Posted by John77046 on August 26, 2009 at 06:11:14 from (216.249.206.60):
In Reply to: Re: value of farmland posted by John77046 on August 25, 2009 at 12:09:20:
My response above confused a few folks so I will offer an example.
My dad stated in his will that I had the option to purchase my sister's share of the farm within one year from the date of his death at the appraised value on the date of his death. My sister could not refuse to sell the property to me within the one year. I could refuse to buy it but she could not refuse to sell it within one year of the date of death. If one year passed from the date of death she could refuse to sell it even if I offered to buy it. I had it appraised and made the purchase within the year --- I own the land(debt) and my sister has the cash.
Dad had given me fair warning through some heart-to-hearts so I actually had 3 years to arrange my finances to be ready to purchase the farm. He had MDS.
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