I've watched buyers get fixated on acreage, soil type, even fencing condition, while completely ignoring the one document that determines whether a farm actually functions: the water decree. Not just whether water rights exist, but what the decree actually authorizes. Use type, point of diversion, historic consumptive use — these details routinely differ from what's described in the listing or even the title commitment.
I made this mistake once myself, early on. Bought into a parcel where the water right was adjudicated for stock use, not irrigation. Looked fine on paper until I tried to put it to work. Changed the use without a court-approved change application and you're looking at abandonment risk or a call from a downstream senior.
State engineer records are public. Decree language is plain English once you read enough of it. There is no good excuse for closing on agricultural land without pulling the actual decree and comparing it line by line to your intended operation.
What's the worst decree gap you've seen get glossed over in a transaction?