Land Rent

[dlbuck]

You already know the answer or you wouldn't be asking.

I know a answer but, not all the answers that is why I asked the question.

 

[GermantownGreen]

That would be a tough call for me too. IMO it boils down to business is business and friendship is not.

Folks. We don't know what extras this neighbor provided to Dad..... Just throwing that idea out... Have a genuine conversation with the person, don't be so quick to judge.... GG Wes

 

[Tony in SD]

It is not unusual for the kids of a passed parent to change the terms of the lease. I would be surprised if the renters aren't expecting something to change. Personally if it was me, I would have a sit-down with the renters and work out the new terms to the lease. Even if it is only a name change.

 

[scootergmc]

My Father has just passed away. He has 80 acres of farm land he rents to the next door neighbor. As we are going threw his things we have found out he has rented the land to him for about a 1/3 of the going rate for maybe 20 years. This is in south central Minnesota if that matters. We have extended family that farms and have said they rent from people that want less rent and they advise them they will pay the going rate to honest and fair. The neighbors and my parents have lived on the same road for over 70 years. I do NOT want any back pay, I just would like some input on how you feel about this, I could rent this land to the relatives at the going rate with just a phone call in less than a minute. The renters would not miss a Sunday at church but, seem to skip the rest of the week. As I said I do not want any money as my Father made the deal with them, just want some opinions. As they say your neighbors land only goes for sale once in your lifetime, and I would like to make sure he does not get it. Thanks rant over.

Sorry to hear about your father.

But here's what I don't understand- From what I read there is nothing legally binding this land to the current tenant, correct? And you have full legal control over the land now? The only opinion you give of the tenant is the skipping of church the rest of the week. I'm not sure what you mean by that. Do you have a negative opinion of them? Do they not pay? Why do you want to make sure the tenants don't get the land? Is it for sale? Is it in probate? Are you executor of a trust?

Honestly I'd be more hesitant to rent to family than renegotiate with the tenant with a legally binding lease. Families and money tend not to mix well, liberties can be easily given and taken until bridges are burnt. But again, I don't feel like we have the full story or your full feelings.