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Overage | What is it?

Overage

An overage is a contractual mechanism which allows a seller of land to potentially benefit from any subsequent increase in the land's value after he has sold it.


Basically it allows the seller to clawback some of the lost profit where land is developed with planning permission granted after the sale increasing its value.


Obviously not so great for the buyer of the land who will lose out.


Read more here…

https://www.birketts.co.uk/legal-update/what-is-overage-and-how-does-it-work/




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