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  1. #11
    Join Date
    Oct 2016
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    3,018

    Default Re: Buying Land with Perpetuities

    No, from this statement “Specifically, I am looking for a little farm in the Louisville area (a place where most of the farms have been developed already), but I am wondering if there are still farms preserved by those perpetuities.” I think he wants the land for personal use and to use within any restrictions.

  2. #12

    Default Re: Buying Land with Perpetuities

    Quote Quoting PayrolGuy
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    I think that is what the OP is counting on. He wants some cheap land.
    *She

    More or less. I am looking to start a small farm in the vicinity of Louisville, a large city where the vast majority of farms have been subdivided into small parcels and developed. I wonder if the few that remain do so because of restrictions or simply because of elderly people who have yet to sell out. I know that some of the farms have been acquired by a land conservation group, which "buys" restrictions - they pay land owners to agree that a certain portion of property will remain a protected farm, watershed, or easement in perpetuity without actually buying the land. In short, I know that some of the local farms remain so solely because of restrictive covenants. I suppose that my point is that if you do not mind following the restrictions, the land really has no lower subjective value - but the market value may be comparatively cheap. I was wondering if there is a way to find properties with restrictive covenants that the owners do not want to fulfill - particularly relating to historic farms - perhaps by asking local property attorneys? I am not sure who would know that a particular (normally inherited) property is a headache, and be able to suggest owners to approach with an offer to buy.

    Sorry, I know that's a weird question!

  3. #13
    Join Date
    Oct 2016
    Posts
    3,018

    Default Re: Buying Land with Perpetuities

    You do need to understand that much of the land that is being held in conservatorships such as that are owned and will remain owned by mostly not-for-profit conservatorships. I other words they are off the market forever.

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