How big is the pot? My concern is the root girdling after 2 years. Get a hand saw and take off about an inch off all the sides and bottom to to get rid of the root circling.

You just plant it about 2 inches above ground level. Eventually, it will sink to the ground level. MAKE SURE THE ROOT FLARES ARE EXPOSED and they should be slightly above ground level. 5 feet circle of shallow hole of loosened soil will help greatly for the roots to spread out rapidly. MAKE SURE the sides are roughed up, not smooth sided! Put out one or two inches of compost covering the entire hole followed by 3-4 inches of hardwood or cedar mulch. It should look like donut. Nothing should be touching the trunk.

I like to plant evergreen trees on the north side so it won't block the sun during the winter for some warmth from the sun on the house. Or use the tree as privacy screening somewhere preferably around the property line if you're wanting to block a view of undesirable scene. 15 feet minimum from the house should be sufficient to allow it to grow.

Don't plant them anywhere near your water or sewer lines or if you think you might dig and put in a sprinkler system later. A lot of magnolias are killed by sprinkler installations, they don't like their roots disturbed. We made clients sign waivers if they had magnolias trees near where the digging was at.
Tally HO!

My pot is 25 inches across and there is 13 inches of soil. Is it ok to plant this time of year. We are in the middle of a drought also. I have the capability of keeping a water sprinkler out near it on a timer set to go off at 6am and 6pm. The soil is black land. Lots of clay and gets pretty hard when its dry. If I keep it watered its fine though.