want to sell it as a housing plot at a later
date and make a significant profit. If that happens in the future
could I secure any of that profit?
You may be able to, and it depends on how strongly you feel
about it, as there is a lot of legal work that has to go into your
hope and expectation of sharing in the possible profit. Because
there is so much legal work, for something that may never happen,
you have to weigh up very carefully whether you are prepared to go
through the extensive and expensive legal work in order to secure
it.
You can request that your neighbour buy the paddock with a deed
of covenant or overage in place. Overage is a term used to describe
a sum of money which a seller may be entitled to be paid, on the
fulfilling of certain conditions by the buyer, usually development
of land. You are therefore going to
