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Re: Buying land on contract
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Posted by SuperHank on October 15, 2003 at 08:59:13 from (69.34.133.176):
In Reply to: Buying land on contract posted by dhermesc on October 15, 2003 at 06:05:19:
I am an attorney and I have bought and sold a few farms over the years, both for myself and my clients. Make sure you get a title policy and warranty deed as suggested earlier. A survey is a smart move and a lender may require one anyway. With today's interest rates there is no reason not to finance the whole sale unless the seller wants to spread the sale out over time to avoid paying taxes all in one year(Installment sale). Rates are almost certainly going up (and at least won't go much lower) so if you have a 40% down payment you will have no problem with financing. Farm credit will certainly handle this and may agree to fully fund the sale and allow the undistributed proceeds to be held in an account (FDIC insured) until the time period elapses but they will insist on having a first mortgage on the property signed by the seller and she may object to having an encumbrance on the land without the cash in her hand so an immediate closing seems to be best for you because of the low rates.
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