AUCTION METHOD: The tracts will be offered individually. Bidding will remain open on the tracts until the close of the auction as determined by the Auctioneer. The Seller and Auction Company reserve the right to stop any person from bidding if there is any question as to the person’s credentials, fitness, etc.
AUCTION CONDUCT: Conduct of the Auction and the increments of bidding are at the direction and discretion of the Auction Company. All decisions of the Auctioneer at the auction are final.
ACCEPTANCE OF BID PRICES: Acceptance or rejection of any auction bid is subject to approval by the Seller. All successful bidders will sign a Purchase Contract at the auction site immediately following the closing of bidding. Bidding/Purchase is not contingent upon Buyer obtaining financing. Neither Seller nor Auction Company assumes any responsibility for Buyer’s inability to obtain financing.
EARNEST MONEY: A NON-REFUNDABLE earnest money deposit is due immediately from the successful bidder(s). The earnest money may be paid in the form of personal check, business check, or certified funds. The balance of the Purchase Price is due in certified funds or wire at closing. Your bidding is not contingent on financing, appraisal, inspection, etc.
REAL ESTATE TAXES: Seller shall pay 2020 taxes and all prior years and paid in full at closing.
EVIDENCE OF TITLE. Seller shall cause to be furnished to Buyer a title insurance company’s commitment to issue, after closing, a title insurance policy in an amount equal to the full purchase price naming Buyer as the insured. Except for assumptions or owner-carry transactions, the commitment shall show marketable title vested in Buyer, subject to any of the following exceptions which may apply: Easements; if Buyer fails to obtain a survey, any encroachments that would have been disclosed by a survey; rights-of-way of record; trees, plantings and fences; restrictions and protective covenants of record, provided no forfeiture provisions are contained therein; unmatured special assessments; oil and gas leases; zoning laws, ordinances and regulations; rights of tenants in possession; the liens, if any, described therein; and those exceptions which are standard to American Land Title Association’s Form B or as specified herein and in an assumption, the mortgage securing the loan which the Buyer is assuming. A copy of the title commitment will be furnished to Seller, Buyer, lender, listing broker, and selling broker as promptly as possible. The Seller and Buyer shall each pay one-half the cost of the owner’s title insurance policy. In the event Seller is entitled to a discount, the Seller shall receive the full discount. Buyer shall pay for any title coverage for the benefit of Buyer’s lender. Buyer shall have a reasonable time, not to exceed five business days, to examine the title insurance commitment and to notify Seller of any objections to the title. Objections shall be made and cured per the Kansas Bar Association Title Standards. Seller may, at Seller's discretion, take action to resolve Buyer's objections to the status of title. If Seller fails or refuses to resolve Buyer's objections to title, then Buyer may either purchase the Property subject to Buyer's objections, or Buyer may terminate this Contract, in which event Buyer's sole remedy shall be the return of Buyer’s earnest money deposit. The applicable owner's premium and search fee for the title insurance policy shall be paid by the Seller, and the Escrow Agent shall have the right to pay such fees out of the funds held in escrow. Seller will pay for all expenses to clear title requirements, if any.
CLOSING: Closing shall take place within 30 days of contract signing, or as soon thereafter as required closing documents are available for execution, with time of the essence, and at the offices of Pfalzgraf & Dierking Title Insurance Company, LLC, 522 North Washington, Wellington, Kansas, 67152, Phone: 620.326.8963. The Closing / Escrow Fee shall be shared equally between Seller and Buyer(s).
TRANSFER OF TITLE: Transfer of title will be by Warranty Deed, subject to all easements, restrictive covenants, ordinances, oil and gas leases, prior mineral conveyances or reservations.
MINERAL RIGHTS: All Seller-owned minerals will convey to Buyer(s) on all tracts. Minerals are believed to be intact.
POSSESSION: Possession will be at closing
SURVEY: Buyer acknowledges and agrees that Seller is not providing a survey and shall not have any obligation to provide a survey. The property will be transferred based on the legal description.
INSPECTIONS: The Real Estate is not offered contingent upon inspections. The Real Estate was offered at public auction in its present, "as is, where is" condition and is accepted by Buyer without any expressed or implied warranties or representations from Seller or Theurer, including, but not limited to, the following: the condition of the Real Estate; the Real Estate's suitability for any or all activities or uses; the Real Estate's compliance with any laws, rules, ordinances, regulations, or codes of any applicable government authority; the Real Estate's compliance with environmental protection, pollution, or land use laws, rules, regulations, orders, or requirements; the disposal, existence in, on or under the Real Estate of any hazardous materials or substances; or any other matter concerning the Real Estate.
It is Buyer's responsibility to have any and all desired inspections completed prior to bidding, including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of radon; presence of lead-based paint or lead-based paint hazards; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic or lagoon compliance); sex offender registry information; flight patterns, or any other desired inspection. Bidder acknowledges that Bidder has been provided an opportunity to inspect prior to the ending of the Auction and that Bidder has either performed all desired inspections or accepts the risk of having not done so. In the event inspections were performed by Seller and made available to Buyer, Buyer acknowledges the property is being sold AS IS and will need to satisfy all requirements or deficiencies at their cost.
AGENCY: Theurer Auction/Realty and their representatives are Exclusive Agents of the Sellers.
DISCLAIMER AND ABSENCE OF WARRANTIES: All published information is subject to verification by all parties relying on it and to the terms and conditions outlined in the contract / agreement to purchase. No liability for the accuracy of published materials or any errors or omissions is assumed by the Seller, Auction Company or Brokers. Statements, promises, or inducements made that are not contained in the written purchase agreement shall not be valid and binding. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or the Auction Company unless agreed to in writing by Seller. Each bidder is responsible for conducting his or her own independent inspection, investigations, inquiries, and due diligence concerning the property. All sketches, acreages and dimensions are approximate. Announcements made day of auction precede previously printed material and oral statements.