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To: madison10

You don’t specify how many acres are involved with the farm, or what it’s good for, or how many houses (4th?) are on the property. But here’s a general idea, which was very commonly done in the midwest US for decades. Divide up the property into farmable land and “house”. Typically the farm land is salable to neighboring farmers who will remove barriers and have the benefit of a larger contiguous plot. Or to anyone else willing to pay the price.

The “house” should be left with 5 acres or so, which then makes it a “farmette” which is always a desirable property for those wishing to “live the country life” with animals and a large garden, maybe a few hobby crops, etc. These have traditionally sold at premium prices even if the house is a fixer-upper because they are scarce and demand is high.

If the family member is living in a house within that parcel, either carve it out too or work with your lawyer to create a lifetime lease agreement as long as the person is alive so it can be sold but the person can continue to live there. Make it part of the purchase contract, all of which a lawyer can arrange.

Maybe there’s more to it but it seems to me this is a pretty straightforward solution. Good luck, I know it’s hard and stressful. But sincerely, talk to some legal and real estate professionals that you trust, this is what they’re good at.


23 posted on 02/16/2020 8:29:44 PM PST by bigbob (Trust Trump. Trust the Plan.)
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To: bigbob

72 acres tillable. No buildings, except like barn with the house. Rural, but not overly so. No woods. Very flat.


32 posted on 02/16/2020 8:35:50 PM PST by madison10
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