What Documents Do You Need to Start the Auction Process?
Top 50 Questions about Farmland
Starting the farmland auction process requires a few key documents to ensure everything is handled smoothly and legally. Here's what you’ll need:
Essential Documents
Listing or Auction Agreement:
- This agreement outlines terms like price, conditions, auction date, and location.
- It formalizes the relationship between you, the seller, and the brokerage/auction company.
FSA Release Form:
- Authorizes the brokerage or auction company to access farm details from the Farm Service Agency, including your farm’s "report card."
Executor or Trustee Paperwork (if applicable):
- Required if you’re acting on behalf of an estate, trust, or multiple owners.
- Establishes your authority to represent the group.
Optional but Helpful Documents
Abstract of Title: Having your abstract available can help prevent closing delays by expediting the title search and legal review.
Current Farm Lease Agreement: If the property is leased, provide a copy of the lease and tenant contact information to ensure proper disclosure and coordination.
Recent Yield History: Yield data from past crop years can support marketing efforts by showcasing the farm’s productivity.
Survey or Plat Map: Helpful in confirming property boundaries, especially if changes have occurred or if no recent survey exists.
Key Takeaways
- A signed Auction Agreement and FSA Release Form are required to get started.
- Executor or trustee documentation is essential if selling on behalf of an estate or trust.
- Locating your Abstract of Title early ensures a smoother closing process.
Ready to begin the auction process? Contact David Whitaker – Iowa Land Guy for a seamless and professional experience! David Whitaker | Iowa Land Guy