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Why not just ask him to send you the contracts and you will go over them and then just see what he is up to

Yes $1500 is way too low. try for around 2% of the property value. This developer must have done a rick otten course or something.

Be very careful. There are different ways this could be structured. If you sign something without getting advice you may find that you are locked in to selling. These are generally called option agreements. Usually the purchase of the option (ie the developer in this case) will want an...