Where a seller wishes to sell some land that might be capable of development in the future, they might be advised to request that a buyer enter into an Overage Agreement.
Overage is a mechanism where a buyer has to pay the seller some money in the event that the property they bought is later used for something else, or if the buyer obtains planning permission for another use.
An Overage might typically last for, say, 20 or 30 years from completion of the sale and might involve a buyer having to pay to the seller a sum equal to an agreed percentage
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