1. ORDER OF SALE-CONDUCT OF SALE: The order of sale shall be Online Only Bidding. Bidders must register and complete all necessary qualifications in order to place bids or to have a bid accepted by the Auctioneer.
2. PROCEDURE: Bidding ends Thursday, September 24th, 2020 at 10:00 AM, with a soft close, meaning that a bid in the final minute will extend bidding by 2 minutes. All bids placed are by the acre. Contract price will be calculated as successful bid per acre X 224 acres
TERMS OF REAL ESTATE
The successful Purchaser(s) will deposit 10% of the contract price in form of cash, cashier’s check, wire transfer, or good personal funds accompanied by a bank letter of guarantee, sign a real estate sales contract and pay the balance at closing on or before the closing date set forth. A 6% Buyer’s Premium or a minimum buyer premium of 1000.00 per property whichever is greater will be added to the bid price to obtain the contract price. Purchases of $10,000 or less will be subject to the entire bid amount being due at Bid Award plus buyer fees.
Buyer Premium Example:
Final Bid: $100,000
Buyer’s Premium: $6,000
Total Purchase Price: $106,000
10 % Deposit Wired to Broker Escrow: $10,600
Buyer Premium Example per acre:
Final Bid: $5,000 per acre: (e.g. 100 acre tract)
Buyer's Premium: $30,000 ($500,000 x 6%)
Total Purchase Price: $530,000
10% Deposit Wired to Broker Escrow: $53,000
3. BUYERS PREMIUM: 6% Buyer’s Premium will be added to the final contract price to arrive at the contract sales price.
4. REPRESENTATION & ACCEPTANCE OF BID PRICES: High bidder will enter into a Contract to Purchase immediately upon being declared the Successful Bidder by the Auctioneer and price agreed upon by seller. Upon the close of the auction, the successful bidder will be forwarded via email a Contract to Purchase. Stewart & Kiefer Real Estate must receive a signed copy of the contract on or before 5:00PM (CST), Friday, September 25th, 2020 (hand delivered, faxed, or scanned and emailed). Once accepted, this agreement shall be binding on the parties and their successors and assigns. This agreement is NOT subject to financing, inspections, or other contingencies or delays the closing for such reason.
Purchaser and Seller acknowledge and agree that the only Broker/Auctioneer involved in this transaction is representatives of Stewart & Kiefer Real Estate and that the Broker/Auctioneer has acted as agent for the Seller in this transaction. Broker /Auctioneer has not acted as agent in this transaction for the Purchaser.
5. DOWN PAYMENT: 10% of the contract purchase price will be due upon acceptance of the Sales Contract. Business or Personal Checks or Wire Transfer are accepted.
6. CLOSING: Closing shall be on or before 3:00 PM Wednesday, October 28th, 2020. Time being of the essence, this sale shall be closed by the time stated in the special conditions of sale. This transaction is not contingent upon financing. The purchaser will pay for all cost to close the transaction. Seller will pay for current prorated taxes.
7. POSSESSION: Possession will be given at closing, subject to the remaining rights of the current tenant if any.
8. TITLE: Seller shall furnish the buyer(s) at Seller’s expense an Owner’s Policy of Title Insurance in the amount of the purchase price, and agrees to provide and execute a proper deed conveying merchantable title to the real estate to the buyer(s).
9. SURVEY: AT SELLERS OPTION, the Seller shall provide a new survey where there is no existing legal description to convey title.
10. AD VALOREM TAXES & ASSOCIATION ASSESSMENTS The current years taxes will be prorated between purchaser and seller as of the day of closing. The purchaser will be responsible for assessments made by county, government or other associations recorded or unrecorded by public or private entities subject to all covenants and restrictions by deed or otherwise.
11. Under no circumstances shall Bidder have any kind of claim against Stewart & Kiefer Real Estate, or anyone else if the Internet service fails to work correctly before or during the auction.
The information is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines are drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to this property. Both real estate (including all improvements, if any) is being sold As Is, Where Is with NO warranties expressed or implied. Please make all inspections and have financing arranged prior to the end of bidding.
Individual purchases are to be considered as a single transaction not contingent upon acceptance of any other bids by the Seller. Auctioneer has the right to sell this Property in any form or fashion that is legal and ethical in order to produce the best offer to the Seller.