613.18 +- Acre Hubbard & Wadena County, MN Land Auction

Thank you for participating in today’s auction. The auction will be conducted by Kinsey Auctioneers & Real Estate, LLC on behalf of the owner of the real estate (the “Seller”). The real estate offered for sale at auction (the “Real Estate”) is fully described in the Contract for Purchase and Sale, a copy of which is available for inspection from Kinsey Auctioneers & Real Estate, LLC.

1. Any person who registers or bids at this Auction (the “Bidder”) agrees to be bound by these Terms and Conditions, the auction announcements, and the Contract for Purchase and Sale. Registered bidders will have to await approval from auction company before being able to place a bid.
2. Procedure: The property will be offered in 4 individual tracts, combinations or its entirety selling to the top bidder(s) regardless of price at a timed online only auction.
3. BUYER’S PREMIUM: A 8% buyers premium added to the final bid price will be the contract price. Example: If property sells for $100,000 x 8% buyers premium the contract price would be $108,000.
4. DOWN PAYMENT: 10% earnest money in form of cash, cashier’s check, personal check, or immediately available, certified funds and in the amount set forth by Kinsey Auctioneers & Real Estate LLC due by 4 p.m. CST on the business day following the auction. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have financing if needed, and are capable of paying cash at closing..
5. Preview: Tracts can be viewed at your convenience or an appointment with auction company. Tract number signs will be posted on all tracts. Call 877-243-6691.
6. CLOSING: Balance to be paid at closing within 45 days of the end date of the auction or before December 30th, 2022 (No Exceptions) at Hubbard County Abstract and Closing, Inc located at 416 West Third Street, Park Rapids, Minnesota 56470.
7. AS-IS, WHERE IS: Terms are "cash, as is, where-is. "Financing is allowed, but there are no financing contingencies and all financing must be in place prior to the closing date. The down payment monies will be deposited into escrow account and credited to Buyer at closing.
8. Property sells AS-IS with no contingencies.
9. Personal Property: Older vehicles, tractors, older equipment and debris sell as-is with the property. No titles will be transferred with any personal property.
10. Closing costs: Seller will pay any and all settlement fees and expenses, including , without being limited to, title searches, title insurance charges.
11. If Buyer fails to close per terms of contract, the deposit is non-refundable.
12. AUCTION BIDDER DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 10% earnest money deposit, the winning bidder will be charged a penalty fee of $5,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Kinsey Auctioneers & Real Estate, LLC. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Kinsey Auctioneers & Real Estate reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale. Any dispute between Kinsey Auctioneers & Real Estate, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Fallon County, Montana. By bidding on the property, buyer agrees to all terms and conditions set forth.
13. POSSESSION: Possession will be at closing.
14. DISCLOSURE: Property sells with all equipment, personal property assets and debris. The home on tract 3 and trailer houses on tract 4 are uninhabitable. Vehicles on property sell with no titles. Tract 2 seller discloses there are 2 active water wells used for irrigation. Tract 3 seller states there are 2 water wells that are active. Tract 3 also has 2 abandoned septic systems. Seller states tract 2 has two above ground fuel tanks and a cement water tank that was used for the stage coach stop. (See complete disclosures in purchase agreements)
15. Property sells as-is.
16. An Owners Policy from Hubbard County Abstract and Closing, Inc. will be provided at Seller’s expense giving marketable title subject to restrictions of record.
17. DEED: Seller shall provide a warranty deed.
18. TAXES: Taxes pro-rated through the date of closing.
19. All information in this brochure was derived from sources believed correct, but is not guaranteed.
20. Buyers shall rely entirely on their own information, judgment, and inspection of property and record.
21. Auctioneer and assistants are seller’s agent.
22. Auction will be conducted at a Timed Online Only Auction.
23. PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries, and due diligence concerning the property. Further, Seller disclaims any and all responsibility for Bidder’s safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale.
24. ACREAGE: All tract acreage, dimensions, and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photo maps.
25. SURVEY: Tracts are split however no survey will be completed. It is the Buyers responsibility to obtain a survey to determine specific boundary lines and exact acreage amounts if desired. The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller. Seller and successful bidder shall each pay half (50:50) of the cost of the survey. The type of survey performed shall be at the Seller’s option and sufficient for providing title insurance.
26. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Induct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.
27. Supervising attorney Darbie A. Smith | 952-746-2164 | Legal Consultant Lisa McPherson 580-860-7111.
28. Property sells with NO RESERVE.
29. Property Information Packet will be available online. If you have questions about the property call Kinsey Auctioneers & Real Estate, LLC office telephone 877-243-6691.
30. Auctioneers reserve the right to remove any or all tracts from the auction at any time.