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?
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