This is a personal decision you have to decide based on your own situation. It is always disappointing to the local neighborhood when they did not get an opportunity to purchase any farm. The question is better started “Am I obligated to allow my tenant first right to buy the farm” and the answer is NO. You are under no obligation at all and in almost 100% of cases you will achieve more money by selling at auction where the tenant can still bid to buy the farm. Tenants can often put significant pressure on a family to let them have first shot and often at a discount that you may not even realize. You will need to consider your objective and obligations. Are you representing a family with different heirs? Is everybody entitled to full market value of the farm? Are the neighbors entitled to an opportunity to also purchase the farm? Understand that when you have had a tenant you have had a business relationship. You provide real estate they have used to make a profit and in exchange made a rent payment to you. We understand that you likely formed a relationship and it can be used against you if you let it. If you consider your own objections and obligations you will come up with the right answer for you. We are glad to talk to you about these issues and the complexity of it or even assist you in moving forward.
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