Owning a ranch or farm can be one of the most rewarding experiences for you and your family. The thought of rural living, fresh air and spending the nights gazing at clear skies that can’t be found in the city are extremely appealing. However, there are many pitfalls that many new prospective buyers aren’t aware of. Our real estate lawyers in McAllen have experience in guiding farmers and ranchers throughout the buying process in order to avoid potential problems.
If you’re looking for proactive legal guidance, contact us today to help your buying process become easier.
A Real Estate Broker
When looking for a potential farm or ranch, there aren’t many resources available to assist buyers in the purchasing process. What many buyers do is scour the Internet for prices and acre size without considering having outside help to advise them of their situation. This is why many enter the time-consuming process of gathering necessary paperwork and end up avoiding making a purchase in the end. Don’t let this happen to you.
Location and Property Type
When disclosing prices, property size, reasons for land usage, zoning types and conditions of locations, there are other things to consider. This includes looking into potential flood zones within the area, endangered species that might habitat the region, soil quality and wildlife habitats. Consider all of these before committing to making a purchase.
Funding and Financing
Once you’ve decided on purchasing land, ensure that you’re preapproved for a loan if you plan on taking one out and obtain a preapproval letter from a trustworthy financial institution. If a potential seller knows that you’re pre-approved, negotiations will be in your favor and you’ll have more leverage when ironing out the little details of the contract.
Making the First Offer
Before making an offer on a farm or ranch, consider getting a land evaluation from an independent third party to determine its value. Always have a real estate lawyer review your documentation before making an offer to ensure that everything is in order and that nothing has been overlooked.
Once you’ve accepted an offer from a buyer, there will be a period of due diligence where you’ll have the opportunity to go through reports, financing, inspections, environmental studies, appraisals, zoning/permits and surveys. Use this time wisely to become more informed on what you’re purchasing.
Helping You Close the Deal
In order to purchase a ranch or farm with little to no hiccups at all, you’ll need the right legal team on your side. Our real estate lawyers have the expertise and knowledge to help you every step of the way to make a smooth transaction. Contact us today to learn what else we can do for you!
2 Responses to “5 Factors That Can Make Your First Ranch or Farm Purchase Easier”
My wife and I have been thinking about getting a ranch for awhile but we aren’t sure where to start. I like that you suggest getting a land evaluation before making an offer on the farm or ranch. We’ll be sure to have an estate lawyer around who can help us. Thanks for the tips!
My husband has always wanted to buy a farm, but we have no idea where to really start. I think that is a great idea to make sure that we get preapproved for a loan before we decide to purchase the land. It would be really nice to have negotiations in our favor. Thank you for all the tips!