#16521 Buchanan County Auction Terms & Conditions

Sellers: The Estate of Maybeth D. Graham & The Maybeth D. Graham Trust

Auction Location: 
Brandon Area Community Center
802 Main Street
Brandon, Iowa 52210

Auction Method: Tracts 1, 2, and 3 will be sold on a price per acre basis and will be offered through the marketing method of “Buyer’s Choice”, where the high bidder can take, in any order, any or all tracts for their high bid. “Buyer’s Choice” auctioning will continue until all tracts have been purchased. Tract 4 will be offered individually and will sell on a “Whole Dollar” amount basis. These tracts will not be offered in their entirety at the conclusion of the auction. All tracts are being sold "Absolute" with no reserve.

Tract 1: 140 Acres M/L
Tract 2: 44 Acres M/L
Tract 3: 39.6 Acres M/L
Tract 4: 0.78 Acres M/L

Maybeth D. Graham Estate Attorney:
John C. Wagner
John C. Wagner Law Offices
Amana, IA

Maybeth D. Graham Trust Attorney:
Brian C. Eddy
Roberts & Eddy, P.C.
Independence, IA

Farm Program Information: Farm Program Information is provided by the Buchanan 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 Buchanan 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 a good check or wire transfer. All funds will be held in the Roberts & Eddy, P.C. Trust Account.

Closing: Closing will occur on or around Tuesday, January 17, 2023. The balance of the purchase price will be payable at closing in the form of certified check or wire transfer. With respect to the timing of the Seller and successful Buyer(s) in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence. Closing will be overseen by the Roberts & Eddy Law Office in Independence.

Possession: Possession of Tracts 1-3 will be given at closing, subject to the current tenant’s rights. Possession of Tract 4 will be given at closing.

Farm Lease: Tracts 1-3 are rented for the 2023 rowcrop season. All 2023 lease payments will be paid to the Buyer. Contact Agent for details.

CRP Payments:  The buyer will receive the full 2023 CRP contract payment from 10/1/2022 - 9/30/2023 on Tract 1.

Survey Information: Tracts 1 & 2 will be surveyed prior to closing if sold to separate Buyers. The sales price will be based on the stated multipier (140 acres for Tract 1 and 44 acres for Tract 2) and will not change if the survey determines there are more or less acres than estimated. Tract 3 is being sold based on the current legal description (39.6 acres). Tract 4 has a recent survey and will be sold as 0.78 surveyed acres. 

Contract & Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a real estate sales contract and deposit with Meyer & Lain 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. Transfer of title on the Estate owned land (Tracts 3 & 4) will be made by Court Officer Deed. The Estate Auction is subject to final court approval. Transfer of title on the Trust land (Tracts 1 & 2) will be made by Trustee's Warranty Deed.

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Online and phone bidders must register with the Auctioneer at least 24 hours prior to the start of the auction.

Fences: Existing fences, if any, are in as-is condition and will not be updated. Not all property lines have fences installed. No new fences to divide any of the tracts will be installed by the Sellers. All current and any future fences and fence lines shall be governed by the Buchanan County and State of Iowa fence line rules and regulations. Existing fence lines may not be located on the true boundary lines.

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 abstracts.