Newman Thompson & Gray, PC, helps with many farm land transactions. Call us at 641.585.5043 or stop by the office in Forest City.
If you have bought or sold land, or if you have added or
dropped rented land from your operation, make sure you report the changes to
the FSA office as soon as possible. You need to provide a copy of your recorded
deed or recorded land contract for purchased property. If a portion of
land has been sold, a reconstitution will be required to split the farm.
Other Ownership or Operator changes may have occurred if you have
transferred your land to a Revocable or Irrevocable Trust. While you may retain
all rights to the land, if there was a deed recorded transferring your land to
a trust, this will need to be changed in the computer. By doing this
immediately, it reduces the chance of a delay when enrolling into ARC/PLC or
completing Acreage Certification. Other situations would be creating a
Corporation, LLC, LLP, or other entities. Also changing shares in a corporation
must be reported to the FSA as well as your crop insurance agent. Another
change would be land going into an Estate or transferring to heirs.