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Video Guide on Legal Timber Sale Contracts management

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Commonly Asked Questions about Legal Timber Sale Contracts

The basis of qualified timber property is generally its fair market value on the date of acquisition, plus any expenses incurred in acquiring the property. If the timber is sold, the basis is subtracted from the sales price to determine the gain or loss.
Lump-sum sales are the simplest way to sell timber. Typically, the sale is put up for bid and each potential buyer submits an offer for the designated timber. Lump-sum sales require buyers to have accurate volume estimates by species and product type to establish their bid.
With a lump-sum sale, bidders give you a total price based on the volume of timber that is to be harvested. This price is then paid to you by the winning bidder as one sum. The designated trees are sold to the buyer with that price payment.
You can advertise your timber through local timber markets, mills, or logging companies. You can also docHub out to forestry organizations and associations for recommendations on reputable buyers. Its important to get multiple bids to compare prices and choose the best offer.
The bidders lift up their bidder card to announce their bid price so the auctioneer can identify who is making the bid. The process ends when there are no more bids, and the buyer making the highest bid gets the item. The highest bidder takes ownership of the item immediately after paying their bid price.