AUCTION TERMS AND CONDITIONS
Jean Somers Farm – Ford County, IL
BIDDING PROCEDURE: This property is offered as one tract of 15.66± acres. This is an online only auction. Bids will be placed in in total dollars (15.66 acres x your bid amount per acre). A $500 total dollar bid increment applies. Bidding for this auction is scheduled to end Friday, June 8, 2012 at 1:00 p.m. subject to any automatic extensions as outlined below.
Wallace Land Company online only real estate auctions are timed events and have an “auto-extend” feature. Any bid placed within 10 minutes of the close of the auction will automatically extend the auction for 10 more minutes from the time the bid is placed. The auto-extend feature remains active until no further bids are received within the 10 minute time frame. Ex: If an auction ending at 1:00 p.m. receives at bid at 12:59 p.m., the close time of the auction extends automatically to 1:09 a.m.
DO NOT BID UNLESS you have read/reviewed the sales contract, terms and conditions, and all posted documents relating to the sale of this property. Posted documents can be found under the “files” section of this auction.
BIDDER REGISTRATION / VERIFICATION: By registering, Bidder acknowledges having read the Terms of Auction and the Sale Contract and unconditionally and irrevocably agrees to be bound by both. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Wallace Land Company will reject the registration, and bidding activity will be terminated.
CONTINGENCIES: THIS AUCTION IS NOT CONTINGENT UPON FINANCING, SURVEYS, OR INSPECTIONS OF ANY KIND. If you need financing to close the sale, please have it arranged in advance. Any required inspections must be completed prior to bidding.
SELLER RESERVE PRICE: This auction is subject to a $62,640.00 ($4,000.00 per acre) minimum reserve price. The seller(s) agrees to sell the property to the highest bidder meeting or exceeding the reserve price.
BUYER PREMIUM: There is NO buyer premium in this auction.
ACCEPTANCE OF BID PRICES / DOWNPAYMENT: Successful bidder(s) will be contacted by a Wallace Land Company representative immediately following the auction by email or telephone. Successful bidder(s) agree to sign a Contract for Sale of Real Estate immediately following the auction, and provide a down payment of 10% of the contract price. If the buyer defaults on the purchase, the down payment will not be refunded.
CLOSING: Closing will be in 30 days or less. Time is of the essence.
POSSESSION: Possession of the property will be given as of date of closing, subject to the existing lease.
REAL ESTATE TAXES: Seller is responsible for 2011 real estate taxes payable in 2012. Buyer is responsible for 2012 real estate taxes and all future taxes.
LEASE / CROP EXPENSES: A 50/50 crop-share lease exists for the 2012 crop year. Buyer will receive Seller’s share of the 2012 crop, and Buyer will reimburse Seller at closing for any 2012 crop expenses incurred by seller.
MINERAL RIGHTS: Sale of the property shall include any mineral rights owned by the Seller.
SURVEY: No survey will be provided.
TITLE: Seller will furnish the successful bidder an Owner’s Policy of Title Insurance in the amount of purchase price and will provide an adequate deed, subject to standard exceptions, conveying the real estate to the buyer(s).
DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS BEING SOLD ON AN “AS IS, WHERE IS” BASIS, and no warranty or representation, either express or implied, concerning the property is made by either the seller or the auction company. Each bidder is responsible for conducting his own independent inspections, investigations, and all due diligence concerning the property, improvements, and the auction. The information contained herein is being furnished for bidder convenience and is deemed reliable, but not guaranteed, and is subject to verification by all parties relying on it. Diagrams and dimensions in the brochure are approximate. All information contained in the brochure and any related materials are subject to the terms and conditions of sale outlined in the Agreement for Sale of Real Estate. Auction conduct and bidding increments are at the direction and discretion of the auctioneer. All decisions of the auctioneer are final. The seller and the auction company reserve the right to preclude anyone from bidding if there is a question as to the person’s credentials, fitness, intent, etc.
AGENCY DISCLOSURE: Wallace Land Company, its staff, and auctioneer are seller’s agents and have a fiduciary duty only to the seller. Wallace Land Company reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time.