Frequently Asked Questions about Farmland
Welcome to our exclusive video series featuring David Whitaker, a distinguished real estate broker specializing in Iowa farmland. In this collection, David addresses the most frequently asked questions about buying, selling, and investing in farmland. As you explore each video, you’ll gain practical insight directly from an experienced professional. Additionally, if you’d like a full […]
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 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 […]
When do I get paid?
Top 50 Questions about Farmland Understanding farmland payment at closing is essential when you sell a farm in Iowa. Sellers often ask when they will receive their funds, how payments are handled, and what to expect during the closing process. Because farmland transactions involve multiple parties—buyers, lenders, attorneys, and title companies—clear expectations help ensure a […]
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 […]
What time do I need to be there?
Top 50 Questions about Farmland A common question sellers ask is when to arrive for a farmland auction. While buyers often show up just minutes before bidding begins, sellers benefit from arriving earlier to review details, connect with the auction team, and ensure everything is ready for a smooth sale. Understanding the best arrival time […]
When does the buyer get possession?
Top 50 Questions about Farmland Understanding the farmland possession timeline is essential for both buyers and sellers during a farmland transaction. Most people assume possession transfers the moment ownership changes, but leases and purchase agreement terms can shift when full control is granted. Knowing how the farmland possession timeline works helps avoid confusion and ensures […]
What is a 1031 tax exchange?
Top 50 Questions about Farmland A 1031 Tax-Deferred Exchange, named after IRS Code 1031, allows you to defer capital gains taxes when you sell a property and reinvest the proceeds into a “like-kind” property. This strategy is widely used for farmland sales to maximize reinvestment and minimize tax burdens. How Does a 1031 Exchange Work? […]
Using Digital Marketing to Sell Farmland Successfully
In today’s digital age, the internet plays a critical role in connecting buyers and sellers. This shift applies to farmland sales as well. As a result, online marketing has become essential for reaching serious buyers. Whitaker Marketing Group helps landowners maximize exposure and achieve successful farmland sales through proven digital strategies. With a strong online […]
Can I sell my share of the farmland if my family does not want to?
Top 50 Questions about Farmland Selling farmland when your family disagrees can be complex, but it’s possible depending on the circumstances. In Iowa, the key factor is ownership percentage and whether the land can be divided. Key Considerations Ownership Percentage: If you own 25% or less, selling without family agreement is unlikely. If you own […]
