Five Biggest Mistakes Farmers Make 1. The biggest mistake farmers make when selling their farms is not pricing the farm properly. A farm priced too low will obviously sell quickly but cost you money, and a farm priced too high turns away potential buyers. To get a farm as close to market value as possible, you need to know what farms have sold in the previous six months and for what price, as well as what farms are currently listed that compare to yours. This information will help you to understand the market value of your farm. Do not list your farm on here say, make sure you get written reports to help you make your decision. 2. What chattels or Fixtures Stay with the Farm, what are you Selling or Taking with you Most businesses when selling create a detailed list of what stays and what goes. The purchaser acknowledges and signs if he/she agrees with this. From farm gates to hamermills, make sure it is all spelled out. On this same list note what crops are not included and who is responsible for land tillage after crop is taken off. Many closings have been delayed and many purchase prices adjusted because this information was not detailed enough. 3. Environmental Issues a major issue today and must be addressed Abandoned dump sites even if they're just farm use, underground tanks and leaking manure reservoirs must be addressed. Most purchasers are not that concerned as long as it is addressed up front. What you don't want is a lawyer's call 2 months or a year after closing stating that you are to appear in court for misrepresenting the purchaser. Long closings and short memories on the behalf of he purchaser or agent add to the confusion. There is now a complete seller disclosure form available for you to sign that only states what you know about the property. Once the purchaser acknowledges and signs this form, it greatly reduces the risk of you being dragged into a legal process. This is probably the most important mistake to avoid. 4. Once again address Land Leases, GST, implications and tax rebates up front Make sure your property tax is recorded properly on your listing. Be aware of how GST transacts on closing and how your land lease will be assessed to paid out on closing. Believe me, smooth closings depend on you having a good handle on these issues. 5. Taking proper deposits and having your lawyer review your offer before accepting Even though small deposits are legal it offers no act of good faith. Small deposits with long closings are too easy to walk away from. Even though they are wrong and you are right it's the whole legal process that you want to avoid. Having your lawyer review your offer before signing is just good business. It's your last check in the process to make sure there are no hidden problems that might come back to haunt you later.