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Buying and Selling a Farm

Buying or selling a farm often culminates from an extensive decision making process. Quite often, the sale of a farm can be the end of an era for some families who have worked the land for many generations. On the other hand, the purchase of a farming property can signal the beginning of an enterprise or the expansion of an existing farming business. Whether you are looking to acquire a property or sell your farm, Cosgriff Orchard Legal have the expertise to ensure that the transaction is conducted as smoothly and efficiently as possible to accommodate your needs.

Buying a Farm in Victoria:

There are several important issues to be aware of when purchasing a farming property in Victoria.

Quite often, significant stamp duty savings can be made in favour of the purchaser if the contract is prepared appropriately. Our legal team will ensure that your contract will allow you to minimise your stamp duty liability as permitted under the Duties Act thereby reducing your transaction costs as much as possible.

We will also make key inquiries on your behalf in relation to matters regarding your rural purchase including determining what water entitlements are included in the sale, whether any easements exist, whether the property has a history of livestock disease and what planning and zoning overlays affect the land.

Buying a Farm in New South Wales:

Before signing a contract to acquire a rural property in New South Wales, purchasers should be made aware of the area and dimensions of the land that they wish to acquire. Rural properties often consist of multiple parcels of land aggregated together and it is therefore extremely important that a thorough examination of the deposited plans, crown plans and title maps is undertaken prior to signing the contract of sale. Other issues such as the existence of closed crown roads within the property are also prevalent in New South Wales rural transactions. Cosgriff Orchard Legal will ensure that you understand exactly what land you are purchasing and that there is no discrepancy between the land advertised for sale and land ultimately acquired.

The New South Wales Riverina district consists of a multitude of different irrigation companies, schemes, syndicates and trusts. The process for transferring the property's water entitlements can often be complicated. We have experience in dealing with almost all of the irrigation bodies within our region and our goal is to ensure that this process is completed as efficiently and cost effectively as possible.

Selling your Farm:

Preparing a contract for the sale of a farming property can be a complicated process. At Cosgriff Orchard Legal we will endeavour to ensure that all necessary disclosures are made in the contract to eliminate the risk of a potential purchaser being able to withdraw from the contract. Drafting a contract for the sale of a farming property also requires careful consideration of important special conditions such as your right to maintain stock on the property or cultivate and harvest crops on the land either prior to or beyond the settlement date.

Disclosures that are unique to the sale of a farm include the existence of any orders regarding chemical residue and stock or plant diseases and issues regarding access to the land particularly when the land is subject to an easement. We are capable in dealing with the relevant authorities to determine which of these, and other issues, affect your property.

It is also important to clearly define what water entitlements (if any) are to be included in the sale. Our Agribusiness team is experienced in liaising with the relevant water authority, scheme, syndicate or trust to ensure that the transfer of water occurs as seamlessly as possible.

Stamp Duty

The stamp duty implications differ depending on which State your intended purchase is to be located.

Victoria has various stamp duty concessions available depending on whether there are multiple titles, water entitlements and whether you are a young farmer intending to acquire your first property. We will ensure that you take advantage of every concession available to you under the law.

New South Wales requires stamp duty to be paid within three (3) months of signing the contract. If you are borrowing to fund your purchase, your lender will most likely require you to have paid the stamp duty liability prior to settlement regardless of whether settlement takes place earlier than three (3) months from the date of signing the contract. New South Wales does contain some limited stamp duty concessions which predominantly relate to whether any water entitlements are included in the contract. As a general rule, general security (irrigation) water entitlements are subject to nominal duty of $20.00, however domestic and stock entitlements or high security water and shares in water corporations are subject to stamp duty at the normal rate.




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