VALUE OF FARM

Hauraki Plains Gazette, Volume 58, Issue 4119, 30 March 1949, Page 5

VALUE OF FARM

SAL® TO SERVICEMAN PROPERTY FOR GRANDSON DECISION OF THE VENDOR An interesting case which came before the last sitting of the Hamilton Land Sales Committee, was that in which the vendor of a farm wished to withdraw from the sale and to offer the property to his grandson who is a returned serviceman. In this case Mr R. S. Carden appeared for the vendor, .Mr G. Buchanan, whilst Mr P. A. Bennetts of Hamilton appeared for the Crown.

In the agreement for sale the selling price of the land was £4250 while the Crown valuation was £3135. The difference in price was very considerable and Mr Carden explained that his client felt that if he had to make a gift of this money then he

would like to make it to his grandson. No evidence would therefore be called and the committee was asked to fix the basic value . Mr F. H. Daly of Paeroa, the purchaser, stated that he was anxious to acquire the property at the agreed price as he considered it worth the money. Mr N. Johnston, farm appraiser of Hamilton, placed a value upon the property of £2985. He conceded that there was some potential falue in the property but? he did not consider it an economic unit at the present tiihe. To his mind the 73 acre property had never been properly farmed. It would, with very little outlay, produce 10,800 butterfat? To Mr Carden witness stated that he was not aware of the letter from the Lands and Survey Department agreeing to the price being increased to £3135 for the land and £l5l for the chattels. The committee fixed 'the basic value at £3135 and £l5l and consent to the sale was granted provided the sale price was reduced to those figures.