Lot 1 of 2:
Tract 1: 336.55 Acres  

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Lot closed - unsold

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Terms and conditions



+/-376.55 Acres - Section 7 & 12 - Kerr Twp. - Champaign Co., IL

JUNE 29, 2017 - 1:00 P.M.

Auction Venue:  Farm Credit Illinois - 1100 Farm Credit Dr., Mahomet, IL 61853


PROCEDURE:  The farm will be offered in two tracts, and the method of sale will be “high bidder choice” with the option of taking one or both tracts.    Bidding will be per acre.  Tract 1 = 336.55 acres / Tract 2 = 40 acres.  This auction is a simultaneous live and online event. You may bid in person at the live event or online at www.wallaceland.com.  


Online Bidding:  Online bidders will be able to register to bid beginning June 19, 2017 and must be registered 

and approved no later than 5:00 p.m. June 27, 2017. By registering to bid online you agree to abide by the online Bidding 

Terms as outlined in the user account registration as well as the Auction Terms and Conditions.  Online bidding will not be 

open prior to the live auction. If an online bidder is a successful Buyer, a Contract for Sale of Real Estate will be emailed to 

him/her immediately after the auction.  He/she will be required to sign and email it back immediately.  His/her digital signature 

will be considered legal until an original signature can be obtained.


DOWN payment/PAYMENT TERMS:  10% downpayment is due the day of the auction.  If the Buyer defaults on the purchase, the downpayment  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. This transaction may be part of a 1031 exchange.  Buyer agrees to cooperate with Seller(s) regarding 1031 exchange timing, and will bear no additional cost/expense in doing so.


LEASE/CROP EXPENSES:  Farm is currently under a verbal 50/50 crop share lease.  Buyer will receive landlord’s share of 2017 crops, and will reimburse Sellers for all 2017 crop expenses that are paid prior to closing.  This lease terminates February 28, 2018.  


CRP:  There are four CRP contracts totaling +/-108.23 acres on this farm, with a current total annual payment of $29,430.00  Buyer agrees to accept/assume these CRP contracts and will receive landlord’s share of the 2017 and future years CRP payments.   Termination of the largest contract of 64 acres might be possible if the Buyer does not wish to comply.  Contact Jerry Wallace prior to auction day for more information.


GOVERNMENT PAYMENTS:  The Seller shall receive the Landowner share of ARC/PLC government program payments and the Landowner share of government conservation program payments for the 2016 crop year (if payable in 2017). Buyer shall receive the Landowner share of the ARC/PLC government payments and government conservation program payments for the 2017 and future crop years.  Seller agrees to provide any required documentation to Buyer to fulfill the obligations of the ARC/PLC government program, if applicable.


POSSESSION:  Possession of the property will be given to the Buyer at closing, subject to the right of any tenants in possession. 


REAL ESTATE TAXES:  The 2016 real estate taxes, drainage assessment taxes, and special assessments due and payable in 2017 shall be paid by Seller.  Buyer is responsible for 2017 and subsequent years real estate taxes, drainage assessment taxes, and special assessments.  


ACCEPTANCE OF BID PRICES:  Successful bidders will sign a Contract for Sale of Real Estate immediately following the auction.  The seller reserves the right to accept or reject any and all bids. 


TITLE:  Seller will furnish the successful bidders 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 buyers. 


MINERAL RIGHTS:  Sale of the property shall include any mineral rights owned by the Seller.  


SURVEY:  No survey is provided by the Seller.


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.  Information contained in the brochure 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.  ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE TIME OF SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.  


AGENCY DISCLOSURE:  In this auction, the auction company, staff, and auctioneer are seller’s agents and have a fiduciary duty only to the seller.

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