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What happens with rental & CRP contracts when land is sold?


By Chad Garteski

Mon, May 25th, 2015
Posted in All Ask the Expert

In the course of real estate transactions where cropland and rental contracts are involved, they can be handled in a number of ways. When tillable rent is a factor, the duration of the contract and time of year often plays a role in the process. If the land changes hands in the winter, it is typically a cut and dried transfer of the contract. The seller retains the rent from the previous year and the buyer will get the rent for the upcoming crop season. However, if the land changes hands during the growing season, the rent income is often times pro-rated between the buyer and seller based on the closing date. Using 12 months as the divisor, the seller retains the rent proceeds up to the closing date and the buyer is credited the amount of rent from the closing date forward using a similar schedule/formula to how real estate taxes are figured at closing. In these cases it is especially beneficial to have a written rent contract signed by both the landlord and tenant/renter in hand. This way all parties understand the rental agreement and legally binding obligations. Even in this day and age there are a high number of “handshake” cropland rental agreements out there. When everything stays the same they seem to work fine but when unexpected life changes occur these informal rent contracts create uncertainty. CRP contracts are typically assumable by the party purchasing the land. However, as a seller you must be sure this is spelled out in the purchase agreement, because if the buyer does not take the proper steps with the FSA office in assuming the contract, you, the seller could be liable to make back payments based on the duration of the CRP contract. The good news is that pretty much all scenarios have been encountered before and if both parties work together just about anything can be negotiated in a mutually beneficial manner. Any legal questions regarding the binding nature of a rent contract should be presented to your attorney.

Silver Anniversary

By Scott Brunsvold

Mon, May 25th, 2015
Posted in All Ask the Expert

In May of 1990 I made a decision to be self-employed in the used car business. Never in my wildest imagination did I realize how it would affect my life. As in any job, you have your ups & downs and believe me, the ups far outnumber the downs. During ..... 
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Silver Anniversary

By Scott Brunsvold

Mon, May 25th, 2015
Posted in All Ask the Expert

In May of 1990 I made a decision to be self-employed in the used car business. Never in my wildest imagination did I realize how it would affect my life. As in any job, you have your ups & downs and believe me, the ups far outnumber the downs. During ..... 
[Read the Rest]

Who exactly is Heartland Security and what type of security systems do your provide?

Mon, May 25th, 2015
Posted in All Ask the Expert

By Tom Vega Heartland Security Sales Manager We are a local Alarm/Security company having been in business for almost two decades. We are owned by fourteen (14) Electrical Cooperatives with Tri-County Electric Cooperative and Hawkeye REC being ow ..... 
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What is the new MN Energy Code requirement for Basement Foundation Insulation?

By Lyndon Lee

Mon, May 25th, 2015
Posted in All Ask the Expert

New changes were made effective Feb. 14 of this year requiring basements be insulated to a minimum R-15. The most important change is the exterior of wall has to have a minimum of R-10 covering the concrete wall from footing to the top of the concret ..... 
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How do I make sure my loved ones get my heirlooms when I pass away?

By Jennifer Gumbel

Mon, May 25th, 2015
Posted in All Ask the Expert

Many people will write lists or put stickers on their property stating who they want their personal property to go to. While this might communicate your wishes, they are not court enforceable. If anyone decides they won’t follow your directions, no ..... 
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In cold weather calves require more dietary energy just for maintenance of body condition - not to mention to continue optimal growth and immune function health.

By Krystal Regan

Mon, Nov 24th, 2014
Posted in All Ask the Expert

For calves less than 3 weeks of age, temperatures below 60 degrees create cold stress. Calves older than 21 days are susceptible to cold stress affects at 42 degrees. Additional energy must be provided to the daily diet. Young calf and heifer diets s ..... 
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Should I include paid on-line marketing in my marketing plan and budget?

By Michelle Haugerud

Mon, Nov 24th, 2014
Posted in All Ask the Expert

The majority of people are now using the internet for some sort of use. If you have never tried placing an advertisement on-line, you could be missing out on this large market. On-line ads can provide so much more information to a user because the u ..... 
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What can I do to get my garden ready for winter?

By Peggi J. Redalen

Mon, Nov 24th, 2014
Posted in All Ask the Expert

Put your perennials to bed properly so they’ll bloom again next year. Clear away dead foliage and destroy all weeds. Make sure your garden bed is clean to prevent disease. Perennials that are dormant at a constant temperature rarely having trouble ..... 
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