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I posted this query on a thread in the Farm Life forum where some folks were discussing current lease prices on farm land. The general trend of the other posters was $125 to ~$300 per acre, which I'm assuming is a per month price and total lease payment is paid upfront.
The reason I'm asking is that we are looking at a piece of farm land out here. We like the property, but there seems to be something odd going on with the lease. The owner says there is a verbal lease agreement to someone who is planting a crop that would normally be harvested in June/July and we would have to wait until the crop is harvested to access the land. The owner says the lease amount is insignificant, but if we want to use the land for our purposes (building our house and planting OUR crops), we would have to buy out the lease. I have no problem with the lessee getting their crop off the land. I just feel the selling price should be reduced accordingly or we should receive the lease payment if we buy the land, since we'll be tying up our capital and forfeiting our crop while waiting for the lessee to harvest his.
Any thoughts on this? I'd appreciate your feedback.
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