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Conger, MN | You need to see the lease. Nobody can tell you the best way to go without knowing the terms of the current lease.
If it is a multi-year lease with no early termination clause, you are stuck being a landlord, or buying the tenant out.
If it is just for the current crop year, find out what obligations the tenant has to do fall field work and/or chemical application.
Once you know the terms of the lease, you can make a plan. I dealt with a situation where a seller gave a nephew a sweet-heart, 5 - year lease, and then sold the land. Had the buyer not learned of the existence of that lease, it would have been a mess. Since the buyer learned of the lease, it got factored into the purchase price. In other words, the landlord/seller that gave the nephew a deal paid the below market value of the multi-year lease via a reduction in the purchase price. That person thought they could stick it on the buyer, but that is not the way things work. | |
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buying a piece of land with existing lease
