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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Gilly on January 05, 2018, 11:41:25 AM

Title: Future Land Purchase
Post by: Gilly on January 05, 2018, 11:41:25 AM
My partnerís father owns 40 acres of farmland that has been in the family for generations. While my FIL was updating his legal documents he asked his children if they were interested in the land. My partner is the only child who wants it.
What steps would you recommend taking put us in the best position to buy the other siblings out? Obviously the confounding factor here is the unknown timeline.
I can provide additional details if necessary.
Title: Re: Future Land Purchase
Post by: Mr. Green on January 05, 2018, 02:15:17 PM
In many states a deed can be recorded with a covenant that heirs have the right of first refusal to buy property in the event it is sold. So that gives all the kids the first chance to buy. Another provision can be that the property is sold at market value, which makes it least likely there would be any sibling refusing to sell because they feel favoritism is being played with respect to price.
Title: Re: Future Land Purchase
Post by: frugaliknowit on January 05, 2018, 02:22:41 PM
Was your partner's father referring to interested in the land now, or upon his (or maybe his and his wife's) death?
Title: Re: Future Land Purchase
Post by: Gilly on January 05, 2018, 07:08:33 PM
My father in law was asking about who wants the land once he dies.