Detailed crop share farmland lease. Costs and crops are shared by landowner and tenant. Provides for detailed division of costs.
New York Farm Lease or Rental - Crop Share
State:
Multi-State
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Control #:
US-854LT
Format:
Word;
Rich Text
120 downloads
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FAQ
Farmland has historically been a good investment. Unfortunately, not many investors have been able to benefit from this asset class, given the high upfront costs of buying farmland.
With a crop-share lease, the landlord receives a share of the crops produced in exchange for the use of the land by the tenant. The amount of the share typically depends on local custom. The landlord usually agrees to pay a portion of the input costs under a crop-share lease.
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.
While farmland may stretch far and wide, farmers and ranchers themselves make up just 1.3% of the employed US population, totaling around 2.6 million people. Today, there are about 2 million farms in operation in the US, a steep decline from 1935, when the number of farms peaked at nearly 7 million.
A farm lease is a written agreement between a landowner and a tenant farmer. Through a farm lease, the landowner grants the tenant farmer the right to use the farm property. Key terms of basic leases include the length of the lease, rent amounts and frequency of payment, how to renew or end the lease, and more.
With a land lease agreement (also known as a ground lease), you purchase the home but rent the land. One of the main advantages is the lower price of this unique arrangement. One of the main disadvantages is that you will not be able to build valuable equity in the land on which you live.
In the typical 50-50 crop share lease, the tenant provides all the labor, owns the field machinery, pays for fuel, oil and repairs for machinery and 50 percent of other operating expenses.
Most farmers find that a combination of both ownership and leasing is desirable, especially when capital is limited. For many new farmers, especially in areas where land is quite expensive, leasing land is often the best option.
The advantages of the first are that the tenant in many cases is free to manage the farm as he pleases, and as a long-time proposition he may pay less rent than under crop-sharing arrangements. The chief disadvantage is that the tenant agrees to pay a definite sum before he knows what his income will be.
Crop-share arrangements refer to a method of leasing crop land where the production (crop) is shared between the landowner and the operator. Other income items, such as government payments and crop residue, are also often shared as are some of the production expenses.
