Due Diligence Clause
there is a piece of property for sale, it is actually 6 different lots. the property is only valuable if you buy all the lots. My question is, what is a good due diligence clause to use for this type of deal. I want time to find out if I can do anything with the property that would make sense. Any suggestions would be greatly appreciated
Sounds like there's a dual need here--first, to be able to tie up all 6 parcels, and then to evaluate their collective feasibility for development. You didn't indicate if these were buildable lots--do you know? Also are they owned by the same person?
In my area, land buyers try to get an upfront feasibility period of 90-120 days from the date the purchase contract is signed by seller and buyer. But I think you may need to make the purchase contingent on getting all 6 under contract by X date and then the feasibility period would run from the X date. You should have a RE attorney involved with you on this.