Who Do We Write a Check To?

Top 50 Questions about Farmland

Hey, it's the Iowa Land guy, and here's the top 50 questions that I get asked about farmland. So we've executed a purchase agreement. Who the heck do we write the check to? So it's gonna say in the purchase agreement, who and where the earnest funds are going. Typically, at our farmland auctions, we're 10% of whatever the gross price is, and that will be your earnest payment. So, million dollars, I need a hundred thousand dollars down. So again, who do we write the check to? Uh, we write the check to whoever the seller's attorney is, or the seller designates as the attorney. If the seller doesn't have an attorney, uh, we typically use our in-house attorney at Whitaker Marketing Group. However, uh, if it's working with a trust or a, uh, trustee or a receivership, arguably they already have an attorney and we work with their attorney on the selling side. So where does the check get written to the seller's attorney of choice? And it gets held in their trust account. David Whitaker | Iowa Land Guy