Closing completes the purchase, but there are still details to handle as the new owner. Possession, tenant arrangements, ownership records, and maintenance priorities all need attention.
Whether you plan to farm the ground yourself, rent it out, or hold it as a long-term investment, a clear plan helps protect the property and keep responsibilities organized.
I work with farmland buyers and owners across Northwest Indiana and Southwest Michigan through Halderman Real Estate & Farm Management. These are the areas I recommend reviewing as you take over ownership.
Confirm Possession and Existing Agreements
Ownership and possession do not always begin at the same time. Your purchase agreement and any existing leases should establish when you can use the property and what rights others retain.
Before starting work or making changes, confirm:
When possession transfers
Whether a farm tenant has rights to continue operating
Who owns any standing crops and when harvest will be completed
How rent payments and other expenses are allocated
Whether hunting leases, conservation commitments, or access agreements remain in place
Whether any equipment or improvements belong to the tenant or another party
If the farm has a tenant, introduce yourself and discuss the transition. Establish who to contact about maintenance, payments, field access, and other decisions.
These items should have been reviewed during the purchase. After closing, the priority is making sure everyone understands the arrangements.
Organize Your Ownership Records
Keep the closing documents and property information together so they are easy to reference.
Your file should include the deed, closing statement, title documents, available surveys, leases, soil maps, and any drainage or improvement records provided with the sale.
Confirm with the closing company that recording has been completed, and coordinate insurance coverage with your agent. Review upcoming property tax payments and any amounts allocated at closing so you understand your responsibilities.
If the property has USDA program records or commitments, contact your local Farm Service Agency office about ownership updates and applicable requirements. Keep track of relevant deadlines and notices.
Good records also make it easier to communicate with your tenant, accountant, lender, and farm manager.
Inspect the Property and Document Its Condition
Once access and possession allow, walk or drive the farm and establish a record of its condition.
Pay attention to drainage outlets, waterways, field entrances, crossings, fences, buildings, and irrigation equipment. Take dated photos and mark areas that may need further review.
Existing fences and field edges can help you understand the layout, but they do not establish legal boundaries. Refer to survey information and consult a surveyor when a boundary needs to be located or clarified.
An inspection after rainfall may reveal drainage concerns that were less apparent during dry weather. Conversations with the previous owner or operator can also help explain recurring problems and past repairs.
The goal is to identify priorities before committing money to improvements.
Establish Your Operating or Rental Plan
If you will farm the ground yourself, coordinate equipment access, soil testing, inputs, and any work needed before the next season.
If you plan to rent it out, review the existing agreement before making changes. A written lease should clearly address rent, payment dates, responsibilities, maintenance, and other terms relevant to the property. Farm management services can help with tenant selection, lease arrangements, budgeting, and ongoing oversight.
For an investment property, develop a budget that includes expected rental income, property taxes, insurance, financing costs, management expenses, and anticipated repairs.
If the land will remain idle, establish a maintenance plan. Weed control, erosion concerns, and upkeep still need attention. Discuss cover crops or other practices with the operator or an agronomist, taking existing program commitments into account.
Prioritize Improvements Based on Need and Cost
A newly purchased farm may have several opportunities for improvement. They do not all need to be completed in the first year.
Start with issues affecting access, safety, drainage, or the ability to operate the property. Then evaluate larger projects such as tile installation, irrigation upgrades, building repairs, or fence replacement.
Get appropriate estimates and consider how each project supports your ownership goals. Some work may improve productivity or rental appeal; other work primarily prevents deterioration.
Coordinate projects with the tenant or operator so the schedule accounts for crops and field conditions.
Build the Right Local Contacts
Useful contacts may include the farm operator, agronomist, drainage contractor, equipment service provider, insurance agent, accountant, and local USDA offices.
For owners who live elsewhere or prefer to delegate the work, professional farm management can help coordinate tenant selection, lease arrangements, maintenance, budgets, and reporting.
Through Halderman, I help owners develop a management approach that fits the property and their level of involvement.
Put a Plan in Place for the First Year
You do not need to make every long-term decision immediately. Start with clear possession arrangements, organized records, a working budget, and a short list of priorities.
If you are still considering a purchase, learn more about my approach to buying farmland in Indiana.
If you recently purchased a farm and need help planning the next steps, contact me to discuss your property, ownership goals, and management options.
Nolan Sampson | Halderman Real Estate & Farm Management
219-575-1486 | nolansampson.com
