Land purchase

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Jbirdp

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Jul 3, 2008
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west tn
I was wondering if anyone had experience with buying land in a group. The situation is myself, brother and 2 cousins are seriously looking at a parcel to buy. Didnt know if any of you guys have experienced this and what would be the best way and place to go about this. Place meaning best financial institution and what kind of rates we could expect. It is 240+acres with 180 in woods-the other 60 is tillable.Thanks for any help.
 
Jbirdp said:
I was wondering if anyone had experience with buying land in a group. The situation is myself, brother and 2 cousins are seriously looking at a parcel to buy. Didnt know if any of you guys have experienced this and what would be the best way and place to go about this. Place meaning best financial institution and what kind of rates we could expect. It is 240+acres with 180 in woods-the other 60 is tillable.Thanks for any help.
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Farm Credit
 
You better ensure you are all on the same page. Those situations can get tricky and cause alot of problems with alot of hands in the pot. I prefer to use a local community bank for financing in my situation.
 
Be careful - I will never purchase land with cousins, too easy to start arguments over dumb stuff and end up hating each other
 
Get lawyer to draw up a Buy/Sell Agreement, cause on day one of you will want out, or die, or get divorced, or just disagree.
It just took me 3 years or get a former partner to agree to divide up a tract
 
First off, it is generally a bad idea to go into partnership with family. Even if all of YOU get along great, in 20 years or 50 years somebody's kids will want to do one thing and the other kids will want to do another, and it can cause a LOT of problems. I've seen it first hand. That being said, if it's the only way to buy the property, and you're set on buying it, get a lawyer and be VERY VERY up front, and put into writing, how decisions will be made regarding the termination of the agreement, division of funds from timber or crop, and how the property will pass. Whether you will own as joint tenants with right of survivorship or as tenants in common. (meaning, can you pass on your share of the property at your death/sell your share, or will the property go equally to the other partners at your death). Think long term and put EVERYTHING in writing.
 
Southern Sportsman said:
First off, it is generally a bad idea to go into partnership with family. Even if all of YOU get along great, in 20 years or 50 years somebody's kids will want to do one thing and the other kids will want to do another, and it can cause a LOT of problems. I've seen it first hand. That being said, if it's the only way to buy the property, and you're set on buying it, get a lawyer and be VERY VERY up front, and put into writing, how decisions will be made regarding the termination of the agreement, division of funds from timber or crop, and how the property will pass. Whether you will own as joint tenants with right of survivorship or as tenants in common. (meaning, can you pass on your share of the property at your death/sell your share, or will the property go equally to the other partners at your death). Think long term and put EVERYTHING in writing.
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sage advice there.
 
You know the only ship that dosent sail is a partnership what you save starting you will spend 10 fold getting out of :)
I have some stories of some messes with relatives but if you do it I would agree with a certain division ahead of time and pay up front to make it legal. you can have also first right to sell agreements
 
Guys, I sincerely appreciate all suggestions and comments. Hopefully I will get this figured out soon. Thanks again!
 

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