My family has a farm in the panhandle that has been inherited and passed down through the years. I inherited a portion after some family passed away. I am now interested in buying another portion of it from a great aunt that wants to sell her portion to make things easier for her children that don't have an interest in it.

I've done some prelim research, and have looked at the tax rolls for the land to come up with a reasonable price. Is there something else I should be looking at? Is there another way to figure a fair price? Can anybody advise on the process from here, assuming we can agree on a price? I assume a lawyer / contract would need to be involved at some point? Anything to note about minerals / wind rights?

Thanks and appreciate the advice any of y'all may have.

an appraiser could give you market value. Or a broker's opinion.

An attorney can include wording that would convey or not convey mineral rights (if any).

I would warn against the whole wind rights thing (they should be kept with the surface rights and not severed). I've seen that go bad REALLY quickly. Think oil well/spill on property = paid sum for damages to land owner. Now think about wind damages to a farmer/rancher. It was always interesting to hear those arguments though. "I own the wind rights to the property, I want to put up a wind turbine" - "His wind damaged my crop and I'm out $x, he owes me for damages"

Wayner, I am a real estate attorney (in Fort Worth) and would be happy to visit with you to generally discuss the process. My email is jpruett@bwwlaw.com

TechLawAggie, e-mail sent. Thanks.

CapitalFarmCredit, do you have a preferred contact method?

WaynerAg,
Capital Farm Credit has been a good group to work with across large area in W TX for me. I would just contact a CFC office nearest you. If you'd like to speak to someone within the company, I've got a real good one we work with all the time.

Email me at rory "at" ekdahl real estate "dot" net (no spaces) and I'll send you Dan's contact info.

Good Luck

What are the down payment requirements, rates, & term lengths based on >100 acres, <$300,000, & "excellent" credit?

WaynerAg,

My advice is to get a couple of opinions. The more information you know the better. I work with Liberty Land and Ranch and we have agents all over the state. I would be happy to talk with you and point you in the right direction.

Ty Wellborn
214-674-8880
ty@libertylr.com

Rates, terms, and down payment requirements vary. Typically 20% down and rates and terms can be customized to meet cash flow requirements. Find the office closest to you or nearest the property to be purchased and give them a call.
https://www.capitalfarmcredit.com/locations-main
877-944-5500

Bump to follow. Doing the same thing now and under contract.