Wayne County Land Auction
188.21 Acres M/L
Offered in Two Separate Tracts
Wednesday, February 26, 2020
5:00 PM

Auction Location:
Seymour Community Center
135 North 5th Street
Seymour, IA 52590

Sellers: Elaina & Dennis Tuttle and Wendy & Rich Choponis

Attorney For Sellers: Verle W. Norris, Attorney at Law - Law Office of Verle W. Norris, Corydon, Iowa

Auction Method: Tracts 1 and 2 will be sold on a price per acre basis and will be offered in individual tracts. These two tracts will not be offered in their entirety at the conclusion of the auction. 

Farm Program Information: Farm Program Information is provided by the Wayne County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farms are reconstituted by the Wayne County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held in the Law Office of Verle W. Norris Trust Account.

Closing: Closing will occur on or before Friday, March 27th, 2020. The balance of the purchase price will be payable at closing in the form of cash, certified check, or wire transfer. At Buyer’s option, Sellers will enter into a short term real estate contract with one-half the purchase price due at the time of closing and the balance due January 15, 2021.  Said contract shall accrue interest at the IRS imputed rate for short term contracts.

Possession: Possession of the farm will be given at closing. Early possession may be granted for farming purposes. Contact Auctioneer for details.

Farm Lease: The current farm lease has been terminated. Farm will be open for the 2020 crop season. 

Contract & Title: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Peoples Company the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer obtaining financing after the auction is over. All financial arrangements are to have been made prior to bidding at the auction.

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction.

Driveway Entrance: The current and single driveway entrance to both tracts is located along the south side of Davis Road and at the northeast corner of Tract 1 and the northwest corner of Tract 2, where each tract meets at Davis Road. If these tracts sell to separate owners, then the new owners of each tract will be responsible for installing a new driveway entrance to their respective tracts and per the Wayne County Engineer's Office plans and specifications. Any and all costs associated with the installation of new driveway entrances, if needed, will be at the sole expense of the new owners of each tract. The Sellers will not install any new driveway entrances.

Fences: Existing fences, if any, are in as-is condition and will not be updated. No new fences to divide Tract 1 and Tract 2 will be installed by the Sellers. All current and any future fences and fence lines shall be governed by the Wayne County and State of Iowa fence line rules and regulations.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an “As is – Where is” basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per acre basis. Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from abstract.