| Kentucky farm real estate is not just for the | | | | farm real estate, the lender will have to set up a |
| commercial farmer. It is also for the hobby | | | | settlement meeting between the parties. This |
| farmer. A hobby farmer is someone who | | | | meeting is the "closing". At the meeting there will |
| operates a small farm on a part-time basis usually | | | | be you, the seller, probably a real estate attorney, |
| while working at another job. The farm may or | | | | and the real estate agent. Everyone has an |
| may not be a significant source of income. But | | | | interest in the closing because this is the final |
| even thought the hobby farm is a smaller | | | | money commitment step. |
| operation, it is still a major decision to make. | | | | Closing on a purchase of Kentucky farm real |
| Kentucky farm real estate is widely available | | | | estate will occur within 60 days after your loan |
| throughout the state. It won't be difficult to find | | | | has been approved. The cost of closing can be |
| the farm, but it is important to understand the | | | | significant depending upon the value of the |
| basic rules of real estate. | | | | property being purchased. This is partly due to |
| Buying farm real estate is not much different | | | | the cost of the real estate agent fees. If you |
| than any other real estate in terms of financial | | | | purchase without using an agent, closing costs will |
| procedures. Odds are you are one of the people | | | | be much less. But there are many risks involved |
| who must obtain a loan. Selecting the property | | | | in buying without professional advice so think |
| you want to buy and getting the loan are the two | | | | carefully before deciding to buy and close without |
| biggest steps. At closing, the Kentucky farm real | | | | an agent. |
| estate becomes yours. | | | | At the closing on Kentucky farm real estate, you |
| Closing is where the transfer of ownership papers | | | | should have already researched the following |
| are signed by the buyer and seller. If you | | | | information. |
| borrowed money for the purchase of Kentucky | | | | |