iAuction Terms & Conditions

1. PROCEDURE: Bidding ends Wednesday, July 12, 2023 at 10:00 AM, with a soft close, meaning that a bid in the final minute will extend bidding by 5 minutes. All bids placed are by the Acre.
2. BUYERS PREMIUM: 5% Buyer’s Premium will be added to the final bid price to arrive at the contract sales price.
3. ACCEPTANCE OF BID PRICES: Winning bidder will enter into a Contract to Purchase immediately upon being declared the Successful Bidder by the Auctioneer. Upon the close of the auction, the winning bidder will be forwarded via email a Contract to Purchase. Trophy Properties and Auction must receive a signed copy of the contract on or before 12:00 NOON, Thursday, July 13, 2023 (hand delivered, faxed, or scanned and emailed). The Seller reserves the right to reject any and all bids. Once accepted, this agreement shall be binding on the parties and their successors and assigns. This agreement is NOT subject to financing, inspections, or other contingencies or delays the closing for such reason.
4. DOWN PAYMENT: 10% of the contract purchase price will be due upon acceptance of the Sales Contract. Business or Personal Checks or Wire Transfer are accepted.
5. BIDDING: Once submitted, a bid cannot be retracted.
6. CLOSING: Closing shall be on or before 3:00 PM., Thursday, August 17, 2023.
7. POSSESSION: Buyer acknowledges receipt from Seller of a copy of the Farm Cash Rent Lease Agreement dated March 15, 2023 by and between Seller (as Lessor) and Davidson Grain Farms LLC (as Lessee), and Buyer expressly agrees (a) that the sale, purchase and conveyance of the real estate described herein of this Contract between Seller and Buyer shall be subject to the terms, conditions and provisions of said Farm Cash Rent Lease Agreement dated March 15, 2023 and (b) that all lease payments made pursuant to said Farm Cash Rent Lease Agreement shall be retained and kept by Seller as the sole and separate property of Seller, including the $2,080.00 payment to be made by said Lessee at harvest of Lessee's crops which shall be paid to Seller, regardless of whether said $2,080.00 payment is made in the year 2023 or in the year 2024. The parties agree that said Farm Cash Rent Lease Agreement shall not constitute a title defect.
8. In addition to the purchase price, Buyer agrees to pay all costs, fees and expenses associated with this Contract and the closing thereof, including but not being limited to, escrow fees and all costs due and payable to Audrain County Title Co, the costs for owner's and lender's title insurance commitments and policies, all recording fees and all other closing costs, fees and expenses regarding this transaction, and property taxes for the year 2023, without proration thereof. The subject real estate shall be conveyed by Seller to Buyer via Independent Personal Representative's Deed Under Power of Sale in Will.
9. Under no circumstances shall Bidder have any kind of claim against Trophy Properties and Auction, or anyone else if the Internet service fails to work correctly before or during the auction.
10. The information is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines are drawn on maps, photographs, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to this property. Both real estate (including all improvements, if any) is being sold As Is, Where Is with NO warranties expressed or implied. Please make all inspections and have financing arranged prior to the end of bidding. This property is subject to prior sale.