Sale by family trust
Bullivant Houser Bailey represented a family trust that owned underdeveloped property and needed to sell the property to have funds to care for the elderly trust beneficiary. Because the property was forest land, it was subject to numerous local land use restrictions.
We helped develop a strategy that permitted development of the property under existing land use restrictions, thereby significantly increasing the value of the property. We then developed a bid package and conducted negotiations with several local developers, and ultimately concluded an agreement to sell the property to a major local developer. We secured significant non-refundable earnest money for the trust at the outset of the agreement to protect the trust and advised the trust on post-sale opportunities.