SELLING THE FAMILY FARM /ASSETS (STEP 1)
ON THE GROUND
Over the coming weeks Clive Kavanagh, Director here at Jordan Auctioneers with ‘on the ground’ first hand experience of dealing with the sale of agricultural land and country properties will be outlining the various considerations with regard to selling the family farm / assets.
NOT AN EASY DECISION
“Selling the family farm or any land is not a decision to be taken lightly”.
Selling is a process that takes a lot of time, preparation and hard work by all parties involved and should be given careful consideration before the green light to proceed is given.
Making the decision to sell the family farm can be a very difficult choice. Land has a special tie in the minds of Irish people and therefore arriving at a decision to dispose of an asset which may have been handed down through generations can be particularly straining. The decision to sell may arise due to any number of factors including;
Farm consolidation
Restructuring of debt
Simple retirement
It is essentially important that if you decide to sell your farm, whether as a whole or in part, that you obtain the necessary specialist advice.
The purpose of this article is to outline the steps involved with a sale and the important points to consider in the process.
STEP 1: INITIAL DISCUSSIONS - TALK TO YOUR SOLICITOR
The first point of contact should be with your Solicitor. The following are some questions certainly worth discussing with a legal professional;
Is the legal title to the properly in place?
Do the boundaries on the ground equate to the boundaries as described in the title deeds?
Are there any right of way or legal disputes that need to be regularized or dealt with in advance of a sale?
Are all planning permissions in place for buildings? Perhaps they are exempt or pre 1963 but this needs to be established.
Are all Single Farm Payment Entitlements data available? Are you going to include them with the sale?
Have steps been taken to terminate or otherwise deal with any tenants or licensees occupying land or buildings on the farm?
At this juncture you can also obtain quotes on legal costs for handling the sale.
Clive Kavanagh, MSCSI, MRICS is a Director of Jordan Auctioneers & Chartered Surveyor who has been involved in the sale of agricultural land and country properties for the last 17 years and works directly with Paddy Jordan.
T: 045–433550
E: clive@jordancs.ie