Considering the sale of your farm or ranch property with an existing lease? We can help.
Are Your Agricultural Land Lease Agreements Adequate, Up-To-Date and Understood?
With the end of the year upon us, consideration of your agricultural leases may be in order. If you are like any other lessee or lessor, you probably presume that the appropriate actions have taken place to secure your property for future uses. However, there may a be few things to look into, especially if you are considering the sale of your farm or ranch property.
With an estimated 50% of Kansas farm and ranch land being rented, there are obviously many parties affected throughout this agricultural-rich state. With many variations of lease agreements, it is important to know your rights, as well as the tenant’s rights, simply to prevent misunderstandings, and worst case scenario, litigation.
Suppose you are considering the sale of your agricultural property…. Your intentions may be honest, but “an ounce of prevention is worth a pound of cure”, as quoted by Benjamin Franklin, may be true.
Leases, whether written or oral, are legal contracts that are enforceable by law and statutes. Ambiguous presentations and lack of clarity can sometimes lead to automatic agreements, by virtue of law, that were never really intended by either party.
Kansas law terminates farm and ranch leases on March 1, unless terms of the lease are specifically stated otherwise. Certainly, any dates can be agreed upon by both parties.
In order to successfully terminate a lease, the following requirements must be met: 1) Termination Date of March 1 must be stated and 2) Notice must be delivered in writing to the lessee 30 days prior to March 1.
If you are considering the sale of your farm or ranch property and have questions about the process, our staff would appreciate the opportunity to assist you. Our intention would be to proactively answer and address any of the typical questions associated with farm and ranch sales.
