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**Welcome Wagon:  lease to own a farm? Please Help!  |
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kdorathy
Farmgirl at Heart
1 Posts
Kelly
Apache Junction
AZ
USA
1 Posts |
 Posted - Jun 04 2010 : 08:00:27 AM
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Hello all fellow farmgirls out there. For years my husband, six boys and I have lived in the city. Both raised in small towns with horses. We have finally found our dreams of moving back to the county in grasp. We have a family farm in Easten Oregon. My grandma who owns half the farm is failing in health so we are to move up there and take care of here. As we pursue this we are hitting many snags and really could use some advice.
The biggest snag is we will lease the farm while we are taking care of grandma, my uncle proposed a lease agreement(his has POA over grandma, also an attorney)When conversation started for us to take care of grandma, we were going to live there rent free in exchange to take care of her. Now they are wanting us to rent the land, take care of Grandma and maintain and clean up whats there. (the farm has had no one living there for about 4yrs.)(in previous when we rented a home the landlord maintains anything connected to the property)or takes off amt of rent if we do it ourselves... ALso the first pymt is due sept 1 2010. of $2,000. Then March 1st 2011 the second half due. Is this unreasonable or am I being silly? We just feeling this is a little much, when we will be moving up there in July, and no time to put a crop in. Meanwhile will be living on our unemployment while everything takes off. Yes we will put in as grnadmas care giver to be paid, but that won't be much either. Along with this lease we have to purchase our own manufactured home and pay those cost. There are many more items that come into the situation, I just breifly touched on them. We are really feeling pushed into a situation that isn't going to help better our situation. Can anyone offer some advice on how we should go about this? |
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Betty J.
True Blue Farmgirl
1407 Posts
Betty
Pasco
WA
USA
1407 Posts |
Posted - Jun 04 2010 : 08:19:27 AM
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Might be an idea to get yourself an attorney to reduce stress. I know it will cost, but you may come out ahead in the long run. Besides, I think your attorney would have YOUR interests at heart also.
Betty in Pasco |
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gramadinah
True Blue Farmgirl
3557 Posts
Diana
Orofino
ID
USA
3557 Posts |
Posted - Jun 04 2010 : 08:28:01 AM
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We are at a stage where we need to have full in home care for my MIL and FIL at there house and they are some what capable But they need some one to take care of them and the land.. WE have to pay over $5000.0 a month for a care giver find out what it would cost for some service to do this and tell them on top of the Land management you want Money. But do contact a lawyer for your self
Diana
Farmgirl Sister #273 |
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natesgirl
True Blue Farmgirl
1735 Posts
angela
martinsville
indiana
USA
1735 Posts |
Posted - Jun 04 2010 : 10:36:48 AM
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Contact a lawyer about the deal before you do anything. I know in my state $4000 a year for rent is amazingly great, but not for property alone. If you are basically paying lot rent and have to provide your own home it goes for around $2400 a year here. But in that situation your only repair requirements are your house. The property repairs are the landlords. If your in a lease to own it is typically split between both parties. Your portion can be in hours worked or in financial compensation, but it is in the lease how it should be handled. Also look into who he expects to pay the taxes and insurance. That is usually handled by agreement between the two parties, there is no standard for that in my state. You really need a lawyer to cover your back. Check with your local law school and do a computer search for low income legal assistance for your state. There might be some low or no cost options for you.
Farmgirl Sister #1438
God - Gardening - Family - Is anything else important? |
Edited by - natesgirl on Jun 04 2010 10:38:21 AM |
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Rosemarie P
Farmgirl at Heart
1 Posts
Rosemarie
Leesburg
VA
USA
1 Posts |
Posted - Jun 04 2010 : 6:34:26 PM
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| As a real estate broker I can tell you this, you need an attorney and you need a contract. Family or not, you have to protect all parties to the transaction. Here, in Virginia, and specifically in Northern Virginia, you can't rent a3 bedroom apartment for less than $1200 a month and a farm for less than that is almost impossible to find. Lenders usually want a lease agreement signed that states that a certain portion of the rent goes toward the down payment and thus to offset the total amount financed. Get a lease, get a contract and get an attorney. |
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Kirksmom71
True Blue Farmgirl
873 Posts
Mel
Dallas
Texas
USA
873 Posts |
Posted - Jun 04 2010 : 8:04:17 PM
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Don't hesitate to get an attorney, immediately. This does not sound good for you. You need to protect yourself and your family.
My best to all,
Mel
Sassy City Girl with Farmgirl Fantasies! |
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southerncrossgirl
True Blue Farmgirl
631 Posts
Gena
Harmony
NC
USA
631 Posts |
Posted - Jun 05 2010 : 02:42:42 AM
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I am sorry to say this, buuutt, I feel that they are taking advantage of you. I would let them know right away, that you may not do this. They will probably realize they won't come out so well if they have to hire someone to care for her.
If you go through with this, hire a attorney.
Good luck!
"A Dream Is A Wish Your Heart Makes"==Cinderella |
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**Welcome Wagon: lease to own a farm? Please Help! |
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lease to own a farm? Please Help!
