Terms and Conditions of Land Auctions (Separate Terms and Conditions for the Equipment Auction)
All of Seller’s interest in the growing crop will convey with the property.
Buyer(s) will receive 75% of Seller’s owned mineral rights.
A 6% buyer’s premium will be added to the final bid price(s) to determine the total contract price.
10% of the total contract prices will be due immediately upon closing of the Auction as earnest money in the form of a personal check, cashier’s check, or business check immediately negotiable.
BIDDING IS NOT CONTINGENT ON FINANCING.
Closing shall take place approximately December 5th, 2013.
Possession of the homes on Tracts 17, 37 & 45 shall be given on Jan 30th, 2014.
Detailed Auction Terms and Conditions:
Procedure: The property will be offered in individual Tracts and in combinations.
Earnest Money: A 10% earnest money deposit of the total contract price will be due immediately from all successful bidders. The earnest money may be paid in the form of personal check, business check or cashier’s check, made to the title company. The balance of the total contract price is due in cash at closing.
Buyer’s Premium: A 6% Buyer’s premium will be added to bid prices to determine total contract price.
Absolute Auction: The properties will be sold absolute without reserve. All successful bidders will sign a sale contract/agreement to purchase at the auction site immediately following the close of bidding. Buyer(s) assume all responsibility for obtaining any necessary financing for the purchase of the property and neither Seller nor auction company assumes any responsibility for buyer’s inability to obtain financing. Bidding/Purchase is not contingent upon Buyer obtaining financing.
Broker Participation: A commission will be paid according to the broker participation guidelines to any properly licensed broker who registers a successful Buyer, who closes on a tract/combination. Broker registration forms are available upon request. Forms must be completed and returned no later than Wednesday, November 6th at 12:00pm MST.
Possession: Possession shall be given upon closing, subject to any existing crop lease. Closing shall take place on approximately December 9th, 2013 or as soon thereafter as applicable closing documents and surveys, if any, are completed.
Growing Crops: 100% of Sellers’ interest in growing crops will convey to Buyer(s).
Title: Seller shall furnish the buyer(s), at an expense split equally by Buyer and Seller, an updated title commitment for the property and agrees to provide and execute a special warranty deed conveying merchantable title to the real estate to the Buyer(s).
Real Estate Taxes: 2013 taxes shall be prorated to the date of closing and Seller shall credit Buyer(s) at closing for pro-rated portion of 2013 taxes based upon most recent ascertainable tax figures. Buyer is responsible for paying 2013 taxes and all subsequent taxes.
Personal Property/Equipment: Equipment and any personal property that is selling will be sold at Auction on Dec. 4th.
Mineral Rights: 75% of Seller’s mineral rights will convey with the respective property.
Agency: Hall and Hall Partners, LLP and their representatives are exclusive agents of the Seller.
Disclaimer and Absence of Warranties: All information contained in the sale brochure and any related materials are subject to the terms and conditions outlined in the contract/agreement to purchase. Statements, promises, or inducements made at the auction that are not contained in the written purchase agreement shall not be valid and binding. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or the Auction Company unless agreed to in writing by Seller. Each bidder is responsible for conducting his or her own independent inspection, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure is subject to verification by all parties relying on it. No liability for the accuracy of the brochure or any errors or omissions is assumed by the Seller or the Auction Company. All sketches, acreages and dimensions in the brochure are approximate. Conduct of the Auction and the increments of bidding are at the direction and discretion of the Auction Company. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the Auctioneer are final.
Seller: Virginia Hager & Estate of Walter L. Hager