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Land rent
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smalltime farmer
Posted 5/22/2020 05:17 (#8272710 - in reply to #8272703)
Subject: RE: Land rent

When I purchase a farm I expect the rent to be prorated By the day similar to taxes. In my cases the rent was previously established by tenant if owner farmed it pick an average rent value established by 3rd party.
Example if you bought the farm On Feb 10th you would owe 41/366 of the rent check since rent has most likely not been payed
If you purchase the farm after the rent has been payed the seller should keep the 41/366 and pay the balance to new owners
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