Most people probably think that the largest areas of land for sale are located in the western parts of the United States. A recent real estate transaction in Florida transaction in Florida, however, may change that notion for many of our readers.
According to a recent report, the Mormon church, also known as The Church of Jesus Christ of Latter-day Saints, has struck a deal to purchase about 400,000 acres of land in the northern part of Florida. The deal, which is still subject to approval, comes with a reported purchase price of $565 million.
A real estate deal of this magnitude always catches headlines, but this deal in particular will likely stand out for our Florida readers. The report asserts that upon completion of the transaction the Mormon church will be the single largest holder of private land in the state. The 400,000 acres in the new deal will supplement an existing property holding in Central Florida that houses a huge cattle and citrus farming operation. As a result, the Mormon church, upon completion of the new agreement, will own 672,834 acres in Florida – approximately 2 percent of the state.
While most people in Florida aren’t looking to buy hundreds of thousands of acres of farmland and woodlands, smaller deals can have just as many details to consider throughout the transaction. Terms of sale will need to be negotiated, contracts will need to be carefully examined and title issues may need to be addressed. For both prospective buyers and sellers alike, a real estate deal of any dollar amount can be one of the most important financial transactions they will ever face.
Source: Reuters, “Mormon church set to become Florida’s largest private landowner,” Barbara Liston, Nov. 8, 2013