The procedure of changing ownership, might be anything from straightforward. As a starting point, we've compiled this guide to give you an idea of what you should be thinking about and how to go about gathering the necessary paperwork for farms for sale Western Cape.
Know Where Your Money Is
Your family's financial situation is the most obvious factor. A one-time cash injection from selling your farm might be ideal if you need to make a large purchase or pay off debt. Even if your farm isn't currently producing anything, you know that it will continue to provide a consistent revenue stream and likely rise in value over time.
As a seller, we advise you to look at your family's financial situation over the next several years and see whether selling, renting, or running the farm is the best option for you.
Find out about Local Property Values
Investing in some local research is a wise investment for property for sale Cape Town. Chat with friends and business partners in your agricultural community to obtain a pulse check on the market. Just give us a call to get a tailored market analysis and learn more about recent land sales in your region from Tillable.
When analyzing local sales, be careful to consider all of the relevant factors, such as tillable and gross acreage, parcel size and shape, average county rent, soil quality, and yield data. Make sure you know where your property stands on the scale of previous land transactions to get a better idea of what it's worth.
Look for Existing Liens or Leases on the Property
Make careful to verify with your county recorder or a title business if you have any current liens or leases on your property. As long as there are no tax liens or other penalties that may prevent you from selling, your mortgage won't affect your ability to sell.
If you're amid a long-term renting agreement, though, you shouldn't be concerned. The lease is likely to continue with the sale of the property and may frequently add value to selling a home. The conditions of the lease are all that prospective purchasers need to know.
Think about it
Many individuals’ co-own farms with their siblings or business partners, so you may not be the only owner of your farm. Emotional and time-consuming, the decision to sell your farm may be a difficult one to make.
Make sure everyone is on the same page regarding the sale's schedule and manner of selling. Don’t hesitate to reach out to us if you need a listening ear. We may do a market study to assist you in making decisions.
Who Should Be Hired?
When you have the appropriate people on your side, selling a farm may be a lot less stressful. The majority of individuals employ a broker or real estate agent, and an attorney might be beneficial for some types of buyers and sellers in particular situations. Additionally, we encourage that you collaborate closely with any financial consultants or accountants that you already use.