Bidding Procedures & Terms

Diamond S Auction & Real Estate Co. Inc. & Tom Kissee Real Estate Co. Welcome You To Bid Your Price On This Great Dallas County Farm.

BIDDING PROCEDURES TO KEEP IN MIND:

1.  All bidding is open to the public. You will need to raise your hand or call out your bid as the auctioneer asks for bids. It is easy!  Don’t be bashful!  Per contractual agreement with the seller this large Dallas county farm will be sold to the highest bidder! This is a one-time opportunity.  Watch the auctioneer and ring men.  They will take your bid and will assist you with any questions during the course of the auction.
2. Bidding will remain open on all tracts, combinations and the property in it’s entirety until the close of the auction.
3.  Your bidding is not conditional upon financing, so be sure you have arranged any necessary financing and are capable of paying cash at closing within the specified time.
4. Minimum bid increments shall be at the discretion of the auctioneers.

TERMS OF SALE OUTLINED:

1. A down payment in the amount of 10% of your purchase price is due at the close of auction up to a maximum down payment of $15,000.00. For any individual tract or combination of tracts. In the event that a bidder buys the property in its entirety, a 5% uncapped down payment will be required.  Cash, cashier’s check, personal or corporate check that is immediately negotiable is satisfactory for the down payment. Your down payment check WILL BE DEPOSITED IN ESCROW and will be applied to the purchase price at closing.  Down payments are non-refundable and failure to close on the purchase will result in forfeiture of the down payment. 
2. Balance of purchase price is due in cash at closing. Closing costs will be shared equally between Buyer(s) and Seller.
3. The sale of the real estate is NOT subject to any contingencies or financing
4. The Seller shall provide a title search and a Warranty Deed. The cost of title insurance shall be at Buyer’s expense if Buyer elects to secure a title insurance policy.
5. The Seller shall pay the 2019 and all prior year’s real estate taxes; real estate taxes for 2020 shall be prorated to the date of closing.
6. If the Seller determines that a boundary survey is required to establish a legal description, then a survey shall be prepared by Jack Dill & Associates of Buffalo, MO. The Seller and Buyer shall share equally in the cost of the survey. Tracts purchased in combination shall receive a perimeter survey only, if any. In the event that an existing legal description is available then no survey will be required and as such, a survey will not be conducted.
7. The locations of the tract signs on the property are approximate. These signs are not survey markers nor are they substitutes for survey markers, there may be a difference of several feet in any direction between the location of the tract sign and the actual location of a boundary line.
8. The acreage estimates for each tract were developed using GIS satellite technology. These are fairly accurate estimates, however they are only estimates. Therefore, the bid price for unimproved tracts or combinations of unimproved tracts shall be adjusted at closing to reflect the results of any required survey work, if the surveyed acres are different than the estimated acres. It is important to note that this adjustment shall reflect both additions to and subtractions from the estimated acres and subsequently the final purchase price. However, there shall be no prorated price adjustment for any tract or combination of tracts that contain building improvements.
9. Possession shall not be granted until closing. No Buyer may inhabit the dwelling, make physical changes to any structure or land, stock the farm with cattle or other livestock, harvest any crop nor store any items on the premises. Closing shall take place within 45 days.
10. The sale of the property does not include items that are portable in nature or items that have been specifically advertised separately from the property. This includes but is not limited to: feeders, portable corral panels, farm fuel tanks, etc.
11. In the event that the property sells in tracts and water or septic lines happen to cross a boundary line onto an adjacent tract the Buyer(s) of the adjacent tracts(s) shall be required to grant the easements necessary for the operation and maintenance of such systems. Furthermore, Buyers of any and all tracts shall be required to grant the easements required by the local power company to supply electrical service to each tract.
12. There may not be fence lines separating the tracts of each parcel. Neither the Seller nor the auction company shall be responsible for any new fencing.  New fencing shall be the sole responsibility of the Buyer(s).
13. Your bids are to be based solely upon your inspection. All real estate is being sold “as-is” without physical warranty of any kind. The Seller and the agents of Diamond S Auction & Real Estate Co. and Tom Kissee Real Estate Co. shall not assume any responsibility for warranty of any specific zoning classifications, location of utilities, and assurance of building permits, water or septic permits.  No warranties or guarantees as to the condition of the wells on any tract are made by the Seller or Auction Company.  In short, all property is being sold “AS IS” with no guarantees of any kind.
14. All real estate is being sold subject to any existing recorded easements. Existing recorded leases, if any, will be assigned to the Buyer.
15. At the close of the auction, Buyer(s) will be required to execute an Agreement to Purchase Real Estate and Addendum(s). This agreement is available for your review. The terms of this agreement and addendum(s) are non-negotiable.
16. Please keep in mind that the Agreement to Purchase Real Estate you will be signing at the close of the auction will be drawn up based on the manner in which you bid. You will be closing on the tract or combination of tracts on which you are the successful bidder in the manner in which you bid at the auction.
17. Diamond S Auction & Real Estate Company, Inc. and its representatives are the exclusive agents of the Seller. Any announcements made by the auctioneers shall take precedence over this and any other printed material.