Happy Friday, everyone. Here is our weekly update of news and upcoming events. This week, MDA released preliminary phosphorus level data and ALEI released our quarterly news update.Read More
USDA’s National Agricultural Statistic Service (NASS) updated data on cash rent paid by farmers in 2015. NASS collects this data from 240,000 farms across the United States annually through the Cash Rent Survey - data used by other agencies throughout USDA. The survey results can also give us an idea of what other tenants in the area may be paying per acre for farmland.Read More
This post is not intended to provide legal advice
I realize that we are roughly 5 months away from when many of you will need to give notice to terminate a lease or at least will want to make the tenant/landlord aware of your plans for 2016 (yeah I realize it’s early in 2015). Today, I want to focus on strategies to consider including in your lease to update the rental rate annually.Read More
This blog post is not a substitute for legal advice.
This is my final warning to many of you that you need to consider updating your leases before July 1. What will I write posts about after July 1? Your guess is as good as mine, but in Maryland, agriculture leases, unless stated otherwise in the lease, require 6 months’ notice to terminate (Md. Code Real Prop. § 8-402(b)(3)). Many of you like to tell me that notice has to be given by June 30th which is true if your lease began on Jan. 1. For many of you, your leases will begin on Jan. 1 (traditional start date for many leases in Maryland), but you should check your lease to determine if it states a date that the lease began on and calculate 6 months from that date to get your lease termination notice deadline. Regardless of when notice needs to be given, you should start considering the hard issue of should you keep leasing under the same terms, keep leasing under new terms, or terminating the lease.Read More
Note: this post should not be viewed as a substitute for legal advice.
I have to give all credit to Tiffany Dowell at Texas A&M for giving me the idea to post on this topic with her recent blog post Average Rent Prices in Texas. June is the time of month many of you will be thinking about renewing your lease. Maryland is no different than Texas in one sense, many you also like to ask me “What is a good rental rate?”. My candid response is well I’m not really an economist I just pretend to be one from time to time. But in all seriousness this is something many of you often struggle with. So how do you go about calculating a fair rental rate, regardless of if you are a landlord or a tenant?Read More