leasing
Nearly 39% of the 880 million acres of farmland in the United States is leased, and in Ohio, this figure approaches 50%. Many individuals who inherit or purchase farmland have limited experience in agricultural management, creating uncertainty regarding effective land stewardship. To assist these novice farmland owners, Ohio State University's Agricultural and Resource Law Program is pleased to announce the release of our latest publication, "The Beginner’s Guide to Farmland Ownership", authored by Robert Moore, Attorney and Research Specialist at OSU. This practical, user-friendly resource is now available for download at farmoffice.osu.edu.
Owning farmland is not only a rewarding opportunity but also a significant responsibility, particularly for new landowners with limited farming experience. Whether you've inherited farmland or recently purchased it, navigating complex decisions such as leasing, selling, or managing alternative land uses can be challenging. This 48-page, comprehensive guide was developed to help new landowners understand and manage their farmland effectively.
"The Beginner’s Guide to Farmland Ownership" addresses key areas that every new landowner needs to understand. Topics include understanding farmland valuation, exploring leasing arrangements (cash rent, share rent, and flex leases), considerations when selling farmland, managing tax implications, and assessing alternative land uses such as renewable energy or conservation easements. Additionally, the guide explores strategies for protecting farmland through legal instruments and minimizing risk through insurance and business entities.
Visit farmoffice.osu.edu to access this publication.
Is it time to start thinking about your farmland lease for next year? We think so! There are new legal issues and updated economic information to consider for the upcoming crop year. That’s why we’ve scheduled our next Ohio Farmland Leasing Update for Thursday, August 11 at 8 a.m. Join the Farm Office team of Barry Ward, Robert Moore and Peggy Hall for an early morning webinar discussion of the latest economic and legal farmland leasing information for Ohio.
Here are the topics we’ll cover:
- Ohio’s new statutory termination law for verbal farmland leases
- Using a Memorandum of Lease and other lease practice tips
- Economic outlook for Ohio row crops
- New Ohio cropland values and cash rents survey results
- Rental market outlook
There’s no cost to attend the Zoom webinar, but registration is necessary. Visit https://go.osu.edu/farmlandleasingupdate for registration. And if you’re already thinking about your next farmland lease, also be sure to use our farmland leasing resources on https://farmoffice.osu.edu.
Tags: farmland lease, leasing, rental rates, rental market, farm leases, statutory termination
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Mentoring is a rewarding part of my position with OSU, but it is often a bittersweet experience to see young people come and go. Such is the case with our law fellow Evin Bachelor, whom I’ve had the privilege of mentoring for the past two years. Evin left the Farm Office on September 30 to pursue private practice.
While I’m happy to send Evin off to serve farmers with his brilliant legal mind, I’m sad to see him go. I will miss his passion, his cleverness, his analytical gifts, and his hearty laugh. But it’s been a joy to help Evin evolve from a law student curious about agricultural law to an attorney prepared to impact the world of agricultural law. He has deftly exceeded every challenge I’ve given him.
One of those challenges was to co-author a set of law bulletins on legal documents used in farm financing arrangements, his final project. The Financing the Farm law bulletin series, which specifically targets new and beginning farmers, is now available. The series includes explanations of mortgages, promissory notes, installment contracts, leasing arrangements and secured transactions, and how they’re used in farm financing. Access the law bulletins in the Financing the Farm series here.
Evin will be practicing law with our good friends at Wright & Moore Law Co. LPA in Delaware, Ohio. He's an excellent addition to an already outstanding agricultural law firm. You’ll continue to see his work on the Farm Office, however, as I’ll be contracting with Evin on a few more finance and farm transition projects in the next year. The mentorship and Evin’s time at OSU is over, but the relationship will continue. A bittersweet ending, to be sure.
Tags: Evin Bachelor, farm finance, mortgages, promissory notes, secured transactions, installment contracts, leasing
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