Let's Talk Farmland
Today, we’re diving into a sector of commercial real estate that might often go unnoticed or overlooked, farmland. Brokering the sale of farmland happens to be one of my specialties. I have had the opportunity to help many clients in the North Central Indiana region. On its face, the sale or lease of this property type might seem simple, but often, many layers of difficulty and moving parts make up a farmland transaction. Unfortunately, most farmland changes hands when there are significant life changes in a person's life, namely death or divorce. Farmland is one of the most tightly held commercial real estate assets, making these transactions sometimes emotionally difficult, complicated, and legally complex. One common scenario would be inheritance. Family dynamics can add any number of complications to a real estate transaction, but let’s say four children inherit the family farm. There is now the potential for strong, conflicting emotions among the children, and any...