Posted by 1970-1655 on May 14, 2012 at 13:16:20 from (184.9.236.96):
In Reply to: Cash Rent Contracts posted by Christos on May 14, 2012 at 12:48:49:
Our home place was rented about 1990 for $90 per acre with number of acres specified. As the years went on, dad would clear out a fencerow or more acres from the side of a woods and they would farm it at same overall price because the land would not produce very well. Then they would whine about losing money so dad would reduce the rent per acre and still not charge for the additional acres. Dad died in 2005 and mom in 2006 so the attorney for the estate said we should have a written contract for the rent. We found the latest contract between renter and dad from 2000 and they were paying $48 per acre plus all the free acres. When we told them the advice we were given, it got worse than hitting a hornet's nest with a ball bat. They even acted like they did not see my brother and almost ran over him. (Less than 4" from his foot!) After that season, attorney wrote a letter inviting them to vacate the property.
Some farms around close are going for close to $200 per acre while others are $100-$125 area. Acreage is usually taken from Farm Services ariel photo maps and in writing. It is best to have everything in writing, even between best of friends.
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