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manofbush
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# Posted: 20 Jan 2017 11:30am
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Hi there. So, here is the story. I am trying to buy a property that I am really interested in for close to 15 years now. The gentleman that owns it is about 93. Over the years, I have gotten him to agree that I get first chance on the property, although nothing is in writing. I am scared that he will pass away in the next few years and I will lose it. He is an old-time farmer, bachelor and lived with his mom (not on this property) until she passed away, just to give you some idea of the gentleman's personality.
I think it will be hard to get him to sign anything (like right of first refusal, etc.), so I am trying to get him to sell it to me. I think he has some trust issues. Money is an issue, but it is not the biggest issue in my opinion. He has stated that he wants me to get it though. I think the biggest issue is that he has owned this farm land for 60 years or so and it is very sentimental to him. Money doesn't do him much good anymore.
He is very quiet and also very hard of hearing, which means I have to yell to him which makes a long, meaningful conversation difficult to have.
My question is, what creative solution does anyone have for me? My first preference would be to buy it now. I guess my second preference would be to lock it up somehow so that I get first right of refusal to purchase it, should something happen to him.
I am hoping that someone on this forum can come up with some ideas for me!
Thank you.
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razmichael
Member
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# Posted: 20 Jan 2017 12:01pm - Edited by: razmichael
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With our house (not cabin), we wanted to add some land to it and knew the neighbor was interested although the piece he wanted to sell was not the shape/area we wanted. After a discussion with him it was clear that, although he did little farming anymore, he did not want to lose the option to farm one bit of it. No problem from our position - we wrote into the contract that he could continue to farm it for 5 yrs. We were careful to include conditions that he could not alter the land, re-assign the farming rights to anyone etc, but it was enough for him to feel less worried about losing something (he never did farm it).
Perhaps the key is figuring was the emotional attachment your guy has really is and seeing if you can ease any concerns. Right to hike on the land, guarantee that you will not develop it for x years etc etc. Whatever it is, he might then be able to look at it more like "I get paid but I still have a relationship to the land". Just don't give away too much!
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bldginsp
Member
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# Posted: 20 Jan 2017 03:27pm
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Perhaps you could set up a lease with option to buy arrangement. That would commit him or his heirs to contact you when he/they decide to sell.
Another thing would be to see if a real estate agent could set a tickler on their software to make them and you aware if the property gets listed.
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RiverCabin
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# Posted: 20 Jan 2017 04:22pm
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Get him to agree to let you purchase it outright and give him back a life estate. That way he can enjoy the land free from intrusion for the remainder of his natural life and upon his death it reverts to you in the entirety.
Easy peasy work for any attorney or decent title company.
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Julie2Oregon
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# Posted: 20 Jan 2017 05:18pm
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Who are his heirs, do you know? There's probably someone, be it a nephew, niece, whatever. I'd think the easiest thing would be for him to put it in his will that it's his desire you buy it for whatever price. He can execute it himself with witnesses, in most states.
Otherwise, I wouldn't know. That's a tough one to broach, I'd imagine.
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toyota_mdt_tech
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# Posted: 20 Jan 2017 07:23pm
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Do you have the cash to buy it outright? If so, do it, give him the right to use ti for the rest of his life. He probably wont and at 93, maybe not even visit.
River Cabins idea sounds good.
If you dont have the $$$ to pay cash, have him carry contract, use a title company to hold the deed, you make payments with a nice down. So regardless of what happens to him, the payments keep going to him or his estate via the title company, in other words, with the title company holding the deed and agreement, the kids cant just move in and repo it from you as long as you are making the payment.
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Kudzu
Member
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# Posted: 21 Jan 2017 01:28pm
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Quoting: RiverCabin Get him to agree to let you purchase it outright and give him back a life estate. That way he can enjoy the land free from intrusion for the remainder of his natural life and upon his death it reverts to you in the entirety.
This
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neb
Member
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# Posted: 21 Jan 2017 02:34pm
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Quoting: RiverCabin Get him to agree to let you purchase it outright and give him back a life estate. That way he can enjoy the land free from intrusion for the remainder of his natural life and upon his death it reverts to you in the entirety.Easy peasy work for any attorney or decent title company.
This is a very good way to do it and he gets the money now it is a win for him. The land is part of this man and it would be very hard to let go. I have sold a small farm and it was very hard to do. I had a lot of blood, sweat and tears in that place and I loved that place. How much land are you wanting to buy?
Good luck
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Littlecooner
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# Posted: 22 Jan 2017 10:25am - Edited by: Littlecooner
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The life estate option is used quite a bit in our country for these. Like others say, it it his until he dies and then ownership passes to the person on the deed. Deed is already recorded and all you need in your files will be his death certificate. Very common to see these deeds in the records when family are involved.
Very simple solution and he obtains the money now.
The deed would be the same Fee simple warrant deed that most properties are conveyed in the US of A, recorded in the records etc, except the last line will say that the Grantor retains a life estate in this property.
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manofbush
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# Posted: 24 Jan 2017 04:29pm
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Thanks everyone for your thoughts and ideas. It has certainly been helpful. Now, to see if I can make any progress! By the way, it is about 50 acres that I am trying to purchase.
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QuentinGannon
Member
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# Posted: 20 Jan 2018 05:07am
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Have you purchased the property? If not, then you can try to convince him. If he agrees to it then you can take some assistance from a lawyer. The lawyer will better guide you in this case. Real estate attorneys can review the house’s transaction history and title to ensure that the house is able to be sold. You can find on the internet about the lawyers in your area. I am sure that this works for you.
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