The Farm Land Lease Agreement in a Nutshell
Leasing a farm can be extremely profitable. Most retired farmers and individuals who inherit a farm choose to lease it to secure a stable long-term income. Lessees have all the advantages of using the land without having to pay property taxes, deprecation, or insurance.
A farm land lease agreement outlines the lease conditions and prevents possible disagreements. Luckily, you don’t have to hire a lawyer to create this legal document. With proper guidance, you can do it yourself.
DoNotPay will explain what constitutes a farm land lease agreement and how to write a contract on your own!
What Is a Farm Lease Agreement?
A farm lease agreement is a legally binding contract that specifies conditions of leasing a farm to an individual or a company. Most farm owners lease their property for agricultural purposes. Others can lease it to gas, oil, and wind companies that need the property to perform particular activities, such as mineral or wind energy development.
While farm land lease agreements differ depending on the situation, they should all include the essential sections:
- Parties involved in the contract
- Terms of using the leased property
- Rate of renting the property
- The duration of the agreement
There are two types of farm land leases—a cash rent and a crop share lease. In a cash rent lease, a tenant agrees to pay a set price per acre or a fixed set rate of the lease. This agreement is more beneficial for the lender since they receive a steady payment while the tenant bears the economic risk.
In a crop share lease, the lender accepts the share of the crops or any other product in exchange for the tenant’s use of the land.
What Should a Simple Farm Land Lease Agreement Form Include?
Farm land lease agreements are subject to particular state or county laws. While it is crucial to include elements that will protect your property’s value, you must consider the legal frame.
Take a look at the structure any valid farm land lease agreement should have:
|Farm Land Lease Agreement Item||Description|
|Personal information||Both parties have to include their:
They also have to be identified as the lessor and the lessee
|Description of the property||Identification of the leased property refers to:
|Start and end date of the lease agreement||The lease agreement can be:
Farm land lease agreements should also include conditions for renewal or extension of the agreement and acceptable reasons for terminating the contract
|Responsibilities||Both parties must state their maintenance responsibilities. The landlord is typically in charge of covering the costs of:
Routine maintenance is the tenant’s responsibility
|Lease fees||The payment policy must be specified in the agreement, even if there is no cost. Both parties must address utility costs|
|Signature of both parties||After reviewing and agreeing on the conditions, both parties must sign the agreement|
Should I Use a Farm Land Lease Agreement Template?
There are multiple ways to create a farm land lease agreement, including:
- Hiring a lawyer
- Drafting an agreement yourself
- Using one of the farm land lease agreement templates
Most people tend to choose one of the contract templates available online. The problem is that they are far too general to accommodate individual needs. Choosing the wrong template may end up costing you more than legal services ever could.
You can avoid unnecessary expenses and make sure all legal requirements are in place if you hire a lawyer. Since this option is expensive, let’s see if there is a safe yet affordable solution.
Create Legal Documents With DoNotPay
DoNotPay has developed a feature for creating various legal documents. Take a look at some of the contracts and agreements we can provide for you:
General Business Contract
Our app customizes all these contracts according to individual needs. All you have to do is answer a few questions from our chatbot, and you will get a top-notch legal document in a matter of minutes!
Here’s what you have to do:
- Open our app in a web browser
- Find our Legal Documents product
- Type in the name of the agreement you wish to create
- Provide some basic info about yourself, your requirements, and the state you reside in
That’s all there is to it! Our app will use the information you provided to create a contract that you can use straight away!
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