AUCTION TERMS AND CONDITIONS
DeMoss Farm Auction
April 11, 2022
PROCEDURE: The farm is offered in 3 tracts ... 146.9 acres, 79 acres, and 20 acres respectively. Bidding
will be on-line only.
Online Bidding: Online bidders must register at www.wallaceland.com prior to the auction. By
registering to bid online you agree to abide by the Auction Terms and Conditions. If you are the
successful bidder, a real estate sales contract will be emailed to you immediately after the
auction. You will be required to sign and email back immediately. Your digital signature will be
considered legal. Bidding will conclude at 8:00 PM on Monday, April 11, 2022, UNLESS a bid
occurs within 5 minutes prior to that time. If that happens, the auction is automatically
extended an additional 5 minutes. If one tract is extended, all tracts will be extended. This
continues until a full 5 minutes passes without a bid. At that time, the auction is ended. The
seller reserves the right to accept or reject any and all bids.
DOWN PAYMENT: A 10% down payment is due the day after the auction. If the Buyer defaults on the
purchase, the down payment will not be refunded. THIS AUCTION IS NOT CONTINGENT UPON
CLOSING: Closing will occur in 30 days or less. Time is of the essence.
POSSESSION: Successful bidder may till and plant the 2022 crop, assuming there will be a successful
closing of the purchase. If the closing fails to occur, the purchase will instead be converted to a one-year
cash rent lease.
REAL ESTATE TAXES: The 2021 real estate taxes payable in 2022 will be paid by seller via a credit to
Buyer at closing, using the best information available at the time.
TITLE: Seller will furnish the successful bidder an Owner's Policy of Title Insurance in the amount of the
purchase price and will provide an adequate deed, subject to standard exemptions, conveying
ownership of ~he real estate to the buyer.
DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS BEINGS OLDO N AN "AS 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 of conducting his/her own independent
inspections, investigations, and all due diligence concerning the property and the auction.
AGENCY DISCLOSURE: In this auction, the auction company, staff, and auctioneer are seller's agents and
have a fiduciary duty only to the seller.