AUCTION TERMS AND CONDITIONS
Staples Farm Auction July 14, 2022
PROCEDURE: The farm is offered in one tract of 105 acres, more or less. 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 Thursday, July 14, 2022, UNLESS a bid occurs within 5 minutes prior to that time. If that happens, the auction is automatically extended an additional 5 minutes. 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 FINANCING.
CLOSING: Closing will occur in 30 days or less. Time is of the essence.
POSSESSION: The successful buyer will assume the current landlords' position in a 50-50 crop share lease. The buyer will receive 50% of the 2022 crops at harvest. There will be no charge to the buyer for crop inputs, such as seed, fertilizer, herbicides, or fungicide. These expenses will be paid by the sellers.
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 (unless taxes are paid by seller prior to closing).
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 the real estate to the buyer.
DISCLAIMER AND ABSENCE OF WARRANTIES: THIS PROPERTY IS BEING SOLD ON 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.