The Terms and Conditions of Sale are set forth upon this page in this Buyer’s Prospectus and the Earnest Money Receipt and Purchase Agreement.
The information set forth is believed to be accurate. However, the owner of the properties and Steffes Group make no warranties or guaranties expressed or implied. Information contained in this document was collected from sources deemed to be reliable and is true and correct to the best of the writer’s knowledge. Auctioneers and owners will not be held responsible for advertising discrepancies or inaccuracies.
All ANNOUNCEMENTS ON AUCTION DAY TAKE PRECEDENCE OVER PREVIOUSLY ADVERTISED INFORMATION.
Prospective buyers are advised to consult with an attorney of their choice with respect to the purchase of any real property including but not limited to, seeking legal advice from their own attorney regarding disclosures and disclaimers set forth below. All bidders must register their name, address, and telephone number in order to receive a bidder number.
Bidders who wish to bid online must register their name, address, and telephone number along with a Bank Letter of Recommendation in order to be approved for online bidding. A sample letter is included in the Buyer’s Prospectus. This letter should be faxed to: 701.237.0976, or emailed to Scott.Steffes@SteffesGroup.com, or mailed to Steffes Group, 2000 Main Avenue East, West Fargo, ND 58078.
Auction staff will be at the sale site approximately one hour prior to sale time.
The successful bidder will be required to sign an Earnest Money Receipt and Purchase Agreement at the close of the real estate auction.
A total deposit of 10% of the Purchase price will be required. Those funds will be placed in the Steffes Group Auction Trust Account as good faith money until closing.
Purchasers who are unable to close because of insufficient funds will be in default and the deposit money will be forfeited.
Property will be sold with title insurance & conveyed by General Warranty Deed.
The balance of the purchase price must be paid in full at closing on or before Friday, November 14th, 2014.
2014 taxes will be paid by Seller. Subsequent taxes and or special assessments, if any, to be paid by buyer. Real Estate Taxes are subject to reassessment under new owner.
Closing Agent Fee will be shared equally between Buyer and Seller.
All tracts will be offered on an individual basis. At the conclusion of the first round of bidding a recess will be taken. Bidding will then be reopened (at the last bid received) and all tracts will be offered again. The bidding will continue at the Auctioneer’s discretion. Our goal is to realize the highest return to the Seller, and to satisfy all interested parties by allowing bidders who are interested in one tract to have the same opportunity as multi-tract Buyers.
Please note the bidding will not close and property will not be sold until everyone has had the opportunity to make his or her highest and best bid.
The auction sale is for registered bidders and their guests. All bidding is open to the public and the property is offered for sale to qualified purchasers without regard to sex, race, color, religion, natural origin, or handicap.
THIS IS A 5% BUYER’S PREMIUM AUCTION. FIVE PERCENT WILL BE ADDED TO THE FINAL BID TO ARRIVE AT THE CONTRACT SALE PRICE.
THE PROPERTY WILL BE SOLD AS IS WITH NO WARRANTIES EXPRESSED OR IMPLIED.
THE PROPERTY WILL BE SOLD ABSOLUTE REGARDLESS OF PRICE AFTER THE OPENING BID.
PROPERTY SOLD WITHOUT WARRANTY
All dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents. The property will be sold AS IS and without any warranties or representations, express or implied.
CRP CONTRACTS
Buyer(s) agree to follow all requirements of conservation plans and practices required by the FSA & NRCS to maintain eligibility in the Conservation Reserve Program. Buyer(s) agree to accept responsibility and liability for any actions by the buyer which would endanger eligibility for the CRP or actions that would require repayment of the CRP payment or payments. Buyer(s) further agree to indemnify and hold harmless the sellers/tenant for any recovery sought by the FSA due to actions of buyer, which would violate the requirements of the CRP.
SUCCESSFUL BIDDER
The successful bidder of the property shall be determined by competitive bidding. Should any dispute arise between bidders, the auctioneer shall have the right to make the final decision to either determine the successful bidder or to re-offer the property that is in dispute. The auction will be recorded and the auctioneer’s records shall be conclusive in all respects.
CLOSING
The successful bidder will be required, at the close of the auction, to complete the Earnest Money Receipt and Purchase Agreement. A sample contract is included in this Prospectus. Balance of the purchase price is due in cash at closing on or before Friday, November 14th, 2014. Closing will take place at a closing company mutually agreeable to both Buyer and Seller.
SELLER’S PERFORMANCE
The Seller has agreed to the terms of the sale as published. However, the Broker and Auctioneer make no warranties or guaranties as to the Seller’s performance.
AGENCY DISCLOSURE
Steffes Group, Inc. is representing the Seller.
POSSESSION
Possession will be at closing unless otherwise agreed to in writing and agreeable by buyer and seller.
MINERAL RIGHTS
All mineral rights, if any, held by Seller will be transferred upon closing. However, the Seller does not warrant the amount or adequacy of the mineral rights.
ENVIRONMENTAL DISCLAIMER
The Seller, Broker and Auctioneers do not warrant with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state or local law. Buyer is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, and environmental conditions that may affect the usability or value of the property. No warranties are made as to the existence or nonexistence of water wells on the property, or the condition of any wells.
EASEMENTS AND SURVEY
The property to be sold is subject to any restrictive covenants or easements of record and any results that an accurate survey may show.
BIDDING PROCEDURE
As a buyer you have two objectives to accomplish:
1. Purchasing the property.
2. Purchasing the property at a price you can afford.
How is this accomplished?
1. Estimate comparative value
2. Experienced buyers always decide what to pay before the bidding begins.
3. Inspect the property carefully.
4. Compare with other properties available in the area.
5. Check the selling price of previously sold properties.
6. Discuss your buying plans with a lender. Have your financing arrangements made in advance.
7. This sale is not subject to financing.
AVOID OVER OR UNDER BIDDING
Always bid on a property toward a price.
Establish that price before the bidding begins. By doing this you will avoid getting caught up in the auction excitement and pay a price that is too high for the market or one that you cannot afford. It will also make you confident to bid to your established fair market value. Many bidders who do not plan ahead end up with regrets after the auction because they were too nervous or uncertain about their judgment to bid.
THE BIDDING STRATEGY
Research and know the value of the property.
Have your financing arranged before the auction.
Establish your highest and best bid before the bidding begins.
Make your bids promptly to force other bidders up or out without delay.
Special Provisions & Disclosures
If either Tract 7, 6, 5, 3, or 2 are purchased by a buyer(s) other than the buyer of Tract 1, an easement will be created and granted from the tract buyer(s) that are separate from the buyer of Tract 1 for the rural waterline that runs through each of the aforementioned tracts. It will be the responsibility of the seller to pay the expenses associated with drafting this easement.
There is a rural water meter in the NE corner of Tract 7 that services the ranch headquarters on Tract 1.
Tract 7 contains a rural water hydrant which is metered by the meter that supplies the house. If Tract 7 is purchased by a buyer other than the buyer of Tract 1, the hydrant must be removed/shut off or metered at Buyer’s Expense unless otherwise agreed to in writing by the buyer of Tract 1.
The road to access Tract 1 is on Tract 2. If Tract 1 is purchased by a buyer other than the buyer of Tract 2, an access easement will be created and granted for the Tract 1 buyer for the existing entry road to Tract 1. It will be the responsibility of the seller to pay the expenses associated with drafting this easement.
Tract 7 has a water line that runs from the artesian well on Tract 2 into the two dugouts on Tract 7. If Tract 7 is purchased by a buyer other than the buyer of Tract 2, the water line that runs into the two dugouts on Tract 7 will be permanently turned off unless otherwise agreed to in writing by the buyer of Tract 2.
There is a grazing lease agreement in place for much of the grassland acres on the ranch and the river bottom included in Tract 1. This lease expires on December 31st, 2015.