May 25, 2018, 11:04 AM
arfmelIf you were planning out a subdivision....
Texas has a thing called a “roll back” of property taxes that were abated for prior ag-use. Your relative will want to inform himself about those consequences as well. My in-laws require the buyer of the parcel to be developed to pay the roll back as part of the deal.
May 25, 2018, 12:10 PM
bendable
1/3 acre lots
$600.00 K
platinum roof , single bd rm 3/4 bath 4 sale by owner
700 sq ft
May 25, 2018, 12:21 PM
a1abdjMy family has been developing residential subdivisions in the St. Louis area since the 1950's. This includes everything from small spec home construction on just a few lots up to 300 home communities.
Is your relative sitting on a few million in cash?
If not the others who have posted previously have already given the best advice. Find somebody who is and who has done this before. Either sell to them or partner with them.
May 25, 2018, 01:24 PM
Southflorida-lawquote:
Originally posted by JALLEN:
Having done a little of this in Whackyland, if your family member is asking questions like that, maybe he should sell to to someone who knows what they are doing.
There are a great many technicalities, traffic flow, drainage, slopes, orientation of lots, layout of utilities and common areas, etc.
The value of this development can vary all over the place depending on how these issues and similar are dealt with, and it can be an expensive way to gain experience.
There are lawyers who specialize in planning common area documents, CC&Rs, corporate by laws, HOA financing, etc. Engineers need to address traffic, drainage, etc.
See above, get an expert. To quote Donald Rumsfeld, [beware] of the unknown unknowns.
Like, who will own the roads and utilities? Easements for those items?