I would not sell on contract in today's land market. There are buyers with the cash in hand that would be willing to buy it.
A big problem with selling on contract is that you take the income tax/capitol gains hit the first year. Then if the buyer defaults you DON"T get that tax money back. The new tax basis is the contract sales price.
Then the issue of being liable if anything happens on the farm. You are still the owner listed on the dead. So you can still be liable.
Then you are the bank for the 10-30 years on the contract. Lets say they make the down payment and then default in two years on a fifteen year contract. The land maybe worth half what it is selling for today. Plus you paid the capitol gains on the high price.
If you decide to do a contract get at least 25% down. Because anything less and you can lose that in damage real quick on ground with buildings.
If you don't need the money then just split the farm with your sister. She can sell her half or keep it. Just divide it and who ever gets the more valuable half pays the difference to the other. It is not rocket science. You an her agree on a division and then compensate the lower valued partner to equal.
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