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Help please - forgotten terminology in property law

4 replies

User3433399 · 30/09/2013 11:41

Hi legal brains Grin

I have totally forgotten the term that describes this type of agreement, please could you remind me! I need to include the correct term in a document this morning...

Scenario: a vendor is selling a property in a poor state of repair in an expensive and desirable part of London. The purchaser does not intend to make a profit from development (the building will be used for the public good, therefore the vendor is offering a good price, possibly below market value) but will not rule this out as a possibility in future, if it became a financial necessity (i.e. their service failed to maintain the required funding). Therefore, the vendor wants the purchaser to sign an agreement that says should profit be made from developing or selling the property over the next five years, then profits will be shared equally between both parties. This type of arrangement is called a....??????

TIA

OP posts:
User3433399 · 30/09/2013 11:53

I'm not a lawyer by the way - nothing like it - so I hope this doesn't seem cheeky...

OP posts:
fuckwittery · 30/09/2013 22:19

This reply has been deleted

Message withdrawn at poster's request.

Brockle · 30/09/2013 22:29

overage agreement

User3433399 · 30/09/2013 23:05

That's the one! Thanks both!

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