How and when do you serve lease termination?

How and When Do You Serve Lease Termination? Top 50 Questions about Farmland

Hey, it's the Iowa Land guy, and here's the top 50 questions that I get asked about farmland. How and when do you serve lease termination. So you own a farm, you inherited a farm, and there's a renter, a farmer that maybe grandpa or grandma had on the farm and, and we really don't know 'em, but, um, we're deciding to sell it. So how do we serve termination and is there a deadline or when is it due? Great questions. Okay, so things you need to know. Yes, you can serve termination. First off, you can sell a farm with a current lease in place, but it's good business to, uh, uh, maybe try and, uh, serve termination on the farm. So September 1st is the day you need to remember in Iowa. So lease termination is due. So if you're thinking about it, September 1st, you need to give that farmer notice. Otherwise, they're gonna assume that it's the same program as last year, and that they're still renting it for the next year. Now that's when the terminations due. They're still gonna rent the farm or probably, or arguably, their lease is still in place until March. Most farms are leased out from March to March, so they're gonna keep possession until March, but that lease termination has to be to them by September. Okay. Now with that being said, how do we do it? Well, there's online forms that you can use to serve a lease termination. You can get with an attorney and pay them to serve lease termination. Of course, if you're thinking about selling your farm, talk to us, the farmland broker. We have copies of lease termination, and we will assist you in that process. Maybe you don't want to be the bad guy or the bear of bad news. We can also, uh, fill that, uh, void for you and talk with the farmer and let them know what your plans, uh, are for the future and help you execute that document. So call, if you're thinking about executing that lease termination. David Whitaker | Iowa Land Guy