It was not so many years ago that a handshake out in the paddock was all that was needed to buy and sell a farm or other rural property. The sale of a farm today is a much more complex process with many different issues to consider and deal with. A contract between the parties is required to ensure every “I” is dotted and “T” is crossed.
At a minimum, the following should be discussed and included in your contract:
- What is included? Is the current cattle/crop part of the sale or to be retained by the seller? What plant and equipment is being sold?
- Any and all encumbrances on the land are disclosed including easements, covenants, sugar industry access rights and road licences.
- Any water licences attached to the land or water allocations which are included in the sale.
- Details of Cane Supply Agreements and/or forward selling obligations.
It is also important to ensure that the buyer and seller have discussed their GST obligations with their accountants and that the contract correctly reflects the parties obligations with respect to same.
We strongly recommend that if you are considering the sale or purchase of a farm or other rural property in Queensland that you seek our expert advice before signing a contract. If you would like further information or assistance, please do not hesitate to contact one of our local experts today on 07 4963 2000 or via our online contact form.