Auction Terms

Online Only Bidding Closing Tuesday, January 17, 2023, at 10 a.m. CT

Procedure: Although there is no obligation to bid, all prospective buyers MUST register to bid at www.jeffmartinauctioneers.com. For assistance in registering call 320-854-3510. Once registration has been completed, registered bidders will be contacted by Erika Kellen, Edina Realty or Jim Fahey, Auction Representative for final bidding approval.

Down Payment: $30,000.00 non-refundable earnest money down on purchase agreement shall be paid within 24 hours from the close of bidding (Tuesday, January 17, 2023, at 10 a.m. CT). Cash, personal, & company checks, certified or wired funds will be accepted. Balance in full due on or before Friday, February 17, 2023, the date of closing & possession. Buyers wishing to close earlier will be accommodated. Buyers to have financing arrangements made prior to bidding on the auction with no contingencies of any kind accepted in the purchase agreement. If for any reason you are unable to complete the transaction, your down payment money will be forfeited.

Buyer’s Premium: A 5% buyer’s premium applies to this property and shall be made part of the purchase price. Property sells by the acre times the bid. (NOTICE: Bidding software will only work in whole numbers and will compute the bid price at 119 times the bid. The purchase agreement will be adjusted to reflect 118.63 times the bid.) 118.63 acres plus a 5% buyer’s premium. Example: 118.63 acres X $12,000.00 per acre + 5% buyer’s premium = $1,494,738.00 sale price. 1031 tax exchange language can be included in the purchase agreement at the buyer’s request; however, any 1031 tax exchange shall not alter the terms, conditions, or closing date of this transaction.

Approval of Bids: The sellers reserve the right to accept or reject any and all bids. This property sells subject to seller confirmation. The successful bidder must enter into a purchase agreement the day of the auction, immediately following the conclusion of the bidding.

Possession: Closing on this property shall take place on or before Friday, February 17, 2023. Buyers wishing to close earlier will be accommodated. This property will be sold free & clear from any & all liens & encumbrances, but subject to any zoning, environmental, or other municipal, federal & state laws, easements, rights of way or other matters of record. Buyer to accept property in as-is condition. Buyer will sign an as-is addendum.

Real Estate Taxes: Real estate taxes due in 2023 to be pro-rated.

Terms: All decisions made by the auctioneer are final. All announcements and updates made by the auctioneer on the website shall take precedence over any previously written material or oral statements made. Conduct of the auction, increments of the bidding & decisions as to the high bidder will be at the direction & sole discretion of the auctioneer. Property sells in “as is” condition. Buyer will sign an as-is addendum.

Disclaimer: The Auctioneer reserves the right to cancel the auction or change its terms without prior notice. All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the purchase agreement. All sketches and dimensions in this brochure are approximate. The information contained in the online catalog, or any brochure is subject to the inspection & verification by all parties relying on it; no guarantee, expressed or implied, is given of the information contained in the brochure. No liability for its accuracy, error or omissions is assumed by the owners or the agents.

Agency Disclosure: Jeff Martin Auctioneers, Inc. and Edina Realty represent the seller in this real estate transaction. Dual agency may apply.

Referral Fee (Broker Participation Accepted But Not Required): A $2,000 referral fee will be paid to the buyer’s agent that registers their client with the auction company prior to the client registering and bidding at www.jeffmartinauctioneers.com. Broker registration form and instructions can be found there.

Deposit: $30,000.00 non-refundable earnest money down on purchase agreement shall be paid within 24 hours from the close of bidding (Tuesday, January 17, 2023). Cash, personal, & company checks, certified or wired funds will be accepted.