Indiana Farm Land Lease
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How to fill out Farm Land Lease?
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FAQ
The 50/50 crop share lease is one of the oldest leases in agriculture. All income and expenses are split 50/50. The landowner provides the land and the farm operator provides his labor and machinery. Due to the large increase in land values, this lease has become outdated and less common.
The traditional share arrangement for a grain crop like corn or wheat is one-third to the landowner and two-thirds to the tenant. Usually, the expenses paid, and crop received, are equal to the share ? i.e. the landowner would pay one-third of the expenses and receive one-third of the crop.
Proper Notice In Indiana, a property owner must serve a termination letter with at least 30 days' notice. The end date is determined by when the notice was sent, not when it was received or read by the tenant. This means that if a termination notice is served on October 1st, the tenant must vacate by October 31st.
Indiana's oral lease farm law statute says that termination needs to occur with three months from the end of year and the termination notice has to be in writing, which is somewhat strange in that to terminate an oral lease a writing giving the termination notice must be given.
Indiana does not have a law limiting the amount a tenant owes a landlord when breaking a lease early. A tenant could be liable for the remaining rent through the life of the lease. However, a landlord must mitigate damages and seek to replace the tenant.
Statewide, the average price of top-quality farmland averaged $13,739 per acre, up 7.3% from June 2022. Average- and poor-quality farmland increased 5.8% and 0.7% to $11,210 and $8,689 per acre, respectively.
An Indiana month-to-month rental agreement is a residential lease between a landlord and tenant that has no end date. The agreement only terminates when notice has been given to either the landlord or tenant of at least one (1) month's notice or the time period mentioned in the agreement, whichever is longer.
Tenants in Indiana with a fixed-term lease don't have to send any notice to end it. In these cases, the lease ends on its last day. On the other hand, those with a periodic lease will need to provide one out of the two notice options: Monthly Leases: At least one month of written notice.
