Questions to ask when buying a farm....

[cornstalk]

Hey board,

Looking at purchasing a mid-size farmstead complete with building site, home, livestock facilities, and 150-200 acres of land.

I think I have a pretty good list of basic questions to ask the previous/current owner, and realtor, but thought I'd drop a line here to see if anyone had any insight to share based on experience? Thanks for any ideas, thoughts, or comments.

 

[3MR]

Water, water, water!

 

[Texas Ranch Man]

Minerals

 

[BrianL]

Check to see if there are any right-of-ways going across it. This could affect anything you might want to do in the future.

 

[millstreaminn]

Reserved timber rights? Utilities -(especially natural gas) all up to code in the buildings? Been in any property tax saving programs? If you sell a chunk of land you may be liable for back taxes on the entire farm.

 

[ERodrig]

I agree with all of the above mentioned. If you don't already have water, negotiate it into the price. Make sure that you are aware of any and all rights of ways or easements on your property. The last thing you want is to have someone coming through your property whenever they want (trust me on that one). I don't know much about the mineral rights, we own all of ours, but I'd check that tool. One thing that may not have been mentioned, which may not matter where you're at, check with the highway folks. Around my area buying land is risky without knowing if some yahoo at the Capitol is wanting to build a road through it. Good luck.

 

[MikeC]

The biggest thing to me is what kind of soil is on the place.

How deep is the topsoil? Have a soil sample done and compare to other places.

A good soil makes a place more desireable. Believe it or not, all dirt is not alike.

Is it rocky, sandy, prairie type clay, loamy?

 

[tncattle]

Maybe ask if there is gold on the property. I'm soory I was bored, couldn't help myself

 

[3MR]

Maybe ask if there is gold on the property. I'm soory I was bored, couldn't help myself

The way land prices are these days you would think there must be gold on the property.

 

[cornstalk]

Maybe ask if there is gold on the property. I'm soory I was bored, couldn't help myself

The way land prices are these days you would think there must be gold on the property.

Ditto that. I cant believe what we are considering paying for this property, especially considering what it would have sold for 10 years ago.

I think we're young enough, good lord willing......over the course of our lifetime we will be ok. (Assuming we can convince our banker. :roll: )

 

[AngusLimoX]

All of the above - especially water.

Building inspection by an independant company.

Is it surveyed - if not then is all of the legal description on the deed what you are buying.

Conservation zones around? You may own it but they wanna tell you what you can do on it.

What fence responsibilities are you assuming?

Is it a cattle area? Sales barns,abbatoirs, feed stores and a good machinery dealership somewhere close?

Who are your neighbours and what are they into - cash crop, dairy, hogs - it makes a difference. Everyone around just running 10 or 20 head - the land sux. Get a soil map. It will show that property and tell you what you have.

Quirks or stigmas? Often not thought about, but Jogee has a house he couldn't sell to anyone in here! :lol:

Exciting time, but take your time - like everything in beef it can take a long time to correct bad decisions.

ALX

 

[denoginnizer]

If it has any ditches/creeks I would take a look in them and see what was in there. I bought a piece of property with a ditch on it and kept noticing cows with foot troubles. Got to looking in the ditch and it was filled with broken glass bottles, fence wire , nails and old bolts.

 

[Stepper]

One that i always like to ask. " I know i have already ask this question 3 or 4 times now but is that your bottom dollar you will take ?" ;-)

Jew, jew, jew and jew some more. Take a break and then go back and jew some more ! :lol:

 

[Wewild]

Look to see if it's in a floodplain. Inside the 100 year floodplain around here makes good land. It's also hard for them to jack up the taxes.

I also like it when the water runs out of the ground.

 

[Mahoney Pursley Ranch]

Get a NEW survey. Most likely the current survey is very very old.

 

[AngusLimoX]

Look to see if it's in a floodplain. Inside the 100 year floodplain around here makes good land. It's also hard for them to jack up the taxes.

I also like it when the water runs out of the ground.

Not trying to hijack, but around here if it is floodplain - they won't let you have a building permit. Municipality doesn't want to assume flood damage risk. ( This crap took up 14 years of my life on one piece of property ).

This is why you gotta take your time. This ain't handshake stuff.

ALX

 

[Wewild]

Look to see if it's in a floodplain. Inside the 100 year floodplain around here makes good land. It's also hard for them to jack up the taxes.

I also like it when the water runs out of the ground.

Not trying to hijack, but around here if it is floodplain - they won't let you have a building permit. Municipality doesn't want to assume flood damage risk. ( This crap took up 14 years of my life on one piece of property ).

This is why you gotta take your time. This ain't handshake stuff.

ALX

You can't build in it here either. That's why it's hard to jack up the taxes. We just raise cattle in the floodplains. You would need to consider other structures outside of that.

 

[jp]

see if there are good vets in the area, and check with local vet and neighbors about the health of cattle raised there before.some sickness stays in the ground for years. jp

 

[TheBullLady]

A lot of the aforementioned things will be discovered on a title policy. Are you going to work with a Realtor? If so, make sure you use one that is familiar with land sales. They can help you determine what is important and what isn't.

A survey can generally still be used, and valid, if no changes have been made, ie: land sold off, new buildings, creek that is used as a boundary.

Even if you are buying directly from an individual, get a title policy!

 

[Lammie]

Maybe ask if there is gold on the property. I'm soory I was bored, couldn't help myself

Around here, with the Bartlett Shale, that's a good question. Mineral rights. That's the deal breaker around here, and no one in his right mind will convey mineral rights on property of any size. Of course, that isn't the case everywhere.