for it. Make sure that there are no special easements tied to the land. If there are, make sure you spend time studying them and understanding them completely.
8. What does the land appraise for? Are there some comparable sales in the area? Ap-
praisals are expensive, but they are the best way to establish value. Even if you do not get a full appraisal, attempt to fi nd some comparable sales to determine if the purchase price is reasonable.
9. What is the soil’s story? What is the capability of the soil you are buying and
how does this impact your revenue forecast? Good soil is paramount. Know the type of soil you’re buying and the history of annual crop rotation. Any seller should be more than happy to provide you with a soil’s profi le and information about past farming practices.
10. What is the water source? Is the property irrigated? Do the water rights convey
with the property? Adequate water is essential to es- tablishing the value of the property. Account for water cost in your fi nancial plan to ensure this cost doesn’t
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negatively impact your return. Make sure all water wells are registered with the appropriate authorities. Each state has its own water laws so make sure you are familiar with the state that you are doing business in.
11. What do you know about the gas, mineral and wind rights for the property? Do these rights convey to you as the purchaser?
Have they been surveyed or severed from the surface rights? Are they currently under lease? If so, under what terms? Have a thorough knowledge of property rights, as mining and drilling can have an impact on surface and water quality, access to the property and the viability of the farm or ranch.
12. How is the property zoned? Will your plans for the property confl ict with existing
zoning restrictions? Are there conservation easements that could restrict use of the property? This factor has a signifi cant impact on your valuation of the property, particularly if your plans confl ict with current zoning restrictions. Make sure that you understand the as- sured leases that may go with the property — many of the states in the west have a large percentage of their
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816.383.5100 •
www.ANGUS.org © 2013-2014 American Angus Association
November 2013 The Cattleman 53
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