TERMS & CONDITIONS:

Auction Location:
Wayne County Fair Event Center
800 2nd Avenue
Corydon, Iowa 50060

Seller:
The Estate of Gerald C. Dyer
Linda Martindale & Clair C. Dyer – Co-Executors of the Estate

Attorney for the Estate:
Verle W. Norris, Attorney at Law

Auction Method: Property will be offered as one individual tract. All bids will be on a total dollar amount basis.

Buyer’s Premium: A 5% Buyer’s Premium will be added to final purchase price day of auction and included in the Purchase Agreement.

Farm Program Information: No farm program information has been obtained from the Wayne County FSA and NRCS offices. Buyer will be responsible for obtaining this information after closing, if chosen.

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 Law Office of Verle W. Norris Trust Account.

Closing: Closing will occur on or around September 1, 2022 at The Law Office of Verle W. Norris in Corydon, Iowa. 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 in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence.

Possession: Possession of the farm will be given at closing.

Farm Lease: There are no current leases in place, including hunting leases. The farm is open for 2022 and beyond.

Survey: There will not be a legal survey performed by the Seller or Peoples Company. The basis of the sale for this property will be 34.65 taxable acres as identified by the Wayne County Assessor’s Office. The Seller, Attorney for the Seller, Peoples Company, nor the Auctioneer makes any guarantees as to the correct boundary lines or the actual number of acres on this farm. If Buyer wishes to obtain a legal survey, it will be at Buyer’s expense. Buyer should perform his/her own investigation and due diligence of the property prior to bidding at the auction.

Contract & Title: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with The Law Office of Verle W. Norris the required earnest money payment. The Seller will provide a current abstract(s) at their expense. Sale is not contingent upon Buyer obtaining financing after the conclusion of the auction. All financial arrangements are to have been made prior to bidding at the auction. Transfer will be made by Court Officer Deed. Estate Auction is subject to final court approval.

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. 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. Existing fence lines may not be located on the true boundary lines.

House & Septic System: The property and house will be sold on an “as is, where is” basis with no warranties or guarantees, expressed or implied, made by the auctioneer, seller or Peoples Company. Since the property is owned by an Estate, the Seller is exempt from the Time of Transfer requirements. Should a Buyer want to repair, perform maintenance, or replace the septic system, it will be at their sole expense and responsibility.

Site Cleanup: If a site clean-up is required on the farm, it will be the new Buyer’s responsibility and at Buyer’s expense.

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. 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, total 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.

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