Posted by Goose on August 06, 2012 at 11:40:14 from (70.198.6.24):
I'm sure a lot of ya'll have had experience at this.
My sister and I are considering selling the family farm. The main reason is, she and I each have an undivided half interest in the farm, and for estate purposes our attoney as been after me to divide it. However, the configuration is such that there's no way it could be divided and be fair to both parties. So, we're looking at selling it and splitting the money. Neither of us have offspring who have any interest in operating it.
I have a buyer who is interested in buying it on contract. My attorney is against a contract sale for reasons that sound valid to me. Basically, I would become a banker, etc. He would like to see an outright sale. If we insist on a contract sale, he would like to see 25% down with a five year contract, with a deed of trust transferring liability to a third party.
I've talked on the telephone with the CPA who does my sister's taxes, and she is not against a contract sale, and seems very knowledgeable about different options on capital gains, etc. She's comfortable with 10% down and a ten year contract.
Has anyone had any experience on this topic? Experience, good or bad? Opinions?
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Women and Tractors - Tractor Engine Repair - by Teri Burkholder. One of the great things about working on a tractor engine with your other half is that you know what he is thinking of at all times and can anticipate his every move and his next thought of what he will do. With Ben, anyway, I can tell! He'll be busy working and I�m handing him tools and he says, "give me that..." and I�ve already got it in his hand or "hand me that....."and I�ve got the portable light right where he needed it placed to see. "Run in the house and get me a...."as I open th
... [Read Article]
Latest Ad:
1965 International Harvester McCormick Farmall cub tractor 2,500. Two owner tractor. My grandfather bought new in 1966, then we inherited it. Have all the paperwork original manual and all maintenance records. It starts and moves. Comes with underbelly mower, plough, and some other attachments.
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
