What are my rights if I inherited average from my late father but there is a lease on it?

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What are my rights if I inherited average from my late father but there is a lease on it?

There is a farm lease on his 150 acres. The lease was for 10 years and was signed just over 5 years ago. The land was left to my brother and I to split 50/50; I got 75 acres and he got 75 acres. I was wondering if I could break that lease with my nephew since the land is now in my name and my brother’s and he is currently paying only $80 per acre which is far below the going farm rental rate in that area. This is my brother’s son.

Asked on January 25, 2016 under Estate Planning, Iowa

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

No, you can't break the lease. When you inherit property, you inherit it subject to any leases on it--that is, you inherited farm land that is being leased. You are as bound to the lease, as a successor to your father, as if you had signed it yourself.


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