An update last week from Iowa State University (ISU) Extension indicated that, “As harvest season draws to a close, farmers are starting to look forward to the next planting and growing season. Often times, this means signing new lease agreements or evaluating if an existing agreement is working.”
The ISU update noted that, “[Kristine Tidgren, assistant director of the Center for Agricultural Law and Taxation] is the author of an article titled ‘Farm Leases – Frequently Asked Questions’ that appears in the November issue of the Acreage Living newsletter from Iowa State University Extension and Outreach. The article aims to answer common questions regarding Iowa farm leases and the law.”
Last week’s news update noted that, “One of the most important things for farmers to understand when dealing with leases is that unless a termination notice is given by September 1, that lease will remain intact for the next year.
“‘Sometimes an owner will allow a tenant to renegotiate a lease at this point, but both parties would have to agree,’ Tidgren said. ‘This also applies to oral agreements, not just written contracts.’
“Understanding what is enforceable is also very important for both parties.”