U.S. 30 , Cedar Rapids, IA 52404(Linn County)

TRACT 6 - CODY ROAD / FERRY STREET, LECLAIRE, IA 52753

AUCTION DETAILS

Auction Terms & Details:

Bidding ends for Tracts 1-6 on Thursday, May 12th, 2022 at 3:00 PM Central Time Zone (CST).

Peoples Company is handling the sale of six properties owned by The Iowa Department of Transportation through their Online Auction Service. Properties are located in Hamilton, Polk, Black Hawk, Linn and Scott Counties. Properties included in the auction consist of various types of land.

A bid placed within 3 minutes of the scheduled close of the auction will extend bidding by 3 minutes until all bidding is completed. If you plan to bid, please register 24 hours prior to close of auction. Under no circumstances shall Bidder have any kind of claim against Peoples Company or its affiliates if the Internet service fails to work correctly before or during the auction.

ALL BIDS ARE TOTAL PRICE AND NOT PER ACRE.

Purchase Agreement and Earnest Money:

The Winning Bidder will receive an Offer to Buy document from the Iowa DOT shortly after the conclusion of the auction and will serve as the purchase agreement for the tract being purchased. A 10% earnest money payment is required upon conclusion of the auction and must be received by Peoples Company within two (2) business days from the day of the auction. Earnest money will need to be received prior to Seller receiving possession of the property (Possession given by signing the Mutual Benefit Lease). The balance of the purchase price will be due on or before the closing date of Friday, June 10th, 2022.

Closing and Possession:

Possession will be granted through a Mutual Benefit Lease to be signed upon conclusion of the auction by the Winning Bidder for each tract and the Seller. Once the Mutual Benefit Lease is signed and earnest money is deposited, possession of the property will be granted to the Winning Bidder. This lease will terminate once the State Land Patent is received by the Winning Bidder. Balance of purchase price is due and payable on or before the closing date of Friday, June 10th, 2022. If the balance is not paid on or before closing, the Buyer risks forfeiting the 10% earnest money and cancellation of the Mutual Benefit Lease.

Farm Leases:

All leases have been terminated on these properties and possession will be given once the Mutual Benefit Lease is signed by Winning Bidder and Seller.

Surveys:

All tracts of land have been surveyed if noted in the marketing materials.

Title Information:

Title will be granted when the State of Iowa issues a Land Patent Deed approximately 60 - 90 days after the conclusion of the auction. Buyer will not receive an abstract of title. Should a Buyer want an abstract of title and / or a title search completed, it shall be at their sole discretion, responsibility, and expense. Once all monies are received, Buyer should allow for 60 - 90 days for issuance of the State Land Patent.

Access to the Property:

Neither the Seller nor Peoples Company guarantee access to the properties. Winning bidder will be responsible for acquiring access to the properties at their sole expense. Call Agent for details with access questions. Please do not assume access to the property.

Other Auction Terms:

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 or guarantees, expressed or implied, made by the Auctioneer or Seller.

Seller reserves the right to accept or reject any and all bids.

Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction.

We obtained the marketing information from sources we believe to be reliable. However, we make no guarantee, warranty or representation about it. We include projections, opinions, assumptions or estimates for example only and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.