Real Estate Auction Terms
18917 Wappes Road, Churubusco, In 46723
Down Payment: $5000 Down Payment on the day of auction with the balance in cash at closing. The down payment may be made in the form of cash, cashier’s check, personal check or corporate check. Your bidding is not conditional upon financing so be sure you have arranged financing if needed and are capable of paying cash at closing.
Acceptance of bid: The Successful bidder will be required to enter into a purchase agreement at the auction site immediately following the close of the auction. The final bid is subject to the Sellers acceptance or rejection.
Evidence of Title: Seller shall provide an owners title insurance policy in the amount of the purchase price.
Deed: Seller shall provide a Deed.
Closing: The balance of the purchase price is due at closing which will take place within 30 days of presentation of insurable title. Closing costs shall be split by the Seller and Buyer 50/50.
Possession: Possession shall be the day of closing immediately after closing on tracts 1, 2 4 & 6. Tenants will retain possession on Tract 3 for 60 days after closing paying $600 per month to the new Buyer of such tract. The Sellers shall retain possession of the outbuildings on tract 5 for 90 days after closing. The propane tank on tract 5 is not included in this sale.
Grain Bins: The 5000 bushel grain bin on top the hill, blower & heater is in working condition. The 4000 bushel grain bin at the bottom of the hill, blower works but not sure on the heater. Seller keeps possession of the grain bins until August 15, 2020.
10 year program: Tract 2 contains 38+/- acres. Of this area, there is currently 6.71 acres enrolled in the USDA CRP that generates $1411.00 per year. The Buyer of this tract will assume the remaining 7 years left of this contract and visit the USDA office in Albion to prove ownership.
Real Estate Taxes: Real estate taxes will be prorated to the day of closing. There are no current exemptions on this property.
Survey: A new boundary survey will be completed only if necessary for Title commitment or tracts that are split off the original parcel. The Seller shall determine any need for a new survey and shall order the survey. The cost of the survey will be split by the Buyer and Seller 50/50.
NOT SUBJECT TO APRAISAL OR FINANCING. ALL SALES ARE FINAL AND SOLD AS IS.
*There will be a 2% buyer’s premium to be paid at closing.*