Land Source

WHITAKER MARKETING GROUP

LAND 2026 SOURCE RESOURCE

FA R M

| R E C R E AT I O N A L | P A S T U R E | I N V E S T M E N T

LAND IS OUR BRAND.

WHITAKER MARKETING GROUP

TABLE OF CONTENTS 04-11

Land Values & Maps

12-13

Timing The Market

14-15

Useful Documents

16-18

1031 Exchange

20-21

Farmland Investment Guide

22-23

Financing For Farmland Investment

24-26

Should I List Or Auction My Farm

28-29

Starting to Farm With FSA

30-31

Our Story

33-60

50 Questions About Farmland

61

Agricultural Real Estate Glossary

63

Recommended Farmland Attorneys

64-65

Cover Image Provided by Rebecca Finch

Buyers & Sellers Q&A

4

FARMLAND OWNER 2026 RESOURCE

Palo Alto 11,064

Shelby 9,700

Carroll 13,850

Kossuth 12,840

Montgomery 11,550 Page 9,314

Mills 10,506

Fremont 10,943

Cass 9,117

Taylor 6,395

Adams 13,600 Union 8,592

Decatur 4,600

Wayne 5,827

Appanoose 7,200

Davis 9,507

Iowa 8,985

Benton 7,500

Johnson 13,500

Van Buren 9,117

Louisa 15,200

Muscatine 12,250

Cedar 17,017

Jones

Dubuque 18,000

Lee 9,039

Henry 9,412 Des Moines 10,314

Washington 12,563 Jefferson 10,036

Keokuk 10,675 Wapello 8,941

Mahaska 13,248 Monroe

Marion 10,033

Warren 9,625

Lucas

Jasper 9,883

Polk 9,800

Tama 11,025

Linn 15,854

Delaware 15,697

Black Hawk Buchanan 11,529 13,806

Bremer 11,925

Clayton 7,477

Winneshiek Allamakee 11,023 12,200

Fayette 11,557

Chickasaw 9,617

Howard 8,500

Poweshiek 11,634

Grundy 14,334

Butler 13,279

Floyd 12,133

Mitchell 19,031

Marshall 11,229

Hardin 12,483

Franklin 12,269

Story 12,800

Hamilton 8,675

Wright 10,288

Clarke 5,225

Madison 11,260

Dallas 18,336

Ringgold 6,000

Adair 8,517

Guthrie 13,133

Worth 11,688

Hancock Cerro Gordo 9,919 10,040

Winnebago 8,777

Boone 14,067

Webster 9,370

Greene 12,382

Calhoun 12,292

Audubon 10,548

Sac 14,600

Crawford 12,642

Ida 11,375

Pottawattamie 9,540

Harrison 8,535

Monona 9,542

Woodbury 8,881

Plymouth 15,733

Clay 14,679

O'Brien 15,653

Sioux 19,400

Emmet 10,693

Humboldt Cherokee Buena Vista Pocahontas 12,500 10,037 14,587 12,782

Dickinson 12,680

Osceola 15,247

Lyon 17,765

2025 Iowa Average Auction Prices

Scott

Clinton 16,700

Jackson

Palo Alto 15,600

Montgomery 22,000

Kossuth 14,500

Page 11,555

Fremont 15,200 Taylor 8,625

Ringgold 7,950

Decatur 4,600

Wayne 7,100

Appanoose 9,400

Iowa 12,176

Davis 13,500

Johnson 14,000

Van Buren 14,300

Jefferson 14,100

Louisa 15,200

Muscatine 12,250

Cedar 19,500

Jones

Dubuque 21,700

Lee 14,200

Henry 18,525 Des Moines 13,750

Washington 17,200

Benton 7,500

Keokuk 16,800 Wapello 9,732

Mahaska 25,500 Monroe

Marion 16,479

Warren 13,000

Lucas

Jasper 16,500

Polk 9,800

Tama 15,000

Linn 23,972

Delaware 16,750

Black Hawk Buchanan 14,100 20,238

Bremer 14,063

Clayton 7,477

Winneshiek Allamakee 14,025 12,200

Fayette 14,800

Chickasaw 11,600

Howard 8,500

Poweshiek 19,250

Grundy 18,500

Butler 17,300

Floyd 17,100

Mitchell 24,400

Marshall 14,500

Hardin 16,000

Franklin 16,400

Story 14,600

Hamilton 15,101

Wright 15,100

Clarke 5,700

Madison 15,200

Union 11,950

Adair 13,200

Dallas 25,100

Worth 15,300

Hancock Cerro Gordo 16,100 15,513

Winnebago 13,600

Boone 14,814

Webster 12,013

Greene 16,000 Guthrie 16,100

Adams 13,600

Cass 13,000

Mills 18,563

Pottawattamie 13,100

Shelby 10,500

Carroll 15,600

Calhoun 15,600

Audubon 17,200

Sac 19,500

Crawford 15,000

Ida 20,500

Harrison 11,786

Monona 16,700

Woodbury 14,000

Plymouth 22,600

Clay 19,400

O'Brien 19,900

Sioux 32,000

Emmet 12,100

Humboldt Cherokee Buena Vista Pocahontas 15,000 26,250 15,900 12,794

Dickinson 16,700

Osceola 22,900

Lyon 23,100

2025 Iowa Top Auction Prices

VALUES & MAPS

WHITAKER MARKETING GROUP

5

Scott

Clinton 16,700

Jackson

6

FARMLAND OWNER 2026 RESOURCE

Palo Alto 8,978

Shelby 10,971

Carroll 10,256

Kossuth 11,362

Montgomery 7,259 Page 7,004

Mills 10,386

Fremont 8,729

Cass 6,758

Taylor 5,716

Adams 6,570 Union 8,268

Decatur 6,847

Wayne 7,733

Appanoose 6,499

Davis 8,117

Iowa 9,866

Benton 9,053

Washington 10,729

Johnson 9,510

Louisa 8,787

Muscatine 8,298

Cedar 11,446

Jones 11,391

Scott 11,657

Clinton 10,661

Jackson 9,837

Data Provided By:

Dubuque 11,536

Jefferson Henry 9,870 8,811 Des Moines 9,428 Van Buren 7,769 Lee 8,537

Keokuk 5,810 Wapello 8,068

Mahaska 9,945 Monroe 6,719

Marion 7,913

Warren 8,850

Lucas 6,530

Jasper 8,889

Polk 14,466

Tama 9,302

Linn 11,974

Delaware 10,402

Black Hawk Buchanan 11,008 9,289

Bremer 11,469

Clayton 8,939

Winneshiek Allamakee 9,983 7,357

Fayette 6,981

Chickasaw 9,944

Howard 11,236

Poweshiek 9,475

Grundy 11,306

Butler 8,172

Floyd 8,835

Mitchell 11,808

Marshall 10,086

Hardin 10,967

Franklin 10,532

Story 11,248

Hamilton 8,832

Wright 9,853

Clarke 6,259

Madison 10,422

Dallas 14,348

Ringgold 5,529

Adair 12,259

Guthrie 10,237

Worth 8,164

Hancock Cerro Gordo 10,249 10,036

Winnebago 9,604

Boone 10,436

Webster 10,610

Greene 12,090

Calhoun 12,407

Audubon 9,272

Sac 10,250

Crawford 9,397

Ida 7,899

Pottawattamie 11,900

Harrison 8,466

Monona 8,857

Woodbury 8,272

Plymouth 12,910

Clay 12,696

O'Brien 12,578

Sioux 15,754

Emmet 9,331

Humboldt Cherokee Buena Vista Pocahontas 10,536 11,111 10,403 11,374

Dickinson 12,395

Osceola 14,502

Lyon 12,895

2025 Iowa Average Price Sold

2,783

5,092 4,704

5,402

Page

Fremont

4,994

2,873

4,292

Taylor

5,651

Ringgold

3,434

Union

Wayne

3,668 7,261

3,729

2,874 Decatur

Lucas

3,443

Appanoose

2,597

8,342

5,399

Van Buren

2,488

Jefferson

4,717

2,429

Louisa

3,577

2,451

Scott

6,739

Clinton

4,977

Jackson

3,081

Lee

3,259 Des Moines 1,850 Data Provided By:

Henry

5,784 153

4,254

Cedar

4,243

Jones

2,369

Dubuque

Muscatine

4,134

Johnson

Washington

3,250 Davis

Iowa

3,007 Keokuk

Wapello

2,839 Monroe

4,301

Marion

Warren

4,122

4,998 Mahaska

Poweshiek

2,657

11,640 5,401

4,581

Linn

Benton

7,873

Tama

5,042

Jasper

4,891

7,168 Delaware

Clayton

8,325

5,241

Fayette

4,932

Winneshiek Allamakee

Black Hawk Buchanan

3,674

2,816

Polk

6,359

Clarke

7,027

1,415

2,580 Montgomery Adams

Madison

Adair

3,920

Dallas

4,830

Cass

3,488

Guthrie

2,182

5,434

Grundy

4,690

Butler

3,357

4,544 Bremer

Chickasaw

1,870

4,374 Floyd

Howard

Mitchell

Marshall

7,631

6,356 Story

Hardin

Hamilton

Webster

Boone

2,756

3,742

5,705

Franklin

2,657

Wright

Cerro Gordo

3,517

2,218

Worth

Hancock

1,572

Winnebago

2,217

Greene

3,139

3,962

4,366

Kossuth

Humboldt

Audubon

2,891

Mills

4,907

Pottawattamie

Shelby

Harrison

2,272

2,516

Carroll

3,896

3,120

Crawford

4,358

8,395

Calhoun

3,801

Sac

Monona

Ida

Woodbury

5,154

5,221

5,696

Palo Alto

6,061

3,896

3,891

Cherokee Buena Vista Pocahontas

Clay

O'Brien

Sioux

2,547

Emmet

Plymouth

2,427

4,148

Dickinson

Osceola

Lyon

5,888

2025 Iowa Farmland Acres Sold

VALUES & MAPS

WHITAKER MARKETING GROUP

7

Holt 6,063

Atchison 6,858

DeKalb 4,567

Gentry 4,526

FARMLAND OWNER 2026 RESOURCE McDonald 4,974

Newton 4,830

Jasper 3,253

Barton 5,521

Vernon 3,941

Bates 4,124

Cass 9,524

Jackson 9,045

Buchanan Clinton 9,776 9,391 Platte Clay 10,023 8,623

Andrew 3,902

Nodaway 5,905

Worth 3,992

Barry 5,623

Lawrence 13,026

Dade 7,081

Cedar 5,314

Saint Clair 4,547

Henry 4,827

Johnson 5,863

Hickory 3,205

Stone 5,322

Webster 3,909

Taney 3,404

Christian 6,227

Greene 11,532

Ozark 4,388

Douglas 3,329

Wright 4,683

Phelps 5,519

Maries 4,595

Osage 7,332

Howell 5,646

Texas 3,921

Pulaski 6,072

Miller 4,210

Laclede 6,028

Camden 2,549

Moniteau 3,780 Cole Morgan 8,581 2,981

Callaway 5,155

Jefferson 4,953

Oregon 3,886

Shannon 3,596

Dent 5,203

ssi

Bollinger

2,165

4,874 Dunklin

Pemiscot 5,383

Sainte Genevieve Saint 13,467 Perry Francois 5,039 Iron Madison Cape 3,820 Girardeau Reynolds 10,370 2,405 2,177 Wayne Scott 3,753 7,590 Carter 1,400 2,178 Stoddard 7,526 Butler New Ripley Madrid 5,677 2,868 4,700

Crawford Washington 5,289 5,929 4,208

Franklin 7,468

es Charl Saint 19 Saint 17,8 Louis 10,034

Lincoln 8,111 Warren 10,110

Pike 6,872

5,468

Ralls 6,416

Marion 7,038

Lewis 4,685

Clark 4,284

Audrain 5,560

Monroe 4,989

Shelby 4,878

Knox 4,093

Boone 9,640

Randolph 4,822

Macon 4,174

Adair 7,873

Schuyler Scotland 3,989 4,659

Howard 6,498 Cooper 7,876

Dallas 4,641

Saline 3,355

Chariton 5,460

Linn 4,480

Benton 3,803

Polk 6,310

Putnam 3,369 Sullivan 3,404

Pettis 4,399

Carroll 5,989

Livingston 4,365

Grundy 4,358

Lafayette 9,525

Ray 6,186

Caldwell 4,900

Daviess 4,347

Harrison 4,439

Mercer 3,863

Montgomery

8 Gasconade 5,673

2025 Missouri Average Price Sold

si Mis

ppi

Cheyenne 3,678

Morrill 3,817

Box Butte 3,904

Data Provided By:

Kimball 3,241

Banner 9,220

Scotts Bluff 5,492

Sioux 4,096

Dawes 5,938

Deuel 4,277

Garden 3,913

Sheridan 2,512

Hayes 3,973 Hitchcock 3,567

Dundy 4,595

Red Willow 3,540

Frontier 4,482

Logan 3,931

Thomas

Lincoln 4,969

McPherson

Hooker

Chase 4,983

Perkins 4,337

Keith 5,139

Arthur 10,153

Grant 17,979

Cherry 4,900

2025 Nebraska Average Price Sold

Custer 4,546

Furnas 3,170

Gosper 5,950

Dawson 7,803

Blaine 3,146

Brown 3,516

Keya Paha 3,170

Harlan 4,760

Phelps 7,845

Loup 3,514

Rock 4,515

Franklin 5,135

Kearney 8,887

Buffalo 7,010

Sherman 4,988

Valley 4,675

Garfield 5,597

Holt 4,984

Webster 4,728

Adams 8,447

Hall 10,245

Howard 5,225

Greeley 4,164

Wheeler 5,202

Boyd 3,744

Nuckolls 4,397

Clay 7,744

Hamilton 8,740

Merrick 6,424

Nance 4,674

Boone 7,753

Antelope 6,011

Knox 5,482

Thayer 6,581

Fillmore 9,178

York 9,476

Polk 8,780

Platte 8,309

Madison 8,740

Pierce 7,329

Jefferson 6,028

Saline 5,946

Seward 8,765

Butler 9,201

Colfax 7,585

Gage 7,521

Lancaster 10,053

Saunders 7,901

Dodge 9,043

Pawnee 5,161

Johnson 5,904

Otoe 6,621

Cass 10,458

Richardson 6,743

Nemaha 7,438

Douglas 15,301 Sarpy15,790

Washington 13,229

Burt 7,231

Thurston 9,220

Dixon 7,110 Dakota 6,242

Stanton Cuming 8,616 10,230

Wayne 7,991

Cedar 10,180

VALUES & MAPS

WHITAKER MARKETING GROUP

9

2025 Minnesota Average Price Sold

Roseau 3,730

Lake of the Woods 6,033

Marshall 4,248

Koochiching 4,155

Clearwater

Pennington 3,961 Red Lake 3,917 Polk 5,173 Norman 6,039

Cook 8,946

Beltrami 4,821 Itasca 6,667

Mahnomen 4,771 4,071 Hubbard 7,082

Becker 7,079

Cass 6,860

Wadena

Clay 7,271

Douglas 7,533

7,695 Traverse Stevens Pope 7,749 6,549 Big Stone 6,613 Swift 8,691

Todd 5,815

Morrison 6,696

Mille Lacs 8,027

Grant 8,128

Aitkin 5,693

Crow Wing 7,840

5,982

Otter Tail 6,098

Wilkin 6,642

Lake 6,537

Saint Louis 7,596

Benton 7,344

Kanabec

Kittson 4,518

Carlton 6,424

Pine 6,901

7,575

10

Pipestone 7,572

Kandiyohi

Washington Chisago

Isanti 9,819 Sherburne 9,595 10,563 Anoka 14,287 Wright Meeker 12,513 8,160 Lac Chippewa Hennepin Ramsey qui Parle 9,264 9,846 14,044 7,701 McLeod Carver 17,764 10,956 10,688 Renville Yellow Medicine Dakota Scott 8,914 9,418 14,802 9,233 Sibley 10,160 Lincoln Lyon Goodhue Redwood Nicollet Le Sueur Rice 7,133 9,942 9,034 10,074 Wabasha 7,774 Brown 10,405 9,626 10,647 9,307 Stearns 9,255

Murray 9,046

Cottonwood Watonwan Blue Earth Waseca Steele Dodge Olmsted 8,568 9,391 10,700 11,831 10,333 10,026 9,073

Rock 11,386

Nobles 9,732

Jackson 8,185

Martin 8,940

FARMLAND OWNER 2026 RESOURCE

Faribault 8,603

Freeborn 7,712

Mower 10,383

Winona 8,394

Fillmore 7,459

Houston 7,353

Data Provided By:

2025 Illinois Average Price Sold Jo Daviess 9,560

Stephenson Winnebago Boone 9,934 9,833 10,392

Carroll 10,330

Ogle 12,586

Fulton 7,277

McDonough 9,981

Mason 11,364

Adams 10,258

Scott 9,304

Pike 8,809

Morgan 12,564

Sangamon 13,990

oun

Calh 6,165

Jersey 8,868

Madison 11,570 Saint Clair 13,477 Monroe 9,903 Randolph 6,785

Data Provided By:

Shelby 10,314

Fayette 7,604

Clinton 10,516 Washington 7,678 Perry 7,769

Douglas 14,105

Moultrie 13,779

Coles 11,215 Cumberland 8,890

Macoupin Montgomery 10,767 10,530 Bond 10,016

Champaign 14,654

Piatt 15,515

Macon 14,982 Christian 13,215

Greene 9,445

Ford 12,787

De Witt 14,850

Logan 12,730

Menard 13,699

Cass 10,415

Brown 7,739

Iroquois 9,919 McLean 13,781

Tazewell 11,134

Schuyler 7,594

Grundy 12,526

Livingston 11,277

Woodford 12,309

Effingham 10,045

Edgar 11,613 Clark 6,211 7,631 Crawford

7,220 Lawrence Richland 6,680 6 8,91 Wayne 6,263

Jefferson 7,002 Franklin 5,966

Jasper 7,678

Vermilion 10,732

Clay 6,697

Marion 6,639

Hamilton 6,686

White 6,523

Jackson Williamson Saline Gallatin 6,911 6,252 7,070 6,469 Union 8,113 1 4,00xander Ale

Pu 4,8 la 85 sk i

Henderson

Hancock 8,222

Will 17,129

Kankakee 12,027

Marshall 10,487

Peoria 10,119

11,061

La Salle 11,352

8,217 Putnam Stark 8,120

Knox 9,905

Warren 11,327

Bureau 11,436

Henry 8,776

Mercer 6,883

Kendall 15,738

Cook 19,217

Edwards 5,735 Wabash

8,374 Rock Island

Kane 13,113 DuPage

DeKalb 12,104

Lee 10,619

Lake 20,775

VALUES & MAPS

Whiteside 9,553

McHenry 13,638

Hardin Johnson Pope 5,938 5,344 4,695 5,412 Mas s

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WHITAKER MARKETING GROUP

11

TIMING THE MARKET: Is Now the Right Time To Sell Your Inherited Farmland?

If you've recently inherited farmland, you've likely found yourself navigating unfamiliar territory. Among the many questions you may be asking is one that seems simple yet carries significant weight: "Is now the right time to sell?"

The Current Farmland Market Landscape The farmland market has experienced a remarkable journey since 2020. Land values saw substantial appreciation during the post-pandemic period, with many regions experiencing double-digit percentage increases. This bullish run was fueled by historically low interest rates, strong commodity prices, and limited inventory.

Iowa State University’s renowned annual Land Value Survey documented this dramatic rise, reporting that average Iowa farmland values increased by nearly 39% from 2020 to 2023, reaching an all-time high state average of $11,411 per acre. Their economists noted this represented the second-highest three-year gain in the survey’s history.

However, recent data from trusted sources including Farm Credit, the Realtor Land Institute (RLI), Iowa State University, and the Federal Reserve indicate a cooling trend.

12

Iowa State’s latest quarterly analysis shows a modest decline of approximately 3.5% since late 2023. Similarly, the Federal Reserve Bank of Chicago reported that Midwest agricultural land values decreased by 4% in the fourth quarter of 2024 compared to the previous quarter—the first quarterly decline in several years. The RLI’s Land Values Survey aligned with these findings, showing a modest year-over-year decline of 3.2% for high-quality cropland in the Corn Belt region.

What 2025 reinforced is that the farmland market did not move as one. Overall values held steady at historically high levels, but performance varied by land quality and location. High-end, well-located farmland remained highly competitive, while midquality ground proved more difficult to sell in certain areas. Lower-quality and recreational land generally held steady, with some markets showing slight softening.

FARMLAND OWNER 2026 RESOURCE

Despite this recent softening, several factors suggest that the present market remains advantageous for sellers: 1. Historical Context Matters: Even with recent declines, today's farmland values remain significantly higher than pre-2020 levels. Owners selling today are still benefiting from the substantial appreciation that occurred over the past five years.

2. Limited Inventory Supports Pricing: Quality farmland remains scarce. For prime properties with good soil quality, adequate drainage, and favorable locations, buyer competition continues to help maintain strong valuations.

3. Long-term Investor Interest: Institutional investors and family offices are increasingly viewing farmland as an attractive alternative asset class, particularly during periods of economic uncertainty. This expanding buyer pool helps sustain demand.

4. Tax Considerations: Current tax laws still offer advantages for inheritors who choose to sell relatively soon after acquisition, potentially maximizing after-tax proceeds compared to waiting years.

Making Your Decision

TIMING THE MARKET

Why Current Conditions Still Favor Sellers

While timing the market perfectly is impossible, inheritors considering a sale should consider a few key questions: • What are your long-term plans and financial needs?

• Do you have the expertise and interest to manage agricultural property?

• How does farmland fit within your broader investment portfolio?

• Have you consulted with agricultural real estate professionals familiar with your specific region?

Dr. Wendong Zhang, associate professor of economics at Iowa State University and a leading expert on farmland markets, emphasizes that despite short-term fluctuations, farmland has historically provided stable long-term returns. However, he also notes that absentee landowner often face unique challenges in property management and staying informed about local market conditions—factors that might influence your selling decision.

The decision to sell inherited farmland is deeply personal and depends on your unique circumstances. However, for many inheritors without strong ties to farming, the current market—despite recent cooling— still represents a historically favorable selling environment.

Whether you choose to sell or hold, working with experienced land professionals can help ensure you make the most informed decision for your situation in today's evolving farmland market.

WHITAKER MARKETING GROUP

13

USEFUL DOCUMENTS Each of the items below can be a helpful piece of information for Whitaker Marketing Group’s valuation team, and many of the documents are necessary to close the sale of a farm. However, collecting all of the items below is not necessary to begin the process.

Descriptive Information

In order to get started, some basic information is necessary. This can include things like: • Number of Total Acres

• Ownership History

• Number of Tillable Acres

• Ownership Structure (is it in an LLC, do you own it alone, or are there multiple owners)

• State • County • Nearest Town or City • Section, Township, Range (address) • Access (is the farm on a highway, or is it diff icult to access)

• Rent Information (how does the current farmer rent the farm and for how much) • Rent History • Current & Historical Crops Grown

Maps

Maps that have notes printed or written on them are always useful. For printed copies, simply scan or take pictures with your phone and email them to us. Additional mapping information like parcel number(s), section, township, and range or FSA field and tract information may also be helpful if available.

FSA-156EZ

This document may be picked up at your local Farm Service Agency office; it shows historical information about cropland amounts, acres enrolled in government programs, and yields for your farm.

FS-578

This document, also available at your local Farm Service Agency office, shows planting records on your farm for an individual year. Sharing the last several years’ planting records is useful for understanding what crops have been grown on the farm.

14

FARMLAND OWNER 2026 RESOURCE

Crop Insurance / Yield Records

Any further verification of yields possible on a given farm. This can come from delivery tickets at the grain elevator, yield maps, rent checks, or any other summary data. This document helps verify the Actual Production History (APH) for a farm and can be obtained from your crop insurance agent.

Recent Soil Tests or Grid Samples

Any soil sample maps or texture typing that has been done on a farm is helpful to understand the fertility, water holding capacity, and drainage are on a given field.

Irrigation and Water Resources

USEFUL DOCS

How many wells are on the farm? What is the output and depth of each well, and how are they powered? In addition to wells, be sure to include whether the farm has surface water irrigation, what type(s) of irrigation systems are on the farm, and any water rights that are associated with the property.

Drainage Tile Maps

Please provide any available information if your farm has had land leveling work performed, has drainage tile or any additional water management considerations.

Government Programs

Are any acres signed up in the Conservation Reserve Program (CRP), Wetlands Reserve Program (WRP) or any other government program? If maintaining certain standards on a portion of the property are required by any government programs, please provide descriptions or documentation of each program as available.

Abstract Location

Many people don’t know where their abstract is kept. When selling farmland, we will need to have the abstract updated. The selling attorney will give clear title by reviewing the abstract for any encumbrances or encroachments.

Tax Basis

When selling your farmland it is important to know what your tax basis is. (This is the price or the value that you the seller inherited or purchased the land for.) This is important when it comes to making the decision to sell. Sellers will need to know what their taxable income will be to make an educated decision on selling price.

WHITAKER MARKETING GROUP

15

1031 EXCHANGE Understanding The 1031 Tax Free Exchange And Capital Gains Deferral Did you know that Internal Revenue Code Section 1031 allows you to defer capital gains taxes on the sale of property held for investment or productive use in a trade or business?

To take advantage of the 1031 Tax Free Exchange, you need an independent third-party qualified intermediary. You may select your intermediary from among several options, as long as you don’t choose: yourself, a relative, your agent or your attorney, accountant or real estate broker. We suggest selecting your intermediary based on security, service, experience and price.

What Kind of Property Qualifies for a 1031 Exchange?

Real Property: Almost all kinds of real estate are classified as like-kind to each other. As long as a piece of real property is used for investment or in a business, it will qualify for 1031 treatment. Rental properties, farms, ranches, are examples of real properties that can be exchanged for one another and properties leased for 30 years or more.

Why Choose a 1031 Exchange?

The principal advantage of a 1031 exchange is the ability to use the entire equity of your property to acquire replacement property.

The tax consequences of selling property are taken out of the equation and you are free to move equity into more lucrative or appropriate investments.

Specific Reasons for Using 1031 Include: Consolidation or Diversification: You might want to decrease the number of properties you hold by exchanging out of multiple relinquished properties into fewer or a single replacement property. This action could reduce managerial and maintenance burdens. Alternatively, you might exchange out of one high-value property into multiple properties to limit investment exposure, diversify holdings or increase cash flow.

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FARMLAND OWNER 2026 RESOURCE

Relocation of Investment: If you relocate from one part of the country to another, you can use 1031 to move real property investments to your new location and avoid payment of capital gains tax.

Stepped-up Basis for Heirs: If you have used 1031 to defer taxable gain, your heirs will acquire the property on a stepped-up basis. Your heirs’ basis equals the fair market value (FMV) of the property at the time of your death and your heirs will pay no tax to the extent the sale price does not exceed the value declared in the estate.

What are the 1031 Timeframes?

Forty-Five Day Identification Rule: You have 45 days from the closing of the relinquished property(ies) to identify your potential replacement property(ies). You can identify any property or properties, subject to the Rules of Identification. You must have the identification documentation to your qualified intermediary on or before the 45th day. You do not have to have the identified property(ies) under contract to identify them.

Exchange Period Rule: You have 180 days from the closing of your relinquished property(ies) to close on the purchase of your replacement property(ies).

Why Use Whitaker Marketing Group to Sell Your Farmland?

• Champion Auctioneer • One-On-One Service • Honesty

The 200% Rule: The Exchanger may identify more than three properties, provided their combined fair market value does not exceed 200% of the value of the property sold.

The 95% Rule: The Exchanger may identify any number of properties, without regard to their value, provided the Exchanger acquires 95 percent of the fair market value of those properties.

Other Points to Remember: • To avoid all taxable gain you must buy a property of equal or greater value than the property. If you purchase a property of lesser value, you will be taxed on the difference.

• You must also use all the cash proceeds from the sale on your purchase to completely defer the applicable capital gains tax. If you do not use all your proceeds on the purchase, you will be taxed on the difference.

• You must place an equal amount of debt on the replacement property as was in place on the relinquished property.

• The above information should be considered general guidelines. It is very important that you work with a knowledgeable attorney and/or tax accountant and real estate professional when considering the sale of real estate and/or a 1031 Exchange.

• Utilizing Newest Technologies

1031 EXCHANGE

What are the Rules of Identification?

The Three Property Rule: The Exchanger may identify up to three properties without regard to their value.

• Professional Staff • Attention to Detail • Integrity • Passion • Marketing • Drone Video We understand that your farmland holds not only financial but also personal value.

Because we recognize the importance of your relationship with your land, we are also in a unique position to offer the objective guidance you need to make the best decisions for you and your family.

Our #1 job is to work for you. It is our fiduciary responsibility to make you the most money we can. We act as your agent, and are continually educating our staff to be the most knowledgeable in selling your farm. We customize each auction to you.

WHITAKER MARKETING GROUP

17

Types Of Exchanges Delayed Using the services of a qualified intermediary, you first sell relinquished property and subsequently acquire replacement property.

Subject to certain rules, you have up to 180 days from the transfer of the relinquished property to acquire replacement property.

Reverse Using the services of a qualified intermediary and an Exchange Accommodation Titleholder (EAT), you acquire replacement property before disposing of relinquished property. The EAT must take title to the replacement property until the relinquished property is sold. You

benefit from a reverse exchange when you must purchase the replacement property before selling the relinquished property. The transaction must be completed within 180 days.

Improvement Use relinquished property proceeds on deposit with a qualified intermediary to construct improvements on replacement property by structuring the transaction as an improvement exchange. Improvement exchanges are similar to reverse exchanges in that an EAT must take actual title to the replacement property while it is under construction. Again, the transaction must be completed within 180 days.

"Strawman" or Build-to-Suit At times, improvement exchanges cannot be completed within 180 days. For such occasions, a 1031 exchange can be structured outside the safe-harbor provisions of 1031 and still qualify for 1031 treatment. A third party must take actual title to the property and have a beneficial and significant interest in the transaction.

1031 Exchange Timeframe SALE DATE: DAY 0

MUST IDENTIFY BY: DAY 45

45 day period to identify replacement property(ies).

Exchanger must close on replacement investment property(ies) within 180 days of the closing date of the property that was sold.

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FARMLAND OWNER 2026 RESOURCE

MUST CLOSE BY: DAY 180

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1031 EXCHANGE

Specializing in Land and Ag Exchanges Specializing in Land and Ag Exchanges

FARMLAND INVESTMENT GUIDE Your Essential Overview For Agricultural Investment Success Why Invest in Farmland?

Evaluating Midwest Farmland

Iowa Farmland Specifics

• Stable, Predictable Returns: Average annual cash returns of 2.5-3% (similar to dividend stocks)

Financial Metrics •C ash rental yield: 2.5-3% typically • Total ROI: 6-10% including appreciation • Price per acre relative to recent comparable sales)

CSR Rating System: Iowa farmland is rated on a 0.5-100 scale (Corn Suitability Rating) •H igher CSR = better productivity, higher purchase price, and higher rental rates • P remium farms (CSR 80+) command top prices and rents

• Consistent Appreciation: Land values historically increase 3-7% annually • “No Tenants, Toil, or Turmoil”: Unlike residential real estate, farm operators handle all production work • Inflation Protection: Farmland values and income historically rise with inflation • Tangible Asset: Real, productive land with intrinsic, permanent value

Critical Factors •D rainage infrastructure and tile condition • Historical yield data (county average vs. farm performance) • Location relative to grain markets • Lease terms and operator quality • Field size and configuration for modern equipment

Let's build your farmland portfolio.

Investment Types: • P roduction Agriculture: Maximum income from row crops (corn, soybeans) •R ecreational Land: Hunting, conservation, lifestyle benefits with lower financial returns Tile Drainage Benefits: • P roperly tiled fields yield significantly better harvests •A dding tile costs approximately $1,200/acre • 1 00% tax-deductible under Section 179 tax deduction Nutrient Depreciation: Average of $1,700/acre in nutrient depreciation potential using Section 180 tax deduction

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FARMLAND OWNER 2026 RESOURCE

Tax Advantages • Section 179 Deduction: 100% deduction for drainage tile improvements ($1,200/acre average) • Section 180 Deduction: Nutrient depreciation benefits ($1,700/acre average)

FARMLAND FARMLAND INVESTMENTINVESTMENT GUIDE GUIDE

• 1031 Exchanges: Roll capital gains into new farmland purchases tax-deferred • Estate Planning Benefits: Stepped-up basis for heirs and potential special use valuation

Farmland Investment Approach Think of farmland as a “dividend stock” with annual cash rent plus appreciation Typical returns include: • 2 .5-3% annual cash return (similar to dividend yield) • 3 -7% historical annual appreciation • 6 -10% total annual return Investment timeframe should be 10+ years for optimal results. Consider working with professional farm managers to optimize returns.

WHITAKER MARKETING GROUP

21

FINANCING FOR FARMLAND INVESTMENT A Guide To Agricultural Lending Options SPECIALIZED AGRICULTURAL LENDERS Farm Credit Services of America: •C o-op Membership Benefits: 1% annual dividend to borrowers *Disclaimer: Returns may vary based on market conditions

• Loan Types: Real estate, operating lines, equipment financing • Terms: Fixed and adjustable rates; 15-30 year amortization

Farmer Mac (Federal Agricultural Mortgage Corporation): • Government-Sponsored Enterprise: Created by Congress for Farm Credit • Specialty: Secondary market for agricultural loans • Advantages: Competitive long-term fixed rates

Conterra Ag Capital:

• Alternative Financing: Options for complex or unique situations • Flexibility: Creative solutions for special circumstances • Loan Types: Traditional, alternative, and bridge financing

• Loan Size: $75,000 minimum

• Expertise: Deep understanding of Iowa agricultural markets

• Expertise: Restructuring and transitional lending

• Terms: 3-30 year fixed and adjustable rate products

• Website: www.conterraag.com

• Additional Services: Crop insurance, appraisal services

• Website: www.farmermac.com

• Patronage Program: Cash-back dividends based on business volume

Metlife Agricultural Investments:

Growers Edge:

• Experienced Loan Officers: Knows agriculture inside and out

• Institutional Strength: One of America’s largest agricultural lenders

• Focus: Loans for land, equipment, inputs, operating expenses, and more

• Focus: Commercial-scale operations and larger land purchases

• Global Perspective: International agricultural banking expertise

• Flexibility: Equipment financing and leasing programs with terms up to 10 years

• Loan Types: Long-term fixed rate agricultural mortgages

• Loan Types: Land purchase, refinancing, operating capital

• Terms: Adjustable and Fixed-rate mortgages up to 30 years

• Terms: 5-30 year fixed rates; minimum loan typically $1M+

•W ebsite: www.growersedge.com

• Farm Management: Advisory services for operational efficiency

•W ebsite: www.metlife.com/ agricultural-investments

• Website: www.fcsamerica.com

Rabobank/Rabo Agrifinance:

• Terms: Competitive rates with flexible structures • Market Intelligence: Access to agricultural commodity research • Website: www.raboag.com

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FARMLAND OWNER 2026 RESOURCE

GOVERNMENT PROGRAMS

USDA Farm Service Agency (FSA): •B eginning Farmer Programs: Special rates for new entrants to agriculture • Direct Farm Ownership Loans: Up to $600,000 •G uaranteed Farm Loans: Up to $2,343,000 (2026 limit) •D own Payment Program: Only 5% down for qualified beginning farmers • Terms: Lower interest rates than conventional loans • Website: www.fsa.usda.gov

TRADITIONAL FINANCING OPTIONS

Local & Regional Iowa Banks • Community Knowledge: Understanding of local land markets •R elationship Banking: Personalized service and local decision-making • T ypical Terms: 30-40% down payment; 15-30 year amortization • Advantages: Potential for faster loan processing and flexibility • Considerations: May have lending limits for larger purchases

Loan-To-Value Ratios:

• T ypical Requirements: 50-70% loan-to-value (30-50% down payment) • Prime Farmland: May qualify for lower down payment requirements • Soil Productivity Indexes: Higher-quality soils (CSR2, PI, NCCPI, or equivalent state indexes) may receive preferential lending terms

Interest Rate Structures:

• Fixed Rate: Protection from rising rates; typically 5-30 year terms • Adjustable Rate: Lower initial rates; repricing at 1-10 year intervals • Interest-Only Options: Available from some lenders for qualified borrowers

Tax Considerations:

• Mortgage Interest Deduction: Tax-deductible interest expenses • Section 179: Deductions for drainage tile improvements ($1,200/acre average) • Section 180: Nutrient depreciation benefits ($1,700/acre average) • 1031 Exchanges: Tax-deferred property exchange for farmland investors

FINANCING FOR INVESTMENT

Iowa Finance Authority Beginning Farmer Loan Program: • T ax-Exempt Bond Financing: Below-market interest rates • Eligibility: First-time farmland buyers with net worth under $820,000 • Loan Types: Land, improvements, breeding livestock • Maximum: Up to $667,500 per borrower • Website: www.iowafinance.com/beginningfarming-programs

FINANCING CONSIDERATIONS FOR FARMLAND

STEPS TO SECURE FINANCING 1. Determine Your Budget: Establish clear financial boundaries 2. Check Your Credit: Review and address any credit issues 3. Gather Financial Documents: Tax returns, financial statements, asset listings 4. Research Lender Options: Compare rates, terms, and agricultural expertise 5. Request Term Sheets: Compare offers from multiple lenders 6. Consider Loan Structure: Evaluate fixed vs. variable options 7. Review Prepayment Terms: Understand any penalties for early payoff 8. Analyze Closing Costs: Factor in all fees and expenses

National Banks With Agricultural Divisions • Examples: Wells Fargo, Bank of America, U.S. Bank •R esources: Extensive lending capacity for large purchases • Additional Services: Wealth management, succession planning • Terms: Conventional loan structures; typically higher down payments

WHITAKER MARKETING GROUP

23

SHOULD I LIST OR AUCTION MY FARM? A Comprehensive Guide For 2026 And Beyond UNDERSTANDING YOUR OPTIONS

LISTINGS

Wondering whether to list or auction your farm? It’s a big decision that can really affect your bottom line.

As someone who works with both traditional sales and auctions every day, I want to walk you through your options so you can make the best choice for your particular situation and goals.

Traditional listing remains the most common approach to selling land nationwide. It sets an asking price and opens the door for negotiations with potential buyers.

Sale Method Review

When selling farmland, you generally have several primary options: • T raditional Auction • T raditional Listing •O nline Auction • S ealed Bid Auction •O ff-Market Listing Each approach has its own strengths and attracts different buyers depending on your property type, location, ownership history, time constraints, and reasons for selling.

At Whitaker Marketing Group, we will help you find the best selling option for your unique property.

Traditional Listing

Advantages:

Wider Exposure: Your property stays visible longer, reaching buyers using 1031 exchanges or those who need financing

Off-Market Listing

Off-market sales happen without publicly listing your property, offering a more discreet selling approach.

Advantages:

Discretion: Maximum confidentiality throughout the transaction process Strategic Buyers: Direct negotiations with carefully selected, qualified prospects

Flexible Timeline: You can take your time reviewing offers and negotiating better terms

Leaseback Options: Perfect for sellers wanting to continue farming the land after sale

More Control: You maintain greater influence over sale conditions with space to consider each offer carefully

Property Preparation: We collaborate closely to enhance your property’s value before selling

Challenges:

Reduced Visibility: Your property might not achieve its full market potential due to limited exposure

Extended Timeframe: May take longer to complete the sale, particularly in today’s market with a smaller buyer pool Market Fluctuations: Property values could change during the listing period, potentially resulting in a lower final price

Suited For:

Challenges:

Fewer Prospects: A smaller pool of interested buyers might extend your selling timeline Price Uncertainty: More difficult to establish accurate market value

Properties that have recently been on the market, recreational land, farms with improvements or restrictions, development potential properties, or parcels that aren’t easily subdivided

TRADITIONAL LISTING

OFF MARKET LISTING

TRADITIONAL AUCTION

ONLINE AUCTION

SEALED BID AUCTION

VISIBILITY

Public

Private

Public

Public

Public

BUYER AUDIENCE

Widest Possible

Targeted

Widest Possible

Widest Possible

Widest Possible

CONFIDENTIALITY

Lowest

Highest

Med-Low

Med-Low

Medium

PROFESSIONAL MARKETING

Comprehensive

Limited

Comprehensive

Comprehensive

Comprehensive

PRICE ADVERTISED

Yes

Yes or No

No

No

No

BUYER INTERVIEW PROCESS

No

Yes

No

No

No

PUBLIC BIDDING

No

No

Yes

Yes

Yes

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FARMLAND OWNER 2026 RESOURCE

AUCTIONS

Public Auctions

Auctions have gained significant popularity for land sales, particularly for tillable farmland throughout the Midwest. The competitive environment helps establish genuine market value.

TRADITIONAL AUCTION (In-Person) Advantages:

Clear Timeline: Creates faster sales with specific deadlines and schedules Buyer Competition: Fosters an environment where multiple bidders can drive prices higher

Challenges:

Off-market sales happen without publicly listing your property, offering a more discreet selling approach.

Advantages:

Privacy Protection: Keeps all offer amounts confidential between parties Structured Timeline: Motivates buyers to submit their best offers from the start Customizable Terms: Accommodates special conditions like financing requirements or extended closing periods

Challenges:

Reduced Competition: May not generate the same energy and price escalation as public auctions

Less Predictability: Final sale price remains unknown until auction day

Limited Back-and-Forth: Fewer opportunities to negotiate after bids are submitted

Potential Downside: Risk of selling below expectations if market positioning isn’t optimal

Suited For:

Suited For:

FINDING YOUR BEST PATH FORWARDPublic There’s no universal approach to selling farmland.

Every property and seller has unique circumstances.

As your land professional, I’m dedicated to guiding you through this significant decision, drawing on my extensive experience and resources to identify the solution that best matches your specific needs and objectives.

SHOULD I LIST OR AUCTION MY FARM

Fair Process: Provides all potential buyers identical opportunities to participate under the same conditions

Sealed Bid Auction

Specialty properties, farms with improvements, larger tracts of land, and development land.

Premium farmland, properties attracting multiple interested parties, estate and trust sales

ONLINE AUCTION

Offers comparable benefits to traditional auctions but takes place in a digital format

Suited For:

Smaller parcels, recreational properties, land with development potential

WHITAKER MARKETING GROUP

25

COMPARING YOUR OPTIONS OFF MARKET LISTING

TRADITIONAL AUCTION

ONLINE AUCTION

SEALED BID AUCTION

Public

Private

Public

Public

Public

BUYER AUDIENCE

Widest Possible

Targeted, Highly Qualified

Widest Possible

Widest Possible

Widest Possible

CONFIDENTIALITY

Lowest

Highest

Med-Low

Med-Low

Medium

SINGLE ASSET SALE

X

X

X

X

X

MULTI-TRACT SALE

X

X

X

X

X

VERTICALLY INTEGRATED OPERATIONS

X

X

PROFESSIONAL PHOTOS & VIDEOS

X

X

PRICE ADVERTISED

X

ON-SITE SIGNAGE

X

TRADITIONAL LISTING OFFERING DESCRIPTION VISIBILITY

X

MARKETING POSITIONING

X

X

X

X

X

X

X

STANDARD MARKETING BROCHURE

X

X

X

X

E-BLAST, WEBSITE, MLS, SOCIAL MEDIA

X

X

X

X

MAILERS, POSTCARDS, ETC.

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

SALE PROCESS PRE-SALE UNDERSTANDING CLIENT GOALS & PROPERTY

X

OPTIMIZE ASSET PRE-SALE WITH CLIENT GATHER, AUDIT STANDARD DUE DILIGENCE ITEMS

X X

X

BUILD DUE DILIGENCE FILE, ENGAGE REPORTS

X X

MARKETPLACE ENGAGEMENT EXECUTE BROAD MARKETING CAMPAIGN

X

OUTREACH TO HIGHLY QUALIFIED BUYERS PUBLIC DOWNLOAD OF DILIGENCE ITEMS

X X

CONTROLLED ACCESS DILIGENCE PORTAL REGULAR STATUS UPDATES WITH CLIENT

X X

X

EXECUTE SALE CONDUCT PUBLIC BIDDING PROCESS EXECUTE PRIVATE SEALED BID PROCESS

X

COORDINATE BUYER INTERVIEW PROCESS

X

SUMMARIZE OFFERS, SELECT BUYER

X

X

X

NEGOTIATE DEAL TERMS, MUTUALLY EXECUTED PSA

X

X

X

WORK WITH ESCROW, SUCCESSFUL CLOSE

X

X

X

X

X

Let’s work together to achieve the best possible outcome for your farmland sale.

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FARMLAND OWNER 2026 RESOURCE

There’s $1,700 Per Acre Beneath Your Feet—Claim It. FROM DIRT TO DOLLARS: UNCOVER HIDDEN TAX BENEFITS WITH LEGACY NUTRIENT DEDUCTIONS™

If you’ve acquired ranchland or cropland in the last 15 years, Legacy Nutrient Deductions™ can unlock hidden value and convert it into tax savings.

Our process is built on science, adheres to IRS guidelines, and is proven to deliver results averaging $1,700 per acre. Nearly 4,000 customers in 50 states have already taken advantage of these deductions.

The best part? It works for nearly any agricultural property, no matter what you grow—or graze. It’s already in your soil. All it takes is a partner who knows where to look.

What’s stopping you from taking advantage of this huge tax break?

See how much you could save at boasafraag.com

515-690-7333

STARTING TO FARM WITH FSA FSA Programs For Beginning Farmers ARE YOU ELIGIBLE AS A BEGINNING FARMER? To qualify for FSA beginning farmer programs, you must:

• Have operated a farm for less than 10 years • Substantially participate in the operation • Be unable to obtain sufficient credit elsewhere • Have an acceptable credit history • Be a U.S. citizen or qualified alien • Ownership Limitation: You cannot own a farm larger than 30% of the average sized farm in your county, at the time of application.

Note: Program details are subject to change.Contact your local FSA office or the Iowa Finance Authority for the most current information and requirements.

Let’s get started on your farming journey.

FSA Loan Programs For Beginning Farmers Direct Farm Ownership Loans:

• Maximum Amount: Up to $600,000 (limits may adjust annually) • Purpose: Purchase farmland, construct buildings, conservation projects • Terms: Up to 40 years • Interest Rates: Below commercial rates (variable, based on government borrowing costs) • Special Feature: Dedicated funding specifically reserved for beginning farmers • Note: For direct farm ownership loans, you must have operated a farm for at least 3 years • Value: Max $600,000 • Down Payment: Only 5% required from you • Remaining Portion: 50% from a commercial lender • Interest Rate: 1.625% fixed on FSA portion (subject to change) • Term: 20 years •A dvantage: Dramatically reduces initial capital required to purchase farmland

Direct Farm Operating Loans:

• Maximum Amount: $400,000 • Purpose: Livestock, equipment, inputs, annual operating expenses • Terms: 1-7 years depending on purpose • Special Feature: Simplified application for smaller farmers

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FARMLAND OWNER 2026 RESOURCE

Microloans:

• Maximum Amount: $50,000 • Purpose: Smaller operations, specialty crops, beginning expenses • Advantage: Streamlined application process • Terms: Up to 25 years for farm ownership; 7 years for operating expenses

Guaranteed Farm Loans:

• Maximum Amount: $2,343,000 (as of 2026) • Structure: Commercial lender provides loan with FSA guarantee • Guarantee: FSA guarantees up to 95% of loan amount • Terms: Negotiated with lender (40 years max for real estate) • Advantage: More accessible commercial financing

Land Contract Guarantees:

• Purpose: Facilitates private land sales between retiring and beginning farmers • Maximum Guarantee: $500,000 • Down Payment: 5% minimum • Benefit: Provides financial guarantees to the seller of the farm

State-Specific Programs Example: Iowa

Application Process

Iowa Beginning Farmer Tax Credit Program:

1. Contact your local FSA office for initial consultation 2. Complete FSA forms and Farm Business Plan 3. Gather financial records (3 years if available) 4. Develop farm operating plan and cash flow projections 5. Provide verification of income and credit history 6. Identify property (for farm ownership loans) 7. FSA reviews application for eligibility and feasibility 8. Loan decision based on program criteria 9. Closing process begins for approved loans

• Benefit: 5-15% tax credit to landowners who lease to beginning farmers • Result: More accessible land rental opportunities • Administrator: Iowa Finance Authority

IADD Loan Participation Program:

• Benefit: Reduces interest rates by up to 4% on the IADD portion • Structure: Works alongside your primary agricultural lender • Advantage Lower overall borrowing costs • Administrator: Iowa Finance Authority

Iowa Beginning Farmer Loan Program (BFLP):

• Structure: Tax-exempt bond financing for reduced interest rates • Eligibility: Net worth under $852,000 • Maximum: Up to $575,600 per borrower • Purpose: Purchase of agricultural land, improvements, breeding livestock • Administrator: Iowa Finance Authority

Iowa Beginning Farmer Down Payment Program:

• Purpose: Supplemental assistance with farm purchases • Advantage: Can be combined with federal FSA programs • Administrator: Iowa Finance Authority

Beginning Farmer and Rancher Development Program: • Education, training, and mentoring programs

Environmental Quality Incentives Program (EQIP) • Cost-sharing for conservation practices with special funding for beginning farmers

Conservation Reserve Program Transition Incentives (CRP-TIP): • I ncentives for retiring farmers to transfer land to beginning farmers

Farm Storage Facility Loans • Low-interest loans for storage with reduced down payment (5%) for beginning farmers

Key Resources • Find Your Local FSA Office: farmers.gov/service-centerlocator (https://www.farmers.gov/working-withus/servicecenter-locator) • FSA Beginning Farmer Programs: fsa.usda.gov/farmloans (https://www.fsa.usda.gov/programs-andservices/farmloan-programs/beginning-farmers -and-ranchers-loans/index) • Iowa Finance Authority: iowafinance.com/beginningfarming-programs (https://www.iowafinance.com/beginningfarming-programs/) • Iowa State University Beginning Farmer Center: extension.iastate.edu/bfc (https://www.extension.iastate.edu/bfc/)

SUCCESS STRATEGY TIPS

STARTING TO FARM WITH FSA

ADDITIONAL SUPPORT PROGRAMSPublic

• Start Early: The application process can take 30-60 days • Build Experience: Document your agricultural experience carefully • Financial Records: Maintain detailed financial records and good credit • Business Plan: Develop a realistic and detailed farm business plan • Multiple Programs: Consider combining multiple FSA and Iowa programs • Seek Guidance: Work with experienced FSA staff and agricultural advisors

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OUR STORY Whitaker Marketing Group is headed by David and Ann Whitaker, a husband and wife team, working for the common goal of doing the best job for their clients.

Whitaker Marketing Group is a full service auction and real estate firm serving the Midwest since 2008.

Our primary focus is agricultural real estate. Whitaker Marketing Group also regularly works with non-profit organizations to raise money for fundraising.

With agriculture in our blood, we are experts in our prospective fields.

Whitaker Marketing Group also has team members, throughout the state of Iowa, that are extremely friendly, honest, knowledgeable, hard working, and talented!

Our job is to work with buyers and sellers, to connect them and have a successful exchange of property.

“Our commitment is to be your trusted advisor."

Our obligation is to market your assets to the largest audience, yielding the most successful outcome.”

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FARMLAND OWNER 2026 RESOURCE

David Whitaker

Broker | Auctioneer Huxley, IA - (515) 460-8585

Agent Washington, IA - (406) 899-0095

Bryan Vintika

Agent | Owner Huxley, IA - (515) 460-0255

Agent Carroll, IA - (219) 205-2038

Jay Brower

Kathy Loew

Broker Associate Hampton, IA - (641) 580-4070

Broker | Agent Unionville, MO - (515) 391-1677

MAIN OFFICE CONTACT Phone: 515-996-LAND (5263)

Mike Gilman

Agent Ankeny, IA - (515) 577-5600

Amber Franks

Main Office Manager Huxley, IA - (515) 996-5263

Email: info@wmgauction.com Office: 101 US 69 Huxley, IA 50124 Website: www.WMGauction.com

WHITAKER MARKETING GROUP

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OUR STORY

Greg Koch

Ann Whitaker

THINKING ABOUT SELLING THE FARM? (or Rental Apartments, Second Home, Commercial Building, or Vacation Condo)

How to "MAKE YOUR INVESTMENTS WORK FOR YOU" IS THIS YOU OR SOMEONE YOU KNOW? • You own your property free and clear; you don’t want to write the big check to the IRS If you sell?

• You need additional income?

• You have heard about a 1031 EXCHANGE but don’t understand

the process?

• What and how do I find a replacement property if I do a 1031?

• You need to create monthly ‘Mailbox Money’ – how is that done?

• How do I handle my estate planning? protect my family?

• What is a DST? I have been hearing about?

• What does it mean to 'replace' debt? – or LTV? The key to success is the planning and working with those experts who can guide you to your financial goals to preserve your wealth by “MAKING YOUR INVESTMENTS WORK FOR YOU” Take that first step

SCHEDULE A PRIVATE CONSULTATION Email or call: Norma@VistaPropertiesandInvestments.com 314.843.6048 or 314.517.3768

WWW.VISTAPROPERTIESANDINVESTMENTS.COM

NORMA NISBET President and Founder of

VISTA PROPERTIES AND INVESTMENTS LLC

Norma and her Team will work with you to answer and provide tax advantaged solutions to these and other questions you may have regarding your property ownership issues while offering personalized service and assistance.

Having over 25 years of experience in Commercial Investment Real Estate and Land, and now as a Registered Representative licensed in Securities for over 15 years, we are your trusted partner working with you on your estate planning for you and your family along with your CPA and/or tax attorney. We show you how to "Make Your Investments Work For You".

Securities offered through Great Point Capital, LLC (GPC) (member FINRA/SIPC). Norma Nisbet is an independent Registered Representative of Great Point Capital, LLC. Vista Properties and Investments LLC is independent of Great Point Capital LLC. Vista Properties and Investments LLC is not an affiliate company of Great Point Capital, LLC *Vista Properties and Investments LLC , and Great Point Capital, LLC do not provide legal or tax advice. Investing has risks; performance is not guaranteed. No offer to buy or sell securities is being made. Such offers may only be to qualified accredited investors via private placement memorandum. Neither GPC nor Vista Properties and Investments LLC are tax advisors. Prospective strategies and products used in any tax advantaged investment planning should be reviewed independently with your tax and legal advisors. Investments are not guaranteed or FDIC insured and risks may include but are not limited to complete loss of principal investment. Risks detailed in a private placement memorandum should be carefully reviewed, understood and considered before investment. Changes in the tax code and other regulatory revisions could have a negative impact upon strategies developed and recommendations made. Risk Disclosure: Alternative investment products, including real estate investments, notes & debentures, hedge funds and private equity, involve a high degree of risk, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds, often charge high fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop. There may be restrictions on transferring interests in any alternative investment. Alternative investment products often execute a substantial portion of their trades on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those associated with investments in U.S. markets.

Additionally, alternative investments often entail commodity trading, which involves substantial risk of loss. NO OFFER OR SOLICITATION: The contents of this website: (i) do not constitute an offer of securities or a solicitation of an offer to buy of securities, and (ii) may not be relied upon in making an investment decision related to any investment offering by Vista Properties and Investments LLC or, Great Point Capital, LLC, or any affiliate, or partner of (“Great Point Capital”). and Investments LLC does not warrant the RESOURCE accuracy or completeness of the information contained herein. FINRA Broker Check: Check the background of this investment professional on FINRA BrokerCheck.

32 Vista Properties FARMLAND OWNER 2026

about farmland

Farmland Auction FAQs – Your Questions Answered By The Iowa Land Experts

Are you thinking about buying or selling Iowa farmland but unsure where to start? You're in the right place.

At Whitaker Marketing Group, we specialize in farmland auctions, land sales, and rural property marketing across Iowa and the Midwest. Whether you're a first-time buyer, a seasoned investor, or a landowner ready to sell, we’re here to help you navigate the process with confidence.

We’ve compiled answers to the most frequently asked questions about farmland auctions—from how to get started and what to expect to understanding commission structures and land value trends. Each answer reflects our deep experience managing farmland sales and maximizing landowner returns.

Scan the QR code to view all the videos!

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50 QUESTIONS

QUESTIONS

WHAT IS A CSR SCORE? In Iowa, farmland productivity is often measured using the Crop Suitability Rating (CSR) or its updated version, CSR2. This score helps determine the land’s potential for crop production on a scale of 0.5 to 100, with 100 being the most productive.

Why It’s Important for Sellers Knowing your farm’s CSR2 score provides valuable insight into its productivity and marketability. Buyers rely on this data to evaluate farmland quality, making it a key tool for pricing and negotiations.

Facts About CSR Scores • Introduced: Iowa State University created CSR in 1971 and updated it to CSR2 in 2011.

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Key Takeaways 1. CSR2 scores range from 0.5 to 100, with higher scores indicating better productivity.

2. Soil type, water-holding capacity, and topography significantly impact the score.

3. CSR2 is used by government agencies and land professionals for farmland valuation.

• Key Factors: Soil type, topography, waterholding capability, and slope.

For more insights into your land’s potential or help determining your CSR2 score, contact our team today!

• CSR2 Update: Offers improved accuracy by incorporating water-holding capacity.

• Why It Matters: All government agencies, like USDA and FSA, use CSR2 to assess farmland value.

CAN I SET A RESERVE? Yes, you can set a reserve when selling your farm. A reserve is your bottom-dollar price—the minimum amount you’re willing to accept for the property. This option allows sellers to ensure their farm doesn’t sell below a certain value.

Types of Auctions • Reserve Auction: The property only sells if bidding meets or exceeds your reserve price.

How Reserves Work • The reserve is typically set in consultation with your broker after a farm valuation or appraisal.

• Many sellers set the reserve 10% below the targeted sale price to encourage bidding while minimizing the risk of underselling.

• Reserves are a safeguard, not a pricesetting tool. They aim to prevent financial loss, not dictate the final sale price.

• Absolute Auction: The property sells to the highest bidder regardless of the final price.

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Key Takeaways 1. Reserves protect your minimum acceptable price during an auction.

2. Absolute auctions lets the buyers know the seller is going to sell.

3. A well-placed reserve balances seller protection with buyer interest to drive competitive bidding.

Want to explore whether a reserve or absolute auction is best for your farm?

Contact our team today for tailored advice and expert auction services!

DO YOU OFFER ONLINE BIDDING? Yes, we offer online bidding through a custom-built platform designed specifically for farmland auctions. This ensures convenience for bidders while maximizing exposure and competition for sellers.

Features of Our Online Bidding Platform • Custom Design: Built exclusively for farmland auctions, unlike syndicated software that may resell user data.

Why It Matters for Sellers Online Bidding opens your property up to a larger pool of buyers, increasing competition and raising the potential for better results. It also accommodates busy or remote bidders, ensuring everyone has a chance to participate no matter where they are.

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Key Takeaways 1. Our online platform is secure, userfriendly, and optimized for farmland auctions.

2. Bidders can participate from any device, including mobile phones.

3. Sellers benefit from wider exposure and enhanced buyer convenience.

Ready to leverage cutting-edge technology to sell your farm?

Contact our team today for details on our auction services!

• User-Friendly Interface: Large buttons and clear visuals make bidding easy, even for first-timers.

• Mobile Compatibility: Bid from anywhere— on your phone, tablet, or PC. • Live Auctioneer Experience: High-quality audio and video feeds let bidders see and hear the auctioneer in real-time.

Yes, you can sell your farm even if it’s leased.

In Iowa, whether a farm is subject to a lease or has an open lease agreement, there are options available to ensure a successful sale.

Considerations for Selling Leased Farmland • Lease Termination Deadline: In Iowa, lease termination notices must be served by September 1. If no notice has been served, the buyer must honor the existing lease for the remainder of the term.

• Open Lease Agreements: If the lease has been terminated, the property will be sold with no lease obligations, which can appeal to buyers seeking immediate use of the land.

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• Selling Subject to a Lease: Just like selling a hotel or commercial property, farmland can be sold with a lease in place. Buyers may inherit the lease terms, including cash rent payments.

Key Takeaways 1. Farms can be sold whether they are leased or have an open lease.

Who Gets the Cash Rent?

Determining who receives the cash rent depends on several factors:

3. Tax considerations play an important role in deciding how to handle cash rent.

1. Timing of the Sale: Cash rent may be prorated based on the date of closing.

2. Buyer/Seller Agreement: This can be negotiated during the sale.

2. Cash rent distribution depends on the timing and terms of the sale.

For expert advice and tailored strategies to sell your leased farmland, contact our team today!

3. Tax Implications: Sellers can choose to collect the rent as ordinary income or apply it as a deduction to reduce capital gains taxes.

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50 QUESTIONS

CAN I SELL MY FARM, IF IT'S LEASED?

SHOULD WE SPLIT UP THE FARM? Deciding whether to split a farm into multiple tracts depends on factors like geography, buyer demand, and your goals as the seller.

This decision is typically addressed during the farmland valuation process.

Factors to Consider 1. Family Preferences: Some families prefer to keep the farm intact, even if splitting it could yield higher profits.

2. Geographic Advantages: Splitting the farm may attract competitive bidding from neighbors or create more accessible parcels for different buyers.

4. Land Features: Soil type, field shape, and topography all influence whether splitting the farm makes sense.

The Decision-Making Process • Valuation Analysis: A thorough evaluation of the farm will help determine whether splitting it increases its marketability and value.

• Seller Goals: Your expectations, whether financial or sentimental, play a crucial role in the decision.

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Key Takeaways 1. Splitting the farm can boost buyer interest, but isn’t always the best financial or personal choice.

2. Factors like geography, tract size, and competitive bidding influence the decision.

3. Your goals as the seller guide the final strategy.

For expert guidance on maximizing the value of your farm, contact our team today!

3. Buyer Accessibility: Smaller tracts are often easier for buyers to purchase, making the farm more appealing to a wider audience.

CAN I SELL IF MY FAMILY DOESN’T WANT TO? Selling farmland when your family disagrees can be complex, but it’s possible depending on the circumstances. In Iowa, the key factor is ownership percentage and whether the land can be divided.

Important Considerations 1. Ownership Percentage: • If you own 25% or less, selling without family agreement is unlikely.

• The court considers factors like size, shape, value, and farmability to ensure fairness.

3. Family Buyout Option: • Before filing a legal action, consider discussing your plans with your family.

• They may be willing to purchase your share, avoiding court involvement and maintaining family harmony.

• If you own more than 25%, you may sell your share if the land is geographically dividable 2. Partition Action: • If the land isn’t easily divided, you can file a partition action in court.

• The court may decide to sell the property, as splitting proceeds is often simpler than dividing farmland.

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Key Takeaways 1. If you own more than 25%, selling your share is possible, especially if the land is easily dividable.

2. A partition action allows you to request a legal division or sale of the land through the court.

3. Communicating with your family first can lead to a resolution without legal complications.

For help navigating family farm sales or understanding your options, contact our team today!

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# WHAT DOCUMENTS DO I NEED? Starting the farmland auction process requires a few key documents to ensure everything is handled smoothly and legally.

Here's what you’ll need: Essential Documents 1. Listing or Auction Agreement: • This agreement outlines terms like price, conditions, auction date, and location.

• It formalizes the relationship between you, the seller, and the brokerage/ auction company.

2. FSA Release Form: • Authorizes the brokerage or auction company to access farm details from the Farm Service Agency, including your farm’s "report card."

3. Executor or Trustee Paperwork (if applicable): • Required if you’re acting on behalf of an estate, trust, or multiple owners.

Key Takeaways 1. A signed Auction Agreement and FSA Release Form are required to get started.

• Establishes your authority to represent the group.

2. Executor or trustee documentation is essential if selling on behalf of an estate or trust.

Optional, but Helpful, Documents • Abstract of Title: Having your abstract available can help prevent closing delays by expediting the title search and legal review.

• Current Farm Lease Agreement: If the property is leased, provide a copy of the lease and tenant contact information to ensure proper disclosure and coordination.

3. Locating your Abstract of Title early ensures a smoother closing process.

Ready to begin the auction process?

Contact our team for a seamless and professional experience!

• Recent Yield History: Yield data from past crop years can support marketing efforts by showcasing the farm’s productivity.

• Survey or Plat Map: Helpful in confirming property boundaries, especially if changes have occurred or if no recent survey exists.

If your farm doesn’t meet the reserve price at auction, there are two primary paths forward. These options allow flexibility and ensure the best outcome for the seller.

Options After Not Meeting the Reserve 1. List the Farm for Sale: • The farm is listed immediately for the next six months.

• By this stage, we know the interested buyers and sellers, and the focus shifts to negotiating a mutually successful price.

• Most farms sell within this timeframe as we continue working with the parties involved.

2. Opt Out: • If you decide not to proceed with a listing or further efforts, you can exit the agreement.

• The only requirement is to reimburse the marketing expenses, ensuring no financial losses to the auction company.

Why Reserves Matter: • Reserves are designed to protect sellers from accepting an unfavorable price.

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Key Takeaways 1. If the reserve isn’t met, the farm can be listed for sale to attract additional offers.

2. Sellers who choose to opt out only need to cover marketing expenses.

• Not meeting the reserve simply means taking additional steps to find the right buyer at the right price.

3. Reserves provide a safety net while still allowing flexibility after the auction.

• Buyer/Seller Agreement: In some cases, terms can be negotiated during or after the sale if both parties are interested.

Need help navigating post-auction options? Contact our team for personalized guidance and support!

• Tax Implications: Sellers may choose to treat rent as ordinary income or apply it as an expense to offset capital gains.

Consulting a tax advisor is recommended.

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50 QUESTIONS

WHAT HAPPENS IF WE DON'T MEET THE RESERVE?

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WHAT IS MY FARM WORTH? Determining the value of your farmland is a complex process that involves multiple factors, from soil productivity to market conditions. No two farms are the same, and accurate valuations require professional insights beyond generic online estimates.

Key Factors in Farmland Valuation 1. CSR Score

How to Get an Accurate Valuation Hire a trusted farmland professional who can: • Evaluate your farm’s specific attributes.

• Provide insights into current market conditions.

• Deliver a personalized valuation based on years of experience and local expertise.

2. Farm Features 4. Current Market Conditions Why You Need a Professional Valuation Generic online tools, like Zestimates for homes, use algorithms that don’t account for critical factors such as topography or buyer demand.

For example, two farms five miles apart can differ by thousands of dollars per acre due to unique characteristics that only a local, professional evaluation will catch.

WHAT IS TRANSFER TAX? Why Does Transfer Tax Exist?

Transfer tax helps fund public services and infrastructure in Iowa. It’s a standard cost in most real estate transactions across the state.

How Much Does Transfer Tax Cost?

The transfer tax rate in Iowa is $1.60 per $1,000 of the sale price, and the first $500 is exempt.

• Example: If your farm sells for $1,000,000, the transfer tax is $1,599.20.

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2. Online tools provide rough estimates but often miss critical details that only a professional evaluation can uncover.

3. Consult a farmland expert to ensure accurate pricing and marketability.

Looking for a trusted valuation?

Visit iowalandguy.com for a free farm assessment and let us help you maximize your land’s value.

3. Neighbors

In Iowa, a transfer tax (also known as revenue stamps) is a fee charged by the state when land is transferred from one person to another. It’s a standard cost associated with selling farmland or any real estate.

Key Takeaways 1. Your farm’s value depends on CSR score, farmability, neighbors, and market trends.

FARMLAND OWNER 2026 RESOURCE

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Key Takeaways 1. Iowa charges $1.60 per $1,000 of the sale price, and the first $500 is exempt.

2. The tax applies to all land transfers in Iowa.

3. When preparing to sell your farm, be sure to factor transfer tax into your total closing costs.

For more insights on selling farmland, including understanding all costs, contact our team today!

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WHAT IS A 1031 TAX EXCHANGE? A 1031 Tax-Deferred Exchange, named after IRS Code 1031, allows you to defer capital gains taxes when you sell a property and reinvest the proceeds into a "like-kind" property. This strategy is widely used for farmland sales to maximize reinvestment and minimize tax burdens.

How Does a 1031 Exchange Work?

1. Sell Your Farm: The exchange process begins when your farm sells. For tax purposes, the sale date is when the money changes hands at closing.

2. Identify Replacement Property: Within 45 days of the closing date, you must identify potential replacement properties in writing, following IRS guidelines.

3. Close on the Replacement Property: Within 180 days of the closing date, you must complete the purchase of the identified replacement property.

4. Defer Your Tax Liability: Capital gains taxes are deferred by reinvesting the full proceeds into a replacement property of equal or greater value.

Key Takeaways 1. A 1031 exchange lets you reinvest proceeds from a sale into like-kind property while deferring taxes.

What Taxes Are Deferred?

• Federal Capital Gains Tax: Currently 15%, plus an additional 3.8% Net Investment Tax.

2. You have 45 days to identify and 180 days to close on a replacement property.

• State Tax: In Iowa, around 8%, unless you materially participate in farming operations.

3. Work with a qualified intermediary and a professional farmland expert to ensure compliance with IRS rules.

• Total Tax Burden: Deferring taxes can save up to 25% or more of your gain.

Interested in learning more? Contact our team for expert guidance or to connect with IPE 1031 Exchange, the industry experts who can make your 1031 process seamless!

Example: • Original Purchase Price: $1,000/acre • Current Sale Price: $10,000/acre • Capital Gain: $9,000/acre • Deferred Tax Savings: 25% of $9,000 = $2,250/acre

A common question sellers ask is when to arrive for a farmland auction. While buyers often show up just minutes before the sale, sellers should plan to arrive earlier for final preparations and discussions.

Recommended Arrival Time for Sellers • Arrive 15 minutes before the auction begins.

Auction Team Preparation The auction company arrives 2 hours before the sale to: 1. Test the internet and video connections.

2. Set up equipment for a seamless live or simulcast auction.

3. Finalize the venue and ensure all logistics are in place.

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Key Takeaways 1. Arrive 15 minutes before the auction for final conversations and to avoid unnecessary waiting.

2. Don’t be alarmed if buyers aren’t visible until shortly before the auction starts.

3. The auction team handles technical preparations well in advance, ensuring everything runs smoothly.

For personalized support and a stress-free auction day, contact our team for expert farmland auction services!

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50 QUESTIONS

WHAT TIME DO I NEED TO BE AT THE AUCTION?

WHEN DOES THE BUYER GET POSSESSION? Possession of farmland typically transfers to the buyer when the money changes hands, unless otherwise specified in the purchase agreement. However, leases and other factors may impact the timing of full possession.

2. Existing Leases: • If the property is leased, the buyer may not have immediate operational control.

Key Factors for Possession 1. Purchase Agreement Terms: • The exact possession date is outlined in the purchase agreement.

3. Access to the Land: • Buyers can typically walk the property once the sale closes and funds are exchanged.

• In Iowa, many farmland leases expire on March 1, meaning possession of the land’s use may be delayed until then.

• This is the legally binding timeline for when the buyer can take control.

WHERE DO I FIND MY ABSTRACT? An abstract is a crucial document that details the chain of title for farmland, tracing ownership back to when the U.S. government first granted the land. If you’re trying to locate your parents’ abstract, there are a few common places to check.

What is an Abstract?

The abstract is a thick document that records the entire ownership history of the land, including:

Common Locations for Abstracts 1. Safety Deposit Box: • This is the most likely place where abstracts were often stored—in a bank safety deposit box for safekeeping.

• Liens, mortgages, and divisions of the property

• Government land grants.

• Transfers of ownership.

2. Home Records: • Check file cabinets or other storage areas where important documents have been kept.

3. Bank/Lender Vault: • If there was a loan or lien on the property, the bank or lender may have retained the abstract in their records.

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Key Takeaways 1. Possession is usually granted when the sale closes and funds are transferred.

2. Active leases may delay operational control, even after ownership changes.

3. The purchase agreement dictates the specific terms of possession.

Need help navigating farmland transactions? Contact our team for expert advice and support!

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Key Takeaways 1. Start your search with a safety deposit box or a family filing cabinet.

2. Contact the bank if a loan or lien was tied to the property.

3. The abstract provides a complete title history and is essential for farmland transactions.

Need help with farmland documentation or transactions?

Contact our team for today professional assistance!

WHEN DO WE GET PAID? Payment for your farmland typically happens on the closing day, which is usually around 45 days after the auction or sale.

Payment Process 1. Closing Day: • The buyer transfers funds to the closing office, which is typically a title company or an attorney.

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Key Takeaways 1. Sellers are paid on closing day, typically 45 days after the auction or sale.

• The closing office then distributes the funds to the seller or sellers.

2. Payment is distributed via wire transfer or check, depending on your preference.

2. Payment Method: • Wire Transfer: Funds are typically deposited into your account on the same day as closing.

3. Delays may occur if multiple parties are involved, as all distributions must be finalized.

• Check: May take 2–3 business days to arrive by mail after closing.

For a smooth and professional closing process, contact our team for expert assistance with your farmland transaction!

In Iowa, lease termination is a critical step when planning to sell farmland that has a tenant farmer. Here’s what you need to know about the process and timeline.

When to Serve Lease Termination • Termination Deadline: Notice to terminate a farm lease must be served by September 1 of the current year. If it’s not served by this date, the lease automatically renews under the same terms for another year.

• Lease End Date: Even if proper notice is given by September 1, most farm leases remain active until March 1 of the following year. That’s because most Iowa farm leases run on a March-to-March cycle.

How to Serve Lease Termination 1. Forms and Documentation: • Use online forms or lease termination templates.

• Ensure the document meets legal requirements for proper notice.

2. Delivery Methods: • Serve the notice yourself.

• Hire an attorney to handle the process.

• Work with a farmland broker (like us!) to assist with preparation and delivery.

3. Communication with the Tenant: • If you prefer not to deliver the notice yourself, your broker or attorney can communicate with the tenant to explain the plans and handle the process.

Key Takeaways 1. Serve lease termination by September 1st to avoid automatic renewal.

2. The lease remains valid until March 1st, even after termination notice.

3. Brokers or attorneys can handle the termination process and tenant communication to ease the burden.

If you’re considering selling your farmland and need assistance with lease termination, contact our team for expert guidance!

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HOW & WHEN DO YOU # SERVE LEASE TERMINATION?

WHAT IS FSA 156?

The 156 Form is a vital document for farmland owners, often referred to as the "pedigree" of your farm. It provides detailed information about your farm’s characteristics, usage, and participation in government programs.

What Information is on a 156 Form?

1. Acreage Details: • Total acres.

• Crop acres.

• Tillable acres as recognized by the Farm Service Agency (FSA).

2. Government Programs: • Current enrollment in ARC (Agricultural Risk Coverage) or PLC (Price Loss Coverage).

• Historical participation in government programs like DCP (Direct and CounterCyclical Payment Program).

3. Yield Information: • PLC Yield: The benchmark yield used for program payments.

4. Environmental Details: • Wetland Designations: Identifies areas with potential environmental or land-use restrictions.

5. Mapping: • Often includes an FSA map showing field boundaries, acreage usage, and field identifiers.

Why is the 156 Form Important?

• It serves as a resume for your farm, detailing its productivity and compliance with government programs.

Key Time Limits 1. Closing Date (Sale Date): • The sale date for a 1031 exchange is the closing date—when funds officially change hands, not when the auctioneer says “sold.”

2. 45-Day Identification Period: • You have 45 days from the closing date to identify potential replacement properties.

2. It includes critical details like wetland designations and crop history.

3. The form is essential for marketing your farm and ensuring transparency in transactions.

Need help accessing or interpreting your 156 Form? Contact our team for expert assistance!

• It helps sellers accurately market their farmland with comprehensive data.

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3. 180-Day Closing Period: • You have 180 days from the closing date to complete the purchase of the replacement property and transfer funds.

Key Takeaways 1. The 45-day period starts on the closing date, not the auction date, to identify replacement properties.

How the Process Works • Qualified Intermediary: During the exchange, sale proceeds are held by a qualified intermediary in a separate trust account specific to your transaction.

2. The 180-day period is the total time to close on the new property after selling the old one.

• Funds cannot be accessed by the seller during this period—they must go directly toward the purchase of the replacement property.

• This must be done according to IRS rules, such as the 3-property rule (identify up to three properties) or the 200% rule (identify properties worth up to 200% of the sold property's value).

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Key Takeaways 1. The 156 Form summarizes acres, yields, and government program participation for your farm.

• Buyers, brokers, and lenders often use it to evaluate the farm’s potential.

WHAT ARE THE 1031 TIME LIMITS? A 1031 tax-deferred exchange allows you to defer capital gains taxes by reinvesting the proceeds from a property sale into a like-kind property. However, strict IRS timelines apply.

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3. Funds are managed by a qualified intermediary throughout the process.

Need assistance navigating your 1031 exchange? Contact our team for expert guidance and support!

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WHO DO WE WRITE THE CHECK TO? After executing a farmland purchase agreement, the earnest money payment— typically 10% of the gross price—must be paid.

3. Trust Accounts: • The attorney holds the earnest payment in a trust account until the transaction closes.

Key Takeaways 1. Write the earnest payment check to the seller’s attorney or as specified in the purchase agreement.

Earnest Payment Details 1. Amount: • 10% of the sale price.

Special Cases • If the property is part of a trust, receivership, or estate, the seller’s designated attorney will typically manage the funds.

2. The funds are held in a trust account for security until closing.

• Example: For a $1,000,000 sale, the earnest payment is $100,000.

3. Earnest money is typically 10% of the sale price in farmland transactions.

For a smooth transaction and assistance with all auction details, contact our team today!

2. Payee: • The check is written to the seller’s attorney or a designated attorney specified in the purchase agreement.

• If the seller doesn’t have an attorney, Whitaker Marketing Group uses its inhouse attorney to hold funds in their trust account.

The typical timeframe to close on a farmland transaction is around 45 days, but this can vary depending on the specifics of the deal.

Factors Affecting Closing Time 1. Cash Transactions: • Cash deals tend to close faster since they don’t involve lender approval processes.

Key Takeaways 1. Standard closing timeline: Approximately 45 days after signing the purchase agreement.

• Closing can occur in as little as 30 days.

2. Cash transactions: Often faster, taking around 30 days.

2. Financed Transactions: • If the buyer is using a lender, the timeline may extend due to loan approval, appraisals, and title reviews.

• Expect closer to 45–60 days.

3. Other Considerations: • Involvement of multiple attorneys or title companies can extend the timeline.

3. Financed transactions: May take closer to 45–60 days due to additional steps.

For a seamless closing process, trust our team to guide you every step of the way!

• Outstanding issues with the property title or documentation can cause delays.

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50 QUESTIONS

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# HOW SOON CAN WE CLOSE?

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HOW MUCH DOES A # FARMLAND BROKER CHARGE? Farmland broker fees can vary widely depending on the size of the property, its value, and the services provided.

Here’s what you need to know about typical charges.

Typical Broker Fees 1. Percentage-Based Fee: • Broker fees usually range from 1% to 10% of the sale price.

• Larger farms (e.g., $20 million) often have a lower percentage fee than smaller farms (e.g., $200,000).

What’s Included in Broker Fees?

1. Marketing and Advertising 2. Closing Services 3. Taxes or Back Taxes Key Considerations • Farms with higher values often receive a lower percentage rate due to economies of scale.

• Brokers invest similar effort in all transactions, ensuring equal marketing and service quality for both large and small properties.

2. Flat Fee: • In some cases, brokers may charge a flat fee instead of a percentage, depending on the farm and the agreement.

DO YOU PROVIDE DRONE VIDEOS? Yes, at Whitaker Marketing Group, we use drone videos to showcase farmland and maximize its appeal to potential buyers.

Drone footage has become one of the most effective ways to attract attention and generate interest online.

Why Use Drone Videos?

1. Higher Engagement: Online videos, especially drone footage, receive more views and clicks than other types of content.

2. Services like marketing, closing costs, and abstract updates may be included or billed separately.

3. Fee structures are often negotiable and tailored to the farm’s unique needs.

For transparent pricing and professional service, contact our team to learn how we can help you achieve the best results for your farm!

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How We Create Drone Videos • Licensed Expertise: David Whitaker holds a Part 107 FAA License, ensuring professional and compliant drone operations.

Key Takeaways 1. Drone videos are included in our farmland marketing strategy to maximize buyer engagement.

• Strategic Video Design: 1. Information is placed at the start of the video to capture attention early.

2. Videos highlight all aspects of your farm, from natural beauty to productivity.

2. Visuals highlight your farm’s best features to engage viewers and drive interest.

3. Our licensed expertise ensures highquality, professional footage.

2. Comprehensive Property Showcases: Drone videos highlight key features like waterways, crop production, topography, and the beauty of Iowa farmland.

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Key Takeaways 1. Broker fees typically range from 1% to 10% of the sale price, depending on the property’s value.

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Ready to market your farm with stunning drone footage? Contact our team for professional and innovative marketing solutions!

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HOW LONG DOES AN AUCTION TAKE? The duration of a farmland auction depends on factors like the number of tracts being sold and the type of auction. On average, most farmland auctions take about 1 hour to complete.

Factors Affecting Auction Duration 1. Number of Tracts: • Each tract typically takes about 30 minutes to auction.

• Larger farms with multiple parcels may take longer.

2. Auction Format: • Live Outcry Auctions: Often completed faster, depending on bidder engagement.

• Simulcast/Hybrid Auctions: Combine live and online bidding, potentially extending the duration.

Key Takeaways 1. The average farmland auction lasts about 1 hour in total.

• Timed Online Auctions: Set a specific countdown timer for bidding, often running for hours or days.

2. Each tract typically requires about 30 minutes of bidding.

3. The auction format and number of parcels significantly affect the overall duration.

• Sealed Bid Auctions: Usually take longer due to the evaluation process after bids are submitted.

3. Terms and Conditions: • Reading and explaining the auction terms and conditions at the start often takes as long as the bidding itself.

For a smooth and efficient auction process, contact our team to learn about the best auction options for your farm!

Yes, we work with a variety of investors in every farmland transaction. These investors play a key role in driving competitive bidding and ensuring the farm reaches its highest potential sale price.

Types of Investors 1. Institutional Investors: • Large-scale organizations that buy farmland as part of their investment portfolios.

2. Crowdsource Funding Investors: • Groups pooling funds to invest in farmland.

3. Individual Investors: • Private buyers seeking to expand their landholdings in specific counties or regions.

How Investors Impact Auctions • Competitive Bidding:Investors drive up bids by actively participating in auctions, often increasing the final sale price.

• Emotion-Free Approach:Their analytical mindset helps balance emotional bidding from local or sentimental buyers.

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Key Takeaways 1. Investors include institutions, crowdsourced groups, and individuals, offering a range of buying power.

2. Their analytical approach balances the emotional bidding from local buyers.

3. Investors enhance competitive bidding, often pushing prices to the top dollar.

For access to a network of qualified investors and a strategy to maximize your farm’s value, contact our team today!

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DO WE HAVE INVESTORS?

#

“I saved over $150K in tax deductions by using Boa Safra - something I first learned about through a Farm4Profit episode. Their insights are practical, actionable, and have had a real impact on my business. Listening to the show is always worth the time.”

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OUR RANKINGS: Top 1% of Spotify video podcasts in 2025.

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Reached 3.5+ million downloads, 58+ million YouTube views, and has 400,000+ social followers.

Covering 70% of the world with listeners in 137 countries.

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515-207-9640

CONNECT@FARM4PROFIT.COM

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# DO YOU NEED AN ATTORNEY? Yes, utilizing an attorney is highly recommended when selling farmland.

At Whitaker Marketing Group, we work closely with attorneys to ensure smooth and efficient closings while addressing the unique complexities of farmland transactions.

2. Preparing Essential Documents: • Deed: Legal transfer of ownership.

Why an Attorney is Important 1. Addressing Legal Complexities: • Encumbrances: Handling debts or liens on the property.

3. Recording and Compliance • Attorneys ensure all documents are correctly recorded, avoiding legal issues post-sale.

• Encroachments: Resolving disputes such as neighboring fences or structures overlapping onto your property.

How Whitaker Marketing Group Works with Attorneys • Our in-house team manages the transaction, coordinating with attorneys for legal needs and lenders for financing requirements.

• Chain of Title: Verifying ownership history, including trusts, inheritances, and bank payoffs.

• Declaration of Value: Required for tax purposes.

• Groundwater Hazard Statement: Ensures compliance with environmental regulations.

3. Whitaker Marketing Group collaborates with attorneys to handle all legal aspects of your sale.

For expert assistance and access to trusted attorneys, contact our team for a seamless farmland selling experience!

3. Accessibility: • Farms with obstacles, like trees or waterways dividing fields, reduce farmability.

What Impacts Farmability?

1. Shape and Layout: • Square, Flat, and Black: Ideal farmland is easy to plant and harvest, making it highly desirable.

4. Modern Equipment Needs: • Larger planting and harvesting equipment benefits from long, straight rows and minimal turns, making highly farmable land more valuable.

• If sections require leaving the field to access other parts, efficiency drops.

Why Farmability Matters • Increased Efficiency: Farmers pay a premium for land that maximizes their time and equipment use.

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Key Takeaways 1. Farmability significantly impacts a farm’s value—buyers prioritize ease of operation.

2. Desirable features include square fields, flat topography, and minimal obstacles.

3. Efficiency is key—the less time and effort required to farm, the more appealing the property.

For an in-depth evaluation of your farm’s value and farmability, contact our team today!

• Higher Bids: Farmable properties attract more competitive offers, driving up the sale price.

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Farmability—how efficiently a farmer can plant, maintain, and harvest crops on a farm—is a critical factor in determining a farm’s value. While metrics like CSR scores are important, farmability often has an even greater impact on buyer interest and pricing.

2. Topography: • Flat land is easier and faster to farm compared to land with significant slopes or hills

2. Using an attorney improves the efficiency and accuracy of the closing process.

• This partnership streamlines the process, reduces errors, and often saves costs in the long run.

HOW IMPORTANT IS FARMABILITY?

• Point Rows: Angled or irregular field divisions slow down operations and reduce efficiency.

Key Takeaways 1. Attorneys help resolve legal complexities, prepare critical documents, and ensure compliance.

DO YOU CASH THE CHECK RIGHT AWAY? No, the earnest money check is not cashed immediately. However, it is processed promptly in compliance with Iowa Real Estate Commission rules, which require it to be deposited into a trust account within five days.

How the Process Works 1. Post-Auction Communication: • After the auction, the buyer typically notifies their bank about the earnest money.

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3. Trust Account Deposit: • The attorney deposits the funds into a trust account within approximately two days of receiving the check.

Key Takeaways 1. The earnest money check must be deposited into a trust account within five days.

Why the Process Matters • Compliance: Iowa law ensures funds are handled securely and transparently.

2. The process involves verification, communication with banks, and transfer to the attorney.

• Trust Account: The money is safeguarded until the transaction closes, ensuring both parties are protected.

3. Funds are securely held in a trust account until the transaction is finalized.

For smooth transactions and expert guidance, contact our team today for your farmland buying or selling needs!

• The auction team also verifies with the bank that funds are available.

2. Transfer to Attorney: • The check is delivered to the seller’s attorney or the designated trust account manager as soon as possible.

WHAT DO I HAVE TO PAY FOR TAXES? When selling farmland, you’ll encounter three primary types of\ taxes. Understanding these taxes will help you plan for your financial obligations and maximize your sale’s benefits.

Property Taxes • Timing: In Iowa, property taxes are paid a year in arrears, meaning you pay this year for last year’s taxes.

Capital Gains Tax 1. What You Pay: Tax is owed on the difference between your basis (what you paid for or inherited the property at) and the sale price (also known as the relinquished price).

2. Components: Consult a CPA to evaluate options for reducing your tax liability, such as using a 1031 exchange.

• What You Owe: Taxes are prorated based on the closing date, so each party pays their fair share.

Transfer Tax (Revenue Stamps) • This is a state tax applied when transferring property ownership.

• Rate: $1.60 per $1,000 of the sale price.

• Example: For a $1,000,000 farm, transfer tax is $1,600.

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Key Takeaways 1. Property Taxes: Prorated to the closing date; paid only for the days you owned the farm.

2. Transfer Tax: $1.60 per $1,000 of the sale price; typically under $1,000 for most transactions.

3. Capital Gains Tax: Paid on the profit from the sale, based on federal, state, and net investment tax rates.

For personalized guidance on taxes and selling your farmland, contact our team today!

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WHAT HAPPENS AFTER THE AUCTION? Once the auction concludes and the property is sold, several key steps follow to finalize the transaction and ensure a smooth closing process.

Step 1: Purchase Agreement Execution • Immediately after the auction, the seller and buyer meet to sign the purchase agreement paperwork.

• Whitaker Marketing Group provides a closing plan.

Step 2: Property Updates and Communication • Property Updates: Any necessary changes (such as lease transitions, inspections, or property access) are documented and shared with all parties.

Step 3: Closing Process • Closing Team Communication • This phase involves detailed communication to ensure all documents and processes are completed accurately.

Step 4: Finalizing the Sale • While the brokerage may have less direct contact during this period, the team is actively working behind the scenes.

• A week before closing, the seller is updated on the status and any final steps required.

Key Takeaways 1. The purchase agreement is signed immediately after the auction, and a closing plan is shared.

2. The property is marked as sold, and sale details may be shared publicly unless requested otherwise.

3. The closing process involves coordination among multiple parties to ensure all documents and taxes are handled.

For a seamless post-auction process, trust our team to handle every detail!

• Information Sharing: Regular updates are provided to keep both buyer and seller informed throughout the process.

A Closing Disclosure is a detailed document that itemizes all fees, costs, and financial details for a farmland transaction. It ensures transparency by breaking down expenses for both the buyer and the seller.

What’s Included in a Closing Disclosure?

1. Buyer and Seller Sections: • Both sides start with the same total at the top (sale price) and bottom (final amount owed or received).

• The middle section details specific costs for each party.

2. Common Seller Costs: • Brokerage Fees: Commission charged for the sale.

• Marketing Fees: Costs for advertising and promotion.

• Property Taxes: Prorated to the closing date.

• Transfer Taxes/Revenue Stamps: $1.60 per $1,000 of the sale price, and the first $500 is exempt.

• Attorney Fees: For title cleanup, deed preparation, or other legal services.

• Abstracting Fees: Updating and verifying property ownership records.

3. Other Potential Costs: • Title Opinions: Legal review of the property title.

• Banking Fees: Origination or other loan-related charges for buyers.

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Key Takeaways 1. A Closing Disclosure lists all costs involved in the transaction for both buyer and seller.

2. Sellers typically see charges for brokerage, marketing, taxes, and legal fees.

3. Transparency ensures that both parties know exactly what they owe or will receive.

For expert guidance and a seamless closing process, contact our team for professional farmland services!

Why It’s Important The Closing Disclosure ensures all parties fully understand the financial breakdown of the transaction. It’s a legally required document for transparency and accuracy.

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WHAT IS A CLOSING DISCLOSURE?

WHAT IS AN ALC? ALC stands for Accredited Land Consultant, a prestigious designation awarded by the Realtors Land Institute (RLI) to professionals who demonstrate expertise and experience in land transactions. It is a mark of excellence in the farmland and real estate industry.

What Does the ALC Designation Represent?

1. Education: • ALC designees complete advanced courses covering topics like:

3. Expertise: • The designation signifies deep knowledge of farmland, market trends, and strategies to optimize land transactions.

Why Does the ALC Designation Matter?

It assures sellers and buyers that they’re working with a professional who has specialized education, proven experience, and a strong commitment to ethical and informed land practices.

2. Experience: • Candidates must prove they have handled at least $20 million in land sales volume over a five-year period.

DIFFERENT TYPES OF AUCTIONS?

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Key Takeaways 1. ALC stands for Accredited Land Consultant, a top-tier designation in land brokerage.

2. Requirements include completing specialized coursework and achieving $20 million in land sales volume.

3. Choosing an ALC ensures you’re working with a highly qualified farmland expert.

For guidance from an Accredited Land Consultant, contact David Whitaker – Iowa Land Guy today!

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At Whitaker Marketing Group, we provide a wide range of auction formats tailored to meet the needs of sellers and buyers.

Each method is designed to maximize engagement and achieve the best results for your property.

3. Hybrid/Simulcast Auctions • Combines live and online bidding, allowing participants to bid in person or via the internet.

6. Phone Auctions • Designed for buyers who cannot attend in person or prefer not to use online platforms.

• Ideal for reaching both local and remote buyers.

• Representatives place bids on behalf of the buyer over the phone.

1. Live Outcry Auctions • The traditional auction format with an auctioneer conducting the bidding in real-time.

4. Virtual Auctions • A live outcry auction conducted entirely online.

7. Multi-Parcel Auctions • Used for larger properties divided into multiple tracts.

• Bidders participate via an internet platform, offering convenience without losing the live auction dynamic.

• Allows bidders to compete on individual tracts, combinations of tracts, or the entire property.

• Bidders participate in person until the highest, unchallenged bid is reached.

2. Sealed Bid Auctions • Bids are submitted confidentially by a specific deadline.

• All bids are reviewed at the same time, ensuring fairness and transparency.

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5. Timed Online-Only Auctions • No live auctioneer. Bidding occurs over a set timeframe and concludes with a countdown timer.

• Soft Close Feature: If a bid is placed in the final two minutes, the timer resets for another five minutes to allow competitive bidding.

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WHAT IS THE BEST TIME OF THE YEAR TO SELL? The best time to sell farmland depends on factors like market conditions, seller goals, and timing needs. While specific months may see higher activity, the ultimate answer is: the best time to sell your farm is when you’re ready to sell.

Key Considerations for Timing 1. Full Bins Sell Farms: • Farmers are more financially confident after harvest, with full grain bins and a successful crop season.

• This often leads to stronger bidding in late fall and winter.

4. Supply and Demand: • Consider competing properties in your area. Selling during a time of low inventory may increase buyer interest and competition.

Other Factors to Consider • Personal Needs: Time constraints like estate settlements, 1031 exchanges, or tax planning may influence the timing.

• Market Uniqueness: Unlike equipment, farmland rarely changes hands, making buyers highly motivated when your property becomes available.

2. Lease Termination: • In Iowa, leases are terminated by September 1st, allowing buyers to plan for the next planting season.

What the Data Says • November: The most active month for farmland sales, often due to lease termination schedules and harvest completion.

• Farms marketed after lease termination often sell in November, historically the busiest month for farmland sales.

• Early Spring: A strong period as farmers finalize their plans and budgets for the upcoming growing season.

3. Early Year Sales: • January to March is another strong window.

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Key Takeaways 1. Fall and early winter (November) and early spring (January–March) are strong times to sell.

2. Market activity and buyer readiness drive competitive bidding during these periods.

3. The best time to sell is when you’re ready, based on your unique circumstances and goals.

For expert guidance on timing and maximizing the value of your farmland, contact our team today!

Predicting the future of the farmland market is challenging, as it depends on various economic, political, and global factors. While no one has a perfect crystal ball, staying informed and understanding key influences can help you make well-educated decisions.

Factors Influencing the Farmland Market 1. Interest Rates: • Rising interest rates can reduce buyer purchasing power, leading to softer land prices.

• Conversely, lower rates often boost demand and increase competition.

2. Commodity Prices: • High crop prices typically drive farmland demand, as farmers seek to expand operations.

3. Economic Conditions: • Inflation, recessions, or economic growth can all affect the farmland market.

4. Supply and Demand: • Farmland is a finite resource, and periods of high demand with limited inventory often lead to stronger markets.

How We Stay Ahead • At Whitaker Marketing Group, we monitor market data, Federal Reserve announcements, and global events to provide clients with the latest insights.

• While we can’t predict the future, we can advise you on whether current trends indicate a bullish (strong) or bearish (weak) market outlook.

Key Takeaways 1. Market conditions are influenced by interest rates, commodity prices, and global events.

2. Farmland markets are cyclical; timing your sale depends on current trends and your personal goals.

3. Stay informed and work with experts who can interpret market signals to guide your decisions.

For up-to-date market insights and expert advice, contact our team today!

• Global events, such as trade agreements or conflicts, can impact commodity markets significantly.

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# WILL THE MARKET GET BETTER?

CAN I SELL MY INTEREST IN THE FARM? Yes, you can sell your interest in a farm, but the process depends on several factors, including how the ownership is structured and whether the farm can be physically or legally divided. Here’s what you need to know.

Key Considerations Before Selling Your Interest 1. Ownership Structure: • Tenants in Common: Each person owns a share of the farm, often undivided.

Example: You own 33% but not specific acres.

• Partnership or LLC: Rules for selling your interest depend on the articles of organization or partnership agreement.

• Divided Ownership: Specific tracts are owned individually, such as “I own this 40 acres, and my sibling owns another 40 acres.”

2. Partition Action (Iowa Law): • If you own more than 25% interest, you can file a partition action to force the division or sale of the property.

• The judge will determine if physical division of the land is feasible or if a court-ordered sale is the more appropriate remedy.

• If sold, proceeds are typically divided among the owners according to their ownership percentages.

3. Family Dynamics: • If co-owners prefer to keep the farm but one person wants to sell, family members might buy out your share to avoid court action.

• Communication and mediation are key to maintaining family harmony.

4. Legal and Professional Support: • Work with an attorney to navigate the legal aspects.

• Consult a farmland broker to value your interest and explore selling options.

Selling Your Interest in Specific Scenarios • Inherited Farms: Selling depends on estate terms, co-owner agreements, and proper title transfer. Shared ownership among heirs may require coordination or legal action

WHAT IS TAX BASIS? Tax basis is the starting value used to determine the gain or loss when you sell an asset, such as farmland. It plays a critical role in calculating taxes and can significantly impact your tax liability.

How Tax Basis is Determined 1. Initial Basis: • If you purchased the farm, your basis is the purchase price.

• If you inherited the farm, the basis is the market value at the time of the original owner’s death.

2. Split Basis: • If you inherit portions of the farm at different times, the basis may vary for each portion based on its value at the time you inherited it.

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• Partnerships or LLCs: Your ability to sell is governed by the operating agreement, which may include approval requirements or a right of first refusal for other members.

Key Takeaways 1. You can sell your farm interest, but the process depends on ownership type and legal agreements.

2. A partition action can legally force the division or sale of the property if you own more than 25%.

3. Work with an attorney and broker to navigate legal requirements and family dynamics.

For guidance on selling your farm interest, contact our team for professional support!

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3. Adjustments to Basis: • Improvements: Adding value to the farm increases the tax basis (e.g., installing drain tile, building barns, or wind turbines).

• Improvements, such as adding $50,000 for a new barn, increase the basis to $550,000, reducing your taxable gain to $450,000.

• Depreciation: Certain assets, like buildings or equipment, may decrease the tax basis over time due to depreciation deductions.

Key Considerations for Farmland Owners 1. Inheritance: • The "stepped-up basis" rule for inherited assets provides a basis equal to the market value at the time of inheritance.

Why Tax Basis Matters • Calculating Capital Gains: • When you sell, your taxable gain is the difference between the sale price and your tax basis.

• A higher basis means a lower taxable gain, reducing your tax liability.

• Example: • If your farm’s tax basis is $500,000 and you sell it for $1,000,000, your taxable gain is $500,000.

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• This can reduce capital gains taxes when selling.

2. Record Keeping: • Maintain detailed records of all improvements, purchases, and depreciation to accurately calculate your basis.

3. Professional Guidance: • Consulting a tax professional ensures your basis is calculated correctly, maximizing tax savings and avoiding errors.

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# CAN YOU MANAGE MY FARM? Yes, we can! At Whitaker Marketing Group, we offer professional farm management services to ensure your land is managed with care, expertise, and dedication to maintaining its productivity and your family’s legacy.

Why Consider Farm Management?

Farm management is ideal for those who: • Have inherited farmland but lack agricultural experience.

• Want to ensure land stewardship aligns with family values and traditions.

• Prefer not to manage tenant relationships or handle complex operational decisions.

How We Help Manage Your Farm 1. Tenant Relations: • We handle communication with tenants to ensure agreements are clear and expectations are met.

• This includes negotiating cash rent and addressing concerns on your behalf.

2. Farm Stewardship: • We oversee land care to maintain soil health, productivity, and sustainable practices, ensuring your farm continues to thrive.

Key Takeaways 1. Farm management ensures your land is productive and well-cared for, even if you lack experience or time.

2. We handle tenant relationships, operational decisions, and land stewardship with professionalism and expertise.

3. Tailored Solutions: • We adapt our management approach to your farm’s unique needs and goals, focusing on maximizing both yield and profit.

3. Transparent communication keeps you informed while we handle the details.

4. Transparent Communication: • Regular updates and financial reporting keep you informed about the farm’s performance and operations.

If you're looking for professional farm management services tailored to your needs, contact our team today to discuss how we can help your farm succeed!

Comprehensive Farm Management Services • Crop Planning and Management: Oversee planting, harvesting, and soil management for optimal productivity.

• Financial Oversight: Budgeting, reporting, and maximizing profitability.

• Tenant and Lease Management: Handle lease agreements and tenant relationships.

• Regulatory Compliance: Ensure adherence to agricultural laws and minimize risks.

Yes, breaks are typically taken during farmland auctions to ensure the process is fair, transparent, and accommodating to both buyers and sellers. Farmland auctions are high-stakes transactions, and breaks provide an opportunity to address critical aspects of the auction process.

Why Do Auctions Include Breaks?

1. Decision Time for Bidders: • Farmland purchases involve significant financial decisions, and breaks give bidders time to consider their next moves without feeling rushed.

2. Seller Updates: • During the break, the auctioneer consults with the seller to to review progress and evaluate bidding activity.

3. Finalizing Buyer Confidence: • Once bidders know the farm will sell, they’re more likely to place serious bids.

• Many buyers prefer not to reveal their financial limits until they are certain the property will be sold.

Key Takeaways 1. Breaks in farmland auctions are essential for fairness, transparency, and strategic decision-making.

4. Technical Adjustments: • Breaks also provide time to address issues like slow internet connections for online bidders, ensuring everyone has equal opportunity to participate.

2. Sellers and auctioneers use the time to evaluate progress and determine next steps.

5. Crowd Management: • Auctioneers use breaks to read the room, assess energy levels, and maintain a fair and transparent environment.

How Breaks Are Conducted • Refreshments: Treats are often provided during the break to keep attendees comfortable.

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3. Breaks accommodate both in-person and online bidders, ensuring a seamless process.

For professional auction services designed to maximize your farmland’s value, contact our team today.

• Transparency: Sellers are briefed privately, and clear announcements are made to bidders about the auction’s status when the break ends.

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CAN YOU TAKE A BREAK AT THE AUCTION?

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SHOULD YOU OFFER FARMLAND # TO THE CURRENT TENANT? This is a nuanced question that involves a mix of family ties, business relationships, and financial goals. Whether to offer your farmland to the current tenant depends on your priorities and desired outcomes.

Considerations Before Offering the Farm to the Tenant 1. Pricing the Farm: • Fair Value: Obtain a farmland valuation or appraisal to determine the fair market price.

Reasons to Offer the Farm to the Tenant 1. Good Relationships: • If the tenant has treated you or your family well over the years (e.g., helping maintain the land or supporting family members), it may feel like the right thing to do.

• Missed Opportunity?: Selling directly to the tenant may leave you questioning whether you could have received a higher price through competitive bidding.

2. Convenience: • Offering the farm directly to the tenant simplifies the sale process, potentially saving time and avoiding the need for widespread marketing.

3. Legacy Preservation: • If the tenant shares your values for land stewardship, this could ensure your family’s legacy is upheld.

2. Tenant’s Financial Readiness: • Can the tenant afford to buy the farm? If not, this approach could delay the sale.

Steps to Decide 1. Communicate: Have an open and honest conversation with your tenant to understand their interest and financial ability.

2. Determine Your Goals: Clarify your priorities—whether you're focused on financial return, speed, preserving family legacy, or maintaining relationships.

3. Get Professional Advice: Work with a farmland broker or attorney to evaluate your options, including fair market value, legal obligations, and sale structure.

3. Your Goals: • Maximizing Sale Price: If your priority is to get the highest price, opening the sale to a larger audience may be a better option.

• Personal Preference: Sometimes, sellers prefer to ensure the tenant doesn’t own the land, depending on personal dynamics or future use concerns.

DOES YOUR COMPANY HAVE A NATIONAL REACH? Yes, Whitaker Marketing Group has a national presence. While most buyers of Iowa farmland are local producers, our marketing strategy ensures your property reaches a broad audience, including investors and specialized buyers from across the country.

Local vs. National Buyer Dynamics 1. Local Producers: • Most Iowa farmland is purchased by farmers or landowners within 50 miles of the property.

• These buyers are typically focused on production agriculture, such as corn and soybean farming.

2. National Buyers: • Farms with unique attributes—such as hunting ground or recreational land in southern Iowa—are more likely to attract buyers from out of state.

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• Investors from across the country may also seek farmland as a stable, long-term investment.

How We Market to a National Audience 1. Targeted National Campaigns: • We utilize national platforms, websites, and investor networks to showcase your property.

2. Tailored Strategies: • The approach depends on your farm’s characteristics—location, use, and buyer profile.

3. Reaching All Buyer Types: • Our goal is to connect with every potential buyer, whether they are a local farmer or a national investor, to maximize your property’s exposure and value.

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Key Takeaways 1. Yes, we have a national presence, ensuring your farm reaches all potential buyers.

2. Local producers dominate purchases of production agriculture, while national buyers are more common for hunting or investment properties.

3. Every farm is marketed broadly to ensure the best possible outcome for the seller.

For a tailored marketing strategy to reach the right buyers for your farm, contact our team today!

CAN WE PUT THE FAMILY NAME ON THE FLYER? Yes, absolutely! At Whitaker Marketing Group, we encourage including your family name on sale flyers to honor your legacy and create a personal connection with potential buyers.

Why Add the Family Name?

1. Preserving Legacy: • Highlighting your family name shows pride in your history and ties to the land.

• It creates a meaningful story that resonates with the audience.

2. Building Trust: • A family name adds authenticity and trustworthiness to the property’s presentation.

3. Personalized Marketing: • Buyers feel more connected to properties with a personal touch, increasing engagement.

How We Customize Flyers with Your Family Name 1. Professional Design: • Our in-house graphics team works closely with you to incorporate your family name into the flyer design while maintaining a professional aesthetic.

2. Visual Storytelling: • Include photos of landmarks like old barns, grain bins, or other iconic features that tell your farm’s story.

• We can capture high-quality photos to ensure your property’s legacy shines through.

3. Tailored Placement: • The family name can be prominently featured in the flyer’s title, tagline, or within the design to create a warm, personal feel.

Examples of Custom Flyer Elements • Title: “The Smith Family Farm – A Legacy of Excellence”

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• Tagline: “Preserving Iowa’s Agricultural Heritage, One Farm at a Time” • Visuals: Historic family landmarks or a photo of the farm in its prime.

Key Takeaways 1. Including your family name adds a personal touch, creating an emotional connection with buyers.

2. Our design team ensures your name is integrated seamlessly while maintaining a polished, professional look.

3. Personalized flyers are an excellent way to highlight your farm’s unique story and value.

For beautifully designed, personalized flyers that honor your legacy, contact our team today!

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# HOW DO WE DISSOLVE AN LLC? Key Steps to Dissolve an LLC 1. Review the Operating Agreement or Articles of Organization • Most LLCs have an operating agreement that outlines the steps for dissolution, including voting requirements, notice provisions, dissolution procedures, and asset distribution.

2. Obtain Member Agreement • Hold a formal vote among LLC members to decide on dissolution.

• Document the decision in meeting minutes or a resolution for legal and financial records.

3. Notify Creditors • Inform creditors and any other stakeholders about the dissolution.

• This ensures all outstanding obligations are addressed and protects members from future liabilities.

4. Settle Debts and Obligations • Pay off any outstanding debts.

• Resolve disputes or legal claims.

• If assets exceed liabilities, distribute remaining assets among members according to the operating agreement.

5. File Articles of Dissolution • Submit the Articles of Dissolution to the Secretary of State or relevant business registration agency in your state.

• This legally ends the LLC’s status and eliminates ongoing filing or fee obligations.

6. Cancel Licenses and Permits • Cancel any business licenses, permits, or registrations to avoid future fees or penalties.File Final Tax Returns

• File the LLC’s final state and federal tax returns, indicating that these are the final returns for the entity.

• Settle any outstanding tax obligations.

Additional Considerations Ownership Disputes: • If there’s disagreement among members, a court may need to intervene to settle disputes or enforce dissolution terms.

Records Retention: • Maintain business records for several years after dissolution for tax purposes or potential audits.

Special Circumstances: • For partnerships or LLCs owning farmland, consider the unique tax implications of selling agricultural assets and distributing proceeds.

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50 QUESTIONS

Dissolving a Limited Liability Company (LLC) is a multi-step process that ensures the business is closed legally and all financial and legal obligations are addressed. While consulting an attorney is recommended, here’s a general guide to help you understand the process.

HOW CAN I ADD VALUE TO MY FARMLAND? Adding value to your farmland often revolves around improving its productivity, usability, and appeal. In Iowa, where farmland values are driven by production agriculture, strategies to maximize tillable acres and efficiency are key.

Strategies to Add Value to Your Farmland 1. Increase Tillable Acres: • Clear Non-Productive Areas: Remove brush, trees, or unused structures to maximize usable acreage • .Address Wet Areas: Install tile drainage or other improvements to convert low-yield ground into productive farmland.

2. Improve Infrastructure: • Terracing: Add terraces to hilly or sloped land to reduce erosion and improve usability.

• Cleanup Old Structures: Remove outdated or unsafe buildings to improve aesthetics and enhance the land’s usability.

3. Focus on Production Potential: • Evaluate soil health and consider adding nutrients or making other improvements to boost crop yields.

Key Takeaways 1. More Tillable Acres = Higher Value: Clear trees, add drainage, and rework land to maximize farmable space.

• Update irrigation systems or other tools to ensure consistent production across all acres.

2. Think Like a Producer: Iowa buyers prioritize productive land, so focus on improvements that enhance production value.

4. Tailor Improvements to Buyer Needs: • Iowa Production Farms: Focus on maximizing acres and production capacity.

• Hunting or Recreational Properties: Preserve trees, ponds, and features attractive to outdoor enthusiasts.

5. Market Specific Features: • Highlight improvements like drainage systems, increased tillable acreage, or updated infrastructure in marketing materials.

CAN WE SELL PERSONAL PROPERTY? Yes, you can sell personal property, such as farm equipment, alongside your farmland.

At Whitaker Marketing Group, we offer a comprehensive solution that includes both farmland and personal property sales, ensuring a seamless and efficient process.

Why Combine Land and Personal Property Sales?

1. Convenience: • Selling everything together simplifies the process for you, avoiding the need to work with multiple agents or services.

2. Appeal to Buyers: • Buyers often value the ability to purchase a “turnkey” operation, including land and equipment.

3. Tailor to Property Type: Adjust your strategy based on whether the land’s value lies in agriculture, recreation, or other uses.

For expert advice on increasing the value of your farmland and connecting with motivated buyers, contact our team today!

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Our Expertise in Personal Property Sales 1. Farm Machinery Experience: • With years of experience in selling farm equipment, we know how to market tractors, combines, plows, and other assets effectively.

How We Handle Combined Sales 1. Seamless Integration: • We incorporate personal property into the farmland sale, presenting a unified and professional offering to potential buyers.

2. Robust Buyer Network: • We have a large network of interested buyers for farm machinery and personal property, ensuring your items are marketed to the right audience.

2. Valuation and Presentation: • Our team accurately values your equipment and personal property, highlighting its importance alongside the land.

3. Tailored Marketing Strategies: • Each piece of equipment is evaluated and marketed individually to maximize its value.

3. One-Stop Service: • We handle all aspects of the sale, from farmland to machinery, offering you a hassle-free experience.

3. Maximized Exposure: • Bundling personal property with the land sale can attract a broader range of buyers, including those looking for readyto-use farming operations.

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WHAT IS THE FSA? The Farm Service Agency (FSA) is a government agency under the U.S. Department of Agriculture (USDA) that provides programs and services to support farmers and landowners. Its primary goal is to help farmers manage risk, improve land productivity, and ensure the stability of agricultural production in the U.S. Key Functions of the FSA 1. Farm Programs: • Provides financial assistance through subsidies, disaster relief, and conservation programs.

• Administers the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs to stabilize farm income.

2. Farm Loans: • Offers loans for farm ownership, operations, and emergency needs.

• Helps new and disadvantaged farmers gain access to capital.

3. Conservation Efforts: • Oversees the Conservation Reserve Program (CRP), where landowners are paid to remove environmentally sensitive land from production to improve soil and water quality.

4. Farm Records Management: • Maintains essential records about farm acres, crop history, and ownership, which are used for program eligibility and compliance.

5. Disaster Assistance: • Provides relief to farmers affected by natural disasters like droughts, floods, or hurricanes.

Why is the FSA Important for Farmland Owners?

• Access to Resources: Provides financial tools and resources to manage risks and improve profitability.

• Reliable Records: Helps document farm history, which can be critical during sales or transfers.

Key Takeaways 1. The FSA supports farmers and landowners with loans, conservation programs, and disaster relief.

2. It plays a vital role in managing farmland records and ensuring compliance with government programs.

3. Partnering with the FSA can improve your farm’s productivity and financial stability.

For assistance with FSA forms or understanding how their programs apply to your land, contact our team today!

• Support for Land Improvements: Offers cost-sharing programs for conservation and productivity improvements.

Whether or not you need an appraisal depends on your specific situation, such as selling, settling an estate, or determining tax basis. While an auction often serves as a live, real-time appraisal, there are instances where a formal or certified appraisal is necessary.

When Do You Need an Appraisal?

1. For Tax Purposes: • A date-of-death appraisal establishes the farm’s value at the time it was inherited.

This value is critical for determining your tax basis.

2. For Legal Situations: • Certified appraisals are often required for court cases, probate, or divorce proceedings.

3. For Selling the Farm: • In most cases, a broker’s opinion of value or a land valuation is sufficient to price the farm before listing it.

Methods Used to Determine Farm Value 1. Comparable Sales Approach: • Examines recent sales of similar farms (e.g., within 8–50 miles) to determine value.

• Considers factors like soil type, topography, and farmability.

2. Income/Cost Approach: • Evaluates the farm's potential income (e.g., rental income or crop yields).

• Uses cap rate (e.g., 2.5%-5%) to calculate what an investor would pay for a specific return.

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Key Considerations 1. When to Get an Appraisal: • Legal or tax requirements (e.g., estate, divorce).

• If an attorney or court mandates it 2. When a Broker’s Opinion is Enough: • For selling or pricing the farm in most non-legal scenarios.

• Offers data-driven insights at a lower cost.

3. What to Look For: • Professionals should back their valuation with current data.

• Avoid vague estimates; insist on comparable sales or cap rate analysis.

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50 QUESTIONS

DO WE NEED AN APPRAISAL ON THE FARM?

DOES THE AUCTIONEER REALLY MATTER? Yes, the auctioneer matters greatly when it comes to selling farmland. The auctioneer’s ability to read the crowd, process information quickly, and make splitsecond decisions can significantly impact the outcome of the sale—and ultimately, the price you receive for your property.

Why the Auctioneer Matters 1. Real-Time Crowd Engagement: • The auctioneer is having a one-sided conversation with a room full of potential bidders, interpreting signals such as body language, eye contact, and pacing.

• Their role is to keep the momentum and energy in the room alive while ensuring every bidder has an opportunity to participate.

2. Reading the Crowd: • A skilled auctioneer can sense hesitation or interest in the crowd.

• Example: If a bidder is on the verge of raising their bid, the auctioneer might take a break to allow them time to decide, increasing the chances of securing a higher bid.

3. Maximizing Value: • The auctioneer’s ability to recognize when additional bids are possible can add significant value.

• For example, just two extra bids on 300 acres at $100 per acre could add $60,000 to the final sale price.

4. Managing Complexity: • Auctions involve managing inperson, phone, and online bidders simultaneously.

• The auctioneer ensures no bid is missed and that all participants feel engaged, regardless of location.

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5. Representing the Seller: • The auctioneer works fiduciary for the seller, ensuring that the property is sold at the best possible price while maintaining fairness and transparency.

Key Takeaways 1. The auctioneer’s role is critical to the success of your sale—they ensure that no opportunity for higher bids is missed.

2. A skilled auctioneer can read subtle cues and take strategic actions, like breaks, to encourage more bidding.

3. The right auctioneer doesn’t just sell your property; they maximize its value through expertise and crowd engagement.

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# DO YOU SELL IN MY COUNTY? Yes, Whitaker Marketing Group sells farmland in every county in Iowa and across multiple states in the Midwest. No matter where your property is located, we have the tools and expertise to market your farm to the right buyers.

Why We Can Sell in Your County 1. Extensive Local Knowledge: • We maintain a detailed database of local buyers and landowners in every county.

• Our familiarity with local markets ensures your property is presented to the most interested and qualified buyers.

2. Comprehensive Marketing Reach: • We’ve compiled a list of landowners in each county, allowing us to market directly to those who may have a vested interest in your farm.

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• Our approach targets buyers both locally and regionally, ensuring maximum exposure.

• Local Relationships: Leveraging our network of buyers, farmers, and investors in your area.

3. Broad Regional Presence: • In addition to Iowa, we conduct sales in neighboring Midwest states, expanding your buyer pool.

Key Takeaways 1. Yes, we sell in your county, no matter where it is in Iowa or the Midwest.

4. Customized Strategies: • Each county has its own unique market dynamics. Our tailored marketing strategies are designed to resonate with local buyers while leveraging our statewide and regional reach.

How We Market Your Farm • Direct Mail Campaigns: Targeting neighboring landowners and past buyers in your county.

• Online Advertising: Utilizing platforms with national and regional reach to attract a broad audience.

FARMLAND OWNER 2026 RESOURCE

2. Our extensive database of local buyers and landowners ensures effective, targeted marketing.

3. By combining local expertise with regional reach, we deliver maximum exposure and value for your farmland.

HOW DO WE ADVERTISE YOUR FARMLAND? At Whitaker Marketing Group, we employ a blend of old-school techniques and newschool digital marketing strategies to ensure your farmland gets maximum exposure. Our comprehensive advertising plan is designed to leave no stone unturned, targeting both local and national buyers to yield the highest and best price for your property.

Traditional Advertising ("Old School") 1. Signage: • Large Signs on the Property: We use fourfoot signs to grab attention, ensuring passersby and local farmers know about the sale.

• Wayfinding Signs: Placed on nearby paved roads to guide potential buyers to the property.

2. Direct Mail: • Disruptive Marketing: We send postcards and brochures directly to local landowners and farmers.

• Targeted Approach: Using USDA and farm ID records, we focus on farmers and landowners within a 50-mile radius.

• Flyers and Booklets: Professionally designed materials are distributed at banks, law offices, grain elevators, and other key locations.

4. Newspapers and Radio Ads: • Local and Regional Newspapers: To reach a broader audience in rural areas.

Why Our Strategy Works 1. Local Expertise + National Reach: • Our agents are embedded in communities across Iowa and the Midwest, maintaining strong relationships with local farmers while reaching out to national investors.

• Leveraging remarketing ads to reach potential buyers who have already shown interest in farmland.

2. Data-Driven Targeting: • Using geospatial tools and market insights, we focus our efforts on the buyers most likely to bid on your farm.

2. Search Engine Optimization (SEO) and Ads: • Targeting keywords like “farmland for sale” or “farm for sale near me” to appear in relevant online searches.

• Ensuring your property gets visibility on Google and other search engines.

3. Syndicated Websites: • Listings on platforms like LandWatch.com, LandsOfAmerica.com, LandAndFarm.com, and LandBrokerMLS.com.

• These platforms attract investors and buyers beyond the local market.

4. Drone Videos: • Professional Aerial Videos: Showcasing your farm’s topography, crop potential, and scenic features.

• Videos are embedded in online listings and shared across social media to capture attention.

5. Email Marketing: • Sending tailored email campaigns to our database of qualified buyers and investors.

6. Podcast: • Ag specicific listening audience: 7. Programatic Advertising: • Spotify, Netflix, Hulu, etc.

3. Comprehensive Coverage: • Whether it’s an in-person flyer, a social media ad, or a website listing, we ensure every potential buyer has multiple opportunities to see your property.

Key Takeaways 1. Old School Meets New School: From signs and coffee shop flyers to social media ads and drone videos, our strategy combines proven traditional methods with modern digital tools.

2. Targeted and Comprehensive: We focus on local farmers while reaching national investors to ensure maximum exposure.

3. Tailored Marketing: Every farm is unique, and so is our approach.

We customize marketing strategies to highlight your property’s best features.

To learn more about how we can market your farmland effectively and get the best outcome for your sale, contact our team today!

• Customized Radio Spots: Targeted to local and regional listeners.

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50 QUESTIONS

3. Local Networking: • Coffee Shops and Co-Ops: Our agents build relationships with local farmers and community members.

Digital Marketing ("New School") 1. Social Media Campaigns: • Platforms include Facebook, Instagram, TikTok, and others.

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CAN WE 1031 INTO A NEW BUILDING? Yes, you can use a 1031 Tax-Deferred Exchange to reinvest proceeds from selling farmland into a new building or facility. This process, called an improvement exchange, allows you to defer taxes while transitioning your investment into structures like hog barns, cattle buildings, or shops.

How an Improvement Exchange Works 1. Eligible Projects: • Proceeds can be reinvested into a new building or facility instead of farmland.

• Examples: Livestock barns, storage sheds, or machinery shops.

2. Key Rules: • 45-Day Identification Period: You must identify the property or project where funds will be reinvested.

• 180-Day Completion Period: The building must be constructed and completed within 180 days of the sale.

• Materials purchased but not installed do not qualify—construction must be fully finished by the deadline.

3. Timing is Critical: • Contractors, materials, and plans must be ready before you sell your property.

Key Takeaways 1. A 1031 Improvement Exchange allows you to reinvest proceeds into new structures instead of farmland.

2. The building must be completed within 180 days to qualify.

3. Advance preparation is essential for meeting the strict time limits.

For expert guidance and seamless execution of your 1031 exchange, contact our team today!

• The building process should begin immediately after the sale to meet the 180-day requirement.

Want to watch the 50 Questions About Farmland Videos Online?

All of the frequently asked questions about farmland videos are neatly collected together on the Whitaker Marketing Group website: www.wmgauction.com/iowa-farmland-questions

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Scan the QR code to view all the videos!

AGRICULTURAL REAL ESTATE GLOSSARY 1031 Exchange: A tax-deferred exchange allowing reinvestment of sale proceeds into similar property.

Abstract of Title: A written history of all recorded documents affecting a property’s ownership.

Affidavit: A written statement sworn to be true.

Appurtenance: A permanent structure or feature that goes with the land (like a shed or fence).

Deed: The legal document that transfers property ownership.

Rent Roll: A list of tenants and lease terms for an income-producing property.

Easement: The legal right to use part of someone else’s land (such as for access or utilities).

Representations and Warranties: Statements of fact and promises that protect buyers if they’re untrue.

Encumbrance: Any claim or restriction on a property, like a lien or easement.

Right of Way: An easement allowing passage across land.

Escrow: Money held by a neutral third party during a real estate transaction.

Special Warranty Deed: A deed where the seller guarantees title only during their ownership.

Assessed Value: The value used by the government to calculate property taxes.

Fair Market Value (FMV): The price a willing buyer and seller would agree on in an open market.

Certificate of Title: A legal opinion on whether the property title is clear or has issues.

Fee Simple Absolute: Full ownership of land with no time limits or conditions.

Title Insurance: Insurance that protects against hidden title problems.

Comparative Market Analysis (CMA): An estimate of property value based on recent comparable sales.

General Warranty Deed: A deed where the seller guarantees clear title for all past ownership.

Topographic (Topo) Map: A map showing land elevation and terrain.

Conservation Easement: A voluntary legal restriction that limits development to protect farmland or natural resources.

Grantee: The buyer receiving the property.

Conservation Reserve Program (CRP): A USDA program that pays landowners to remove sensitive land from production for conservation.

Contingency: A condition that must be met for a real estate contract to move forward (e.g., financing or inspection).

Covenant Against Encumbrances: A promise that the property has no undisclosed liens or claims.

Covenant of Further Assurance: A promise to fix title problems if they arise.

Covenant of Quiet Enjoyment: A promise that no one else has a stronger claim to the property.

Grantor: The seller transferring the property.

Indemnify: An agreement to protect another party from loss or liability.

Land Locked: Property with no legal access to a public road.

Land Trust: A nonprofit that protects land for conservation, agriculture, or community use.

Legal Description: The formal, survey-based description of a property’s boundaries.

Lien: A legal claim against property to secure payment of a debt.

Life Estate: Ownership rights that last only for a person’s lifetime.

Limited Warranty Deed: A deed that guarantees title only during the seller’s ownership period.

Marketable Title: A title that is clear enough to sell without legal disputes.

Covenant of Seisin: A promise that the seller actually owns the property.

Perk (Percolation) Test: A soil test to see if land can support a septic system.

Covenant of Right to Convey: A promise that the seller has the legal right to sell the property.

Prime Rate: The interest rate banks offer their most creditworthy customers.

Covenant of Warranty (General Warranty): A promise to defend the buyer against all title claims, past and present.

AG REAL ESTATE GLOSSARY

Covenant: A legal promise written into a deed or contract.

Survey: A professional measurement showing property boundaries and features.

Quitclaim Deed: Transfers whatever interest the seller has, with no guarantees.

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RECOMMENDED FARMLAND ATTORNEYS Great Attorneys Recommended By Whitaker Marketing Group Eric Neu

Katie Tegtmeier

Ben Doran

Taylor Nederhoff

Minnich, Comito,Neu & Hawley, P.C. 721 N Main St Carroll, IA 51401 (712) 792-3508 eric@nmcnlaw.com Doran Law Firm PLC 809 8th St Boone, IA 50036 (515) 432-1355 doran@boonelawyers.com

Jeff Lamberti

Lamberti, Murphy, & Strong PC 210 NE Delaware Ave # 200 Ankeny, IA 50021 (515) 964-8777 jeff.lamberti@ankenylaw.com

BrownWinick Law Firm 666 Grand Ave # 2000 Des Moines, IA 50309 (515) 242-2400 katie.tegtmeier@brownwinick.com Stockdale Law, PLC 412 Washington Ave Iowa Falls, IA 50126 (641) 648-5083 tnederhoff@iowafallslaw.com

Jennifer l. Zahradnik

Kollmorgen, Schlue & Zahradnik, P.C. 920 12th St Belle Plaine, IA 52208 (319) 444-3285 Jennifer@kszlaw.net

Marty Stoll

Shuttleworth & Ingersoll, P.L.C. 235 6th St. SE P.O. Box 2107 Cedar Rapids, IA 52406-2107 (319) 365-9461 www.shuttleworthlaw.com

David Brown

IPE1031 (1031 Exchange Attourney) 6150 Villageview Dr. Ste 113 West Des Moines, IA 50266 (515) 279-1111 www.ipe1031.com

RECOMMENDED ATTORNEYS

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BUYERS Q & A Responses Whitaker Marketing Group Has Received From Buyers Kading Inc. - Ash Kading

Q1. When you're evaluating farmland, what key features or characteristics do you look for that others might overlook but you consider crucial to its value?

A1. Tile maps and fertility.

Q2. How do you balance the importance of soil quality, location, and property improvements when making a buying decision?

A2. All are important.

Q3. What research methods or resources have been the most valuable to you when assessing potential farmland purchases?

A3. CSR maps, tile maps, drive the farm.

Q4. Based on your experience, do you see any distinct advantages to buying farmland at auction versus a private sale? Why? A4. No, auctions go higher than private, the auction favors the seller.

Q5. What has been the most rewarding aspect of owning farmland—something you didn’t fully anticipate before making your first purchase?

A5. Control your own future, you get the rewards of your work, not a landlord or their off farm heirs.

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Corey Hillebo

Q1. When you're evaluating farmland, what key features or characteristics do you look for that others might overlook but you consider crucial to its value?

A1. Cost ratio to Value and/or potential. As a younger and lower capital farmland owner I can't afford a mistake. The cost has to either be under the current value or the land must have better than average potential to be able to pay at or above market rate. Location is key Q2. How do you balance the importance of soil quality, location, and property improvements when making a buying decision?

A2. See number 1, it's all a giant weighted equation in my head.

If you have to give up in one area it better more than make up for it in another.

Q3. What research methods or resources have been the most valuable to you when assessing potential farmland purchases?

A3. Relationships are number 1. It's not what you know, it's who you know. Lots of tools like assessor's websites, online plat books, online tools and AI are great, but they are just that, tools.

Relationships are king.

Q4. Based on your experience, do you see any distinct advantages to buying farmland at auction versus a private sale? Why? A4. I typically prefer to purchase privately to control terms, conditions, and privacy but this time it worked out great as the timing and scope was perfect for my 1031 exchange. It comes down to I will not shy away from any form of sale as long as it fits my metrics.

Q5. What has been the most rewarding aspect of owning farmland—something you didn’t fully anticipate before making your first purchase?

A5. The store of wealth and long-term appreciation of land is tremendous! The biggest and hardest thing was to separate my passion to farm from the farmland I have bought. One of the pieces I purchased I will not even farm myself, but the ROI is better than farming it myself.

SELLERS Q & A Responses Whitaker Marketing Group Has Received From Sellers Bain Ranch - Brenda Davis

Q1. In your opinion, what’s the biggest advantage of selling farmland at auction compared to the traditional listing process?

A1. Selling our farmland at auction provided a more firm closing date for the sale, while still providing an option to decline the offer.

Q2. Looking back on your own sale, which part of preparing your property do you feel was the best investment of your time or money?

A2. We didn't really have any advanced preparation. The land was what it was.

Q3. 3.From your experience working with Whitaker Marketing Group, what aspect of their service or approach made the biggest difference for you?

A3. Whitaker Marketing Group responded to our inquiries in a timely manner, were readily willing to answer any questions and were flexible in adjusting to timing issues related to closing.

Q4. Selling family farmland can be an emotional process—was there anything about it that surprised you? How did you work through it?

A4. Though perhaps not too much of a surprise, being six of us involved, there was a bit of a difference each had in the emotional attachment to the farm. For most, it eventually came down to what made the most sense economically. The age of everyone was a significant factor. Sadly, one never did come around. Only time will tell whether or not he will let it go.

Q5. If someone was considering selling their farmland, what’s the one piece of advice you’d want them to hear—and why?

A5. O bviously, the length of time the land has been in the family is a factor. I would recommend having ongoing, open and honest conversations with everyone connected to the farm well before it comes down to making a decision about selling. Though it's very unlikely everyone will have the same perspective, it helps to get everyone's ideas out on the table in advance and to explore possible options for how to best proceed when, or if, the time comes. That will hopefully help make the final decision easier. The other thing I would suggest is likely the most difficult, if even possible. Take your emotions out of the equation. Consider the situation purely from a practical standpoint. It remove a lot of differences

BUYERS & SELLERS Q&A

Q1. In your opinion, what’s the biggest advantage of selling farmland at auction compared to the traditional listing process?

A1. Knowing you are getting the highest price from the highest bid.

The farmland/property sells "as is". The marketing strategy The Whitaker Marketing team does is not only statewide, but nationwide.

You hit all interested parties and all it takes is two bidders who really want the property. In both cases that I was involved with, an appraisal was a good starting point, but both times the current market price/appraisal was much, much lower than the auction bid.

My experience is: Two for two! More than expected price by selling farmland/property at auction.

Q2. Looking back on your own sale, which part of preparing your property do you feel was the best investment of your time or money?

A2. A good start is to get an appraisal. Look at the comps. Interview and hire Whitaker Marketing Group. They will take your hand and walk you through all the steps and then just sit back. Get the property cleaned out/up. Be pro-active but also let their experienced team take care of you. It is nerve wracking, but selling at an auction you will know you got the highest bid for your property. I've seen farmland/property get listed, under the traditional listing process, too high for the market and it just sits for months without a bite. And I've seen property listed too low and moves too fast and then you wonder if you should have asked for more. Once you give buyers an asking price, it's hard to push the price higher. The negotiations start working against you, the seller. At auction, it is the highest bid.

Never give out the appraisal information. When people ask, just say: Come to the auction, bid and find out!

Q3. From your experience working with Whitaker Marketing Group, what aspect of their service or approach made the biggest difference for you?

A3. Their ambition to get the highest bid. Wow. This team has drive and this team has knowledge. I knew within the first half hour of talking to them I would be working with them. I did interview another auction company and also spoke with traditional real estate agents.

There was a lot to consider, but Whitaker Marketing Group was my final choice. And it proved to be right.

Q4. Selling family farmland can be an emotional process—was there anything about it that surprised you? How did you work through it?

A4. It is hard. My siblings and I worked that farm ground. Worked hard and were proud like our parents were. But when the decision was made to sell because 1) No family member was farming to carry on my father's dream of farming; 2) All 6 of us just knew we could invest the proceeds and have a much larger return on that investment and 3) Not having to worry about the tenant farmer, weather, negotiating rent, insurance, land taxes, splitting the profit at the end of each year. My father's knowledge and career of being a farmer went out with a big BANG with the high bid we received at auction. That is the memory each one of us will have for our parents' hard work as farmers. I just wish they could have seen the final bid.

Q5. If someone was considering selling their farmland, what’s the one piece of advice you’d want them to hear—and why?

A5. Auction it "as is". You will be nervous, I can't say it won't be nerve wracking, but the day of the auction and knowing you received the highest bid for the property is very exhilarating. With a traditional private sale, you will always question if you sold too fast or took the wrong offer or gave in to stipulations and costs to get it agreed upon and sold. At an auction: let the highest bidder win!

Balsley Farms - Clayton Balsley (President)

WHITAKER MARKETING GROUP

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FARMLAND OWNER 2026 RESOURCE

LAND IS OUR BRAND.

WHITAKER MARKETING GROUP

515-996-5263 • Info@wmgauction.com 101 US-69, Huxley, IA 50124 www.wmgauction.com