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Northern Illinois | I think it would depend on when the rent is usually paid. Here there are many different rental agreements but I think the majority are 1/2 March 1 and 1/2 Dec 1. In that situation the first half would have been paid. I consider this type of arrangement as you are paying 1/2 for the right to farm it and 1/2 for the right to have farmed it. If you have not paid rent yet I would guess you pay it all at the end and you would be paying for the right to have farmed it.
As others have said if there was nothing in writing or mentioned at the auction I do not think you owe the previous owner rent. In theory at the auction they received a higher price because the buy assumed they would get the entire year of income. | |
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Land rent
