Re: OT - Buying a farm

Posted by DMont on January 17, 2007 at 15:59:40 from (72.24.77.157):

In Reply to: OT - Buying a farm posted by Dave H (MI) on January 17, 2007 at 12:52:07:

I"m sure you will enjoy when your purchase is complete, but until then, it can be no fun. Here are some things I learned:
1. Certainly draw up a contingency contract with the seller. Make sure to list everything you will need done to the property at the purchase.
2.Talk to the lending agency as they will know the value of land in the area. Bank presidents or officers may help here. I saved 50 thousand on 100 acres by this move.
3.Most lending agencies require surveys. Farm Credit in Ok required the survey. Adverse possesion was mentioned, Ok will not make an adjoining neighbor move fences, if they have been there for a long time. Their fences could be on your property 10 feet or more and your are buying that property. They also handled the closing. They will make sure everything is okay with deeds, and etc. as it protects them. An attorney can also perform this task, but he may be a friend of the seller and guess who he will represent behind your back.
4. If there are substantial things to be completed at the sale by the seller ask for 5 to 10 thousand to be held back to ensure that the task are performed. The seller will not object unless he intends to welch on something.
5. The lender should require a EPA inspection to protect you. Buried tanks that were used for fuel and propane are possible problems. Soil can be contaminated and be very expensive.
Hope that I have been of help. Good luck

Don

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