Obviously this involves legal matter, so read the above with that in mind. 

When you are doing these kinds of transaction, its best to get professional involved. good luck.  

Anything involving land deals can take a ton of time for the developer to sign off on. 

Find each of the taxing authorities involved and what you would pay on a $800k property.

The 55$/square foot is reasonable.

Don't try to make it any more involved than what's described here.

But I doubt this is the case from the sounds of it.I have purchased properties before where there were incredibly complex title searches, where multiple estates were involved, heirs died without a will, hand written deeds in the chain with incorrect or incomplete legal descriptions, etc. - and in instances like these, I've paid the closing attorney upwards of $1k - $2k just for his fee alone.

I've listened to BP for a few months and figure it's time to be actively involved in my success. 

I am very proud of my $400 M company today and our over 3 M Square Feet of Real Estate built of Apartment Buildings, Condominiums, Town Homes and Single Families rented, soldor constructing now over the past 15 years.

I'm involved with the Realty Investment Community of Houston and we help educate and offer networking for local investors.