GREENFIELD – Purdue Extension Hancock County invites tenant farmers and landowners to a program to learn more about different types of farmland leases in the free Purdue University workshop, “Farmland Leases 101.”
The event will be conducted from 6:30 to 8:30 p.m. Jan. 29 at the Purdue Extension office, 620 Apple St., Greenfield.
Michael Langemeier, associate director of the Purdue Center for Commercial Agriculture, will lead the presentation.
Discussion will include a comparison of cash and share rental arrangements as well as a brief review of trends in cash rents and land values and factors influencing these trends.
With harvest now over, it is a common time for landlords and tenant farmers alike to begin considering the rethinking and renegotiating of lease arrangements for the next growing season. There are a number of issues that will make such discussions very important and it is more important than ever to look at each case individually and for both parties in a farm lease arrangement to understand what should be included in a good lease.
Ultimately, the goal of the negotiating process should be to come up with an arrangement that meets the needs of both the tenant and the landowner, and since there is no “one-size-fits-all” model for farmland leases, lease agreements can often be tailored to individual and changing circumstances.
Open, honest and timely communication is the key to a successful lease agreement. Regardless of the type of lease agreement desired, it is importance for tenants to be proactive in managing their relationship with the landowner. A wise landowner should place value on a longstanding positive landlord-tenant relationship between neighbors and should be reluctant to sacrifice it casually for a few extra dollars’ cash rent offered by someone else “down the road.”
Many good agreements are based on the principles of being a good neighbor and trying to consider the needs of the other party while addressing your own interests. Whether your role in a land lease agreement is best described as tenant or landlord you are encouraged to attend and to bring your questions.
Space is limited. Registration is required. For more information, contact Roy Ballard, Purdue Extension Educator, at [email protected] or 317-462-1113.
