How Wally's Plans Can Benefit Both Himself and Seth
What does Wally need to disclose to Seth?
Wally needs to be honest about his plans for the land. If a licensee has an interest in a property, they are required to disclose this interest as well as any potential conflicts of interest in writing. When selling their own property, licensees are required to reveal their license status.
What is mean by licensee?
In U.S. tort law, a licensee is a person who is on another's property even though it is not accessible to the general public because the owner of the land has granted the licensee permission to enter. A licensee can also refer to the holder of a license. If a person travels to see an invitee for personal reasons, they may be regarded as a licensee. A person is a licensee, for instance, if they go to a friend's rental home. Typically, an invitee extends an invitation to a property to licensees.
How Wally's Plans Can Benefit Both Himself and Seth
Wally's expertise and vision can bring great benefits to both himself and Seth in this real estate transaction. By dividing the underutilized property into separate lots to sell off individually, Wally can potentially increase the overall value of the land and maximize his profit. At the same time, Seth stands to gain from this arrangement as well, as he will have the opportunity to sell the property at a competitive price and attract more potential buyers.
Wally's decision to divide the land into separate lots demonstrates his innovative approach to real estate investment. By identifying the potential for increased value in the property, Wally is taking proactive steps to capitalize on this opportunity. Through his disclosure of his plans to Seth, both parties can work together to achieve a mutually beneficial outcome.
It is important for Wally to maintain transparency and honesty throughout the transaction to ensure a successful and legally compliant deal. By disclosing his intentions and seeking Seth's approval, Wally is setting a positive example of ethical conduct in the real estate industry.
Overall, Wally's plans have the potential to transform the underutilized property into a lucrative investment for both himself and Seth. By leveraging his expertise and vision, Wally is paving the way for a fruitful partnership that benefits all parties involved.