AUCTION TERMS AND CONDITIONS
±62.81 Acres – E. Danville Twp. – Vermilion Co., IL
BIDDING PROCEDURE: This property is offered as two individual tracts. Tract 1 (Ronald Jones farm) consists of ±28.44 acres. Tract 2 (Dorothy Jones farm) consists of ±34.37 acres. This is an online-only auction. Bids will be placed in total dollars (acres x your bid amount per acre). A $1500 total dollar bid increment applies. Bidding for this auction is scheduled to end on Wednesday, March 18, 2015 - 10:00 a.m. CDST, 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. Bidders must be pre-registered and approved to bid prior to 5:00 p.m. on March 17th.
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: The Seller reserves the right to accept or reject any or all bids.
ACCEPTANCE OF BID PRICES / DOWNPAYMENT 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 via check or bank wire by close of the current business day. Should the auction end after the end of the current business day, the down payment shall be received no later than noon the following business day. Successful bidder(s) will be contacted by a Wallace Land Company representative at the end of the auction, and will be emailed a Contract for Sale of Real Estate to be signed and immediately emailed/faxed back. This digital signature will be considered legal and binding until a paper document can be signed in person. 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 2014 real estate taxes payable in 2015. Buyer is responsible for 2015 real estate taxes and all future taxes.
LEASE: The lease is open for the 2015 crop year.
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. Therefore, Wallace Land Company and all its staff will not be acting as your agent, but as the designated agent of 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.