Procedure: The property will be offered as three tracts in a virtual online auction format. Bidding and livestream viewing will be available at hiattland.bidwrangler.com. Bidding will be on a dollars per acre basis and the final purchase price will be determined by multiplying the high bid by the estimated acres. All acres contained in each tract will be subject to a survey to be provided by the seller. Final purchase price will be adjusted according to the surveyed acres time the per acre bid at the auction. Registration: All bidders are required to register at hiattland.bidwrangler.com no later than September 18,2023, 12:00pm CST. Once the online registration form is filled out, it will be automatically sent to R. Hiatt Enterprises for approval to allow bidding. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase.
Acceptance of Bid Prices: The successful high bidder will enter into a Contract to Purchase immediately following the close of bidding for presentation to the Seller. Final bid price is subject to approval or rejection by the Seller. Upon the close of the auction the winning bidder will either sign the Contract to Purchase in DocuSign or be forwarded via email or fax a contract to purchase. A signed copy of the contract must be returned and received by R Hiatt Enterprises on or before 12:00 o'clock. P.M. CST, Friday September 22, 2023 (faxed to 217-253-8646) or scanned and emailed to Russ@hiattland.com.
Down Payment: A 10% non-refundable down payment of the total contract purchase price will be due within 24 hours of the close of the auction from the winning bidder. The down payment may be paid in the form of a wire transfer, personal check, business check or cashier's check. Should the winning bidder not be approved by the Seller, the down payment shall be returned to the bidder as soon as practicable. Payment shall be made to the escrow agent to be determined at a later date. The balance of the contract purchase price is due in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.
Closing: The closing shall take place on or before Friday October 20, 2023 Possession: Possession will be given at closing. Tenant rights will remain until severance of the 2023 crops are completed. Lease for 2024 is open.
Title: Seller will provide a proper deed conveying merchantable title to the real estate to the successful buyer free and clear of liens as well as title policy for the amount of the purchase price.
Real estate taxes and assessment: The 2023 calendar year taxes due and payable in 2024 will be paid by the seller. Real estate taxes have included a larger tract part of which is not included in the sale. a division of the parcel will be completed by the assessor once title has transferred to the buyer where upon the the tax liability will be determined for 2023's taxes. A credit will be given to the buyer for 2023 based on the determined land tax per acre for the unimproved property.
Survey: A survey of the farm will be completed to legally describe the property sufficient for transferring title of the property to the buyer. If a survey is not completed by the time of the auction the acres will be estimated with adjustment to purchase price made upon completion of the survey. The surveyed acres shall be used to determine the final selling price based on the buyer's per acre bid price times the number of acres determined by the survey.
Mineral rights: The sale shall include any and all mineral rights currently owned by the seller, if any.
Acreages: All acreages are approximate and have been estimated. Tract 1 - 72ac; Tract 2 - 49ac; Tract 3 - 46ac.
Easements and leases: The sale is subject to any and all easements.
Disclaimer: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The 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 the Seller or R. Hiatt Enterprises. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or R. Hiatt Enterprises. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the final round of bidding and increments of bidding are at the discretion and direction of the seller's agent. The seller and R. Hiatt Enterprises reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. Under no circumstances shall bidder have any kind of claim against R. Hiatt Enterprises or anyone else if the Internet service fails to work correctly before or during the auction.
Agency: R.Hiatt Enterprises and its representatives are exclusive agents of the seller.
Seller: Melrose Schoon Estate, Jim Schoon & Larry Schoon, Trustee