Sale of FSA property (CONACT).

CFR · 2024-01-01 · US · Title 7

FSA inventory property will be advertised for sale in accordance with the provisions of this subpart. If a request is received from a Federal or State agency for transfer of a property for conservation purposes, the advertisement should be conditional on that possibility. Real property will be managed in accordance with the provisions of subpart B of this part until sold. (a) (1) (2) (i) (ii) (iii) (3) (i) The interest rate charged by the Agency will be the lower of the interest rates in effect at the time of loan approval or closing. (ii) The loan limits for the requested type of assistance are applicable to a credit sale to an eligible applicant. (iii) Title clearance and loan closing for a credit sale and any subsequent loan to be closed simultaneously must be the same as for an initial loan except that: (A) Form RD 1955-49, “Quitclaim Deed,” or other form of nonwarranty deed approved by the Office of the General Counsel (OGC) will be used. (B) The buyer will pay attorney's fees and title insurance costs, recording fees, and other customary fees unless they are included in a subsequent loan. A subsequent loan may not be made for the primary purpose of paying closing costs and fees. (iv) Property sold on credit sale may not be used for any purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity. All prospective buyers will be notified in writing as a part of the property advertisement of

official document · source cfr-2024 · id 7:§ 1955.107