Trying to find out the value per acre of land in La Salle County, Texas. Oil company wants to purchase our land only. Mineral rights remain with us.
Based on the data you have provided, I would ask the company 1.) why they want to buy your land, and 2.) how much they are offering. They might want to store toxic waste or build pipelines. If you don't know, don't guess ... ask! Based on their answer, then determine if you want to sell.
Re: land value ... you can hire a local appraiser and pay their high fee for an appraisal, or the free way ... call your local real estate broker(s) and ask for area comps (comparable land values) to get an idea of what market values are involved. Then add whatever amount you want to their offer and begin negotiating a NET sale price, with these "suggested" terms ... As-Is or With All Faults, latent and patent defects and that there is no warranty by Seller that the property is fit for a particular use or purpose, ALL CASH, Buyer pays ALL closing costs and taxes for that year, and DON'T FORGET A RESERVATION OF MINERALS CLAUSE.
I'm no legal authority, just a RE Agent, but if you negotiate for a large sum of $$ - consulting with a tax attorney might be of benefit. I've had clients whose tax attorney structured a 2-3 payout plan.
Good luck,
Pat
Thank you very much for the information. Will pass along to our attorney. The value is in the mineral rights not necessarily in the land.
Ms. Pat Malone said:
Based on the data you have provided, I would ask the company 1.) why they want to buy your land, and 2.) how much they are offering. They might want to store toxic waste or build pipelines. If you don't know, don't guess ... ask! Based on their answer, then determine if you want to sell.
Re: land value ... you can hire a local appraiser and pay their high fee for an appraisal, or the free way ... call your local real estate broker(s) and ask for area comps (comparable land values) to get an idea of what market values are involved. Then add whatever amount you want to their offer and begin negotiating a NET sale price, with these "suggested" terms ... As-Is or With All Faults, latent and patent defects and that there is no warranty by Seller that the property is fit for a particular use or purpose, ALL CASH, Buyer pays ALL closing costs and taxes for that year, and DON'T FORGET A RESERVATION OF MINERALS CLAUSE.
I'm no legal authority, just a RE Agent, but if you negotiate for a large sum of $$ - consulting with a tax attorney might be of benefit. I've had clients whose tax attorney structured a 2-3 payout plan.
Good luck,
Pat