Safe and Green Development (SGD) said Wednesday it has inked a preliminary binding purchase commitment to sell up to 14 homes to Trio for its development project in South Texas.
The sale of the first five homes is expected to generate roughly $1 million in revenue, while the total purchase commitment to generate about $2.8 million, the company added.
The initial agreement commits Trio to represent Choctaw American Insurance in buying properties for the company's development in Texas. Trio is authorized to buy up to 40% of the properties in a subdivision, the company said.
The agreement requires that every property sale is tied to the signing of separate purchase and sale agreements and the confirmation of a Trio-approved resident. Additionally, the agreement requires that every property sale takes place within a 14-day period after the property is deemed suitable for living, according to Safe and Green Development.
Shares of the company were down 6.3% in recent trading.
Price: 3.81, Change: -0.25, Percent Change: -6.28
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