H. Purchasing Land or Conservation Agreements

  1. When buying land, conservation agreements or other real property interests, below, at or, in limited circumstances, above the appraised value, contemporaneously document:
    1. The justification for the purchase price
    2. That there is no private or undue benefit
  2. Obtain an independent appraisal by a qualified appraiser in advance of closing to support the purchase price based on the fair market value
    1. However, a short narrative, a letter of opinion or other documentation from a qualified real estate professional may be obtained in the limited circumstances when:
      1. A property has a very low economic value
      2. A full appraisal is not feasible before a public auction
      3. Or the amount paid is significantly below the fair market value