Terms & Conditions
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 “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.
SPECIFIC TERMS FOR
ONLINE ONLY AUCTION
Steffes Group along with their employees are seller’s agents and are licensed in the state where the property is located. We strongly recommend buyers secure buyer representation, at their expense, in all real estate transactions.
Bid placed within the last 4 minutes of the auction will extend the auction an additional 4 minutes. Bid extensions continue and auction does not end until there are no bids for 4 minutes.
The sale of this property IS NOT contingent on the bidder securing financing.
The auction begins on Tuesday, November 5, and will end at 1PM Tuesday, November 12. All bidders must register with SteffesGroup.com as an online bidder to participate in the auction.
All bidders must register their name, address, and telephone number in order for your bidding number to be approved.
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 contract sale price will be required. Those funds will be placed in a Real Estate Trust Account as good faith money until closing.
The contract signing will take place at Steffes Group, 23579 MN Hwy 22 S, Litchfield, MN 55355
If the winning bidder is unable to come to the Steffes office for signing of the contract, arrangements will be made to email or fax a copy of the contract for signature. The buyer would fax the signed copy back to 320-693-9373 or send a scanned copy by email.
Purchasers who are unable to close because of insufficient funds will be in default and the deposit money will be forfeited. Balance of the purchase price must be paid in full at closing on or before: Thursday, December 12, 2024.
Closing will take place at a professional closing company agreeable to both buyer and seller.
Seller will provide an ALTA title insurance commitment for an owner's policy of title insurance in the amount of the purchase price. Property will be conveyed by a Warranty Deed.
2024 Taxes: Paid by the 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.
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.
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 PROPERTY WILL BE SOLD AS IS WITH NO WARRANTIES EXPRESSED OR IMPLIED.
THE PROPERTY WILL BE SOLD UPON SELLER CONFIRMATION.
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, expressed or implied.
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 either to 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.
SELLER’S PERFORMANCE
The Seller has agreed to the terms of the sale as published. However, the Broker and Auctioneer make no warranties or guarantees as to the Seller’s performance.
AGENCY DISCLOSURE
Steffes Group, Inc. is representing the Seller.
POSSESSION
Possession will be at closing.
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 well.
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:
Purchasing the property.
Purchasing the property at a price you can afford.
How is this accomplished?
Estimate comparative value.
Experienced buyers always decide what to pay before the bidding begins.
Inspect the property carefully.
Compare with other properties available in the area.
Check the selling price of previously sold properties.
Discuss your buying plans with a lender. Have your financing arrangements made in advance.
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.
By accepting these terms and conditions you acknowledge you have read and reviewed the available Buyer's Prospectus or Sale Bill for this auction sale.
