Auction Terms and Conditions for The Estate of Frederick L. Bohman

Property Description: 79.5 acres MOL Located West of Rockford Ohio on Manley Rd.

Property will be offered in 1 Parcels as follows:
Parcel (Tract) # 1 Mercer County Parcel # 010309000000 Containing a total of 79.5000 Acres MOL per Mercer County Auditor.

This Property is being offered via an Online Only Auction Event.
Bidding platform will open on November 11th. 9:00 a.m. and will begin closing Tuesday November 12th. 2:00 P.M. EST with 3 minute extensions until all bids have remained silent for 5 minutes.

AUCTION PROCEDURE: The above real estate will be sold to the highest bidder subject to owner confirmation with a soft close. If a bid is placed within 3 minutes of the auction close, bidding will automatically be extended an additional 3 minutes and the last bidder will be notified via e-mail/text that they have been outbid. Bidding will remain open until all bids have remained silent for 5 minutes. Our system also offers a Max Bid or proxy bidding feature in which a bidder may enter their maximum bid and the computer will bid on their behalf in designated increments.
BUYER’S PREMIUM: A 5% buyer’s premium will be charged. This buyer’s premium will be added to the final high bid to determine contract price.
NOTIFICATION OF ACCEPTANCE OF OFFER: The successful bidder(s) will be notified via phone within 2 hours of the auction close if their bid has been accepted. The successful bidder will be required to enter into a NON CONTINGENT MEMORANDUM OF AUCTION SALE AGREEMENT (Purchase Agreement located in the document section of the website) with the sellers within 24 hours of the auction close. This shall be completed via electronic signature. Your bidding is considered to be a binding contract.
DEPOSIT: $ 20,000.00 shall be required within 24 hours of the auction close as good faith earnest money. This deposit shall be made payable to Gay Smith and Associates Realty and will be held in Escrow until closing at which time it will be returned to the buyer. If the buyer fails to perform per the terms of the auction purchase agreement the deposit will be forfeited and paid to seller.
TITLE: At closing the seller shall convey marketable title to the property free and clear of all liens and encumbrances in the form of a Fiduciary deed. If the seller’s title is found to be defective the seller shall have the right to remedy the defect within 60 days. If this cannot be done, then, at the option of the buyer, the deposit shall be returned and the auction sale terminated.
CLOSING: The full contract purchase price is due at closing which shall take place no later than December 11th. 2024. Closing shall be held at a mutually agreed location.
POSSESSION: Possession to all tillable acreage shall be granted, subject to the rights of the current tenant farmer, upon removal of crops for the 2024 crop year to be no later than December 30, 2024. Seller shall retain all interests in growing crops.
REAL ESTATE TAXES and FEES: All real estate taxes and assessments, if any, shall be pro-rated to date of closing using the method customary in Mercer County, State of Ohio. Any CAUV recoupment due to change of current use shall be the responsibility of the purchaser. Any and all closing fees, transfer tax, deed stamps etc. shall be the responsibility of the purchaser.
SALE CONTINGENCIES: Your agreement to purchase this property is subject to no contingencies of any type including financing.
AGENCY: Justin Vondenhuevel CAI with Gay Smith and Associates Realty are exclusive agents of the seller.
SURVEY: Current survey of record shall be used to transfer Parcel’s or Tracts. A new survey is not required for transfer by the Mercer County Engineer.
DISCLAIMER AND ABSENCE OF WARRANTIES: The property is sold on an AS-IS WHERE IS BASIS with no warranty or representation, either expressed or implied, concerning the property by the sellers, Broker or auction Company. Buyers are responsible to perform all of their own inspections and have those results satisfactory to their expectations before bidding.

Owner: The Estate of Frederick L. Bohman Kelly E. Curry-Bohman Executor

Justin Vondenhuevel CAI Auctioneer/ REALTOR
www.ohioagdirt.com
www.vasbid.com
Gay Smith/Associates Realty Sidney, Ohio
937-492-1078

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