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 - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[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.
