Can I sell my interest in the farm?
Top 50 Questions about Farmland Yes, you can sell your interest in a farm, but the process depends on several factors, including how the ownership is structured and whether the farm can be physically or legally divided. Here’s what you need to know. Key Considerations Before Selling Your Interest 1. Ownership Structure Tenants in Common: […]
What is a closing disclosure?
Top 50 Questions about Farmland A Closing Disclosure is a detailed document that itemizes all fees, costs, and financial details for a farmland transaction. It ensures transparency by breaking down expenses for both the buyer and the seller. What’s Included in a Closing Disclosure? Buyer and Seller Sections: Both sides start with the same total […]
What happens after the auction?
Top 50 Questions about Farmland Once your farmland auction ends and the winning bidder is confirmed, several important steps begin to finalize the transaction and ensure a smooth, organized closing. 1. Signing the Purchase Agreement Right after the auction concludes, the seller and buyer meet to sign the purchase agreement. This step sets the terms […]
What do I have to pay for taxes?
Top 50 Questions about Farmland When you sell farmland, you’ll navigate three primary types of taxes. Understanding how each tax works helps you plan ahead, meet your obligations, and protect the value of your sale. 1. Property Taxes Timing: In Iowa, property taxes run a year in arrears, so you pay this year for last […]
Do you need an Attorney?
Top 50 Questions about Farmland Yes, utilizing an attorney is highly recommended when selling farmland. At Whitaker Marketing Group, we work closely with attorneys to ensure smooth and efficient closings while addressing the unique complexities of farmland transactions. Why an Attorney is Important Addressing Legal Complexities: Encumbrances: Handling debts or liens on the property. Encroachments: […]
Do we have Investors?
Top 50 Questions about Farmland Farmland investors play an increasingly important role in today’s land market. When you sell your farm—whether by auction or traditional listing—these investors often help drive stronger competition and higher sale prices. Understanding who they are and how they operate can help you make more informed decisions. Types of Investors Farmland […]
What are the time limits for 1031 tax exchange?
Top 50 Questions about Farmland A 1031 tax-deferred exchange lets you reinvest the proceeds from a property sale into another like-kind property while deferring capital gains taxes. To make the most of this strategy, you must follow the IRS timelines closely. When you understand these deadlines, you can plan ahead and keep your exchange on […]
What is a 156 form?
Top 50 Questions about Farmland The 156 Form is a vital document for farmland owners, often referred to as the “pedigree” of your farm. It provides detailed information about your farm’s characteristics, usage, and participation in government programs. What Information is on a 156 Form? Acreage Details: Total acres. Crop acres. Tillable acres as recognized […]
How and when do you serve lease termination?
Top 50 Questions about Farmland In Iowa, lease termination is a critical step when planning to sell farmland that has a tenant farmer. Here’s what you need to know about the process and timeline. When to Serve Lease Termination Termination Deadline: Notice to terminate a farm lease must be served by September 1 of the […]
Where do I find the abstract?
Top 50 Questions about Farmland An abstract is a crucial document that details the chain of title for farmland, tracing ownership back to when the U.S. government first granted the land. If you’re trying to locate your parents’ abstract, there are a few common places to check. Common Locations for Abstracts Safety Deposit Box: This […]
