General Descriptions: This farm opens the door to many possibilities from commercial agricultural production to value added crops as well as a hobby farm or residential/commercial development. The soils are typical to the area and considered to be very good for intensive row crop production. Soil types are composed of La Hogue and Selma Loam, Drummer Silty Clay and Elliott Silt Loam with minor influence from Jasper Loam and Ashkum Silty Clay Loam. The West Tract has a weighted productivity index of 126.5 with the East Tract being 134. The access is excellent for both tracts with road frontage along the east/west boarders. Tracts will be offered at auction at the same time but will be sold separately. The farm has been custom farmed for 2023 and the seller will transfer the ownership in the crop to the buyer subject to the buyer reimbursing seller for the costs incurred up to the date of closing. Real Estate Taxes for 2022 paid in 2023 were $1852.52 (W. Tract (Tract 1) - $1,000.34, E. Tract (Tract 2) $852.18). 2023 Real Estate Taxes will be paid by Seller by way of credit to buyer at closing unless buyer takes ownership of the 2023 crop where upon buyer will assume the responsibility of the 2023 Real Estate taxes.
Government Data: The following data is for the combined tracts. The tracts will need to be reconstituted with the FSA office following the sale if they are split between two different owners.
Farmland - 45.16ac.; Cropland - 43.63ac.; Corn Base - 21.55ac,; Corn Yield - 164bu/ac,; Soybean Base - 21.55ac,; Soybean Yield - 52bu/ac.; Crop Election Choice - Corn PLC; Soybeans ARC County.
Procedure: The property will be offered as two tracts in a virtual online auction format. Bidding and livestream viewing will be available at WWW.Hiattland.bidwrangler.com. Bidding will be on a dollars per acre basis and the final purchase price will be determined by multiplying the high bid by the stated acres. Registration: All bidders are required to register at WWW.Hiattland.bidwrangler.com no later than July 17, 2023 at 12:00pm CST . Once the online registration form is filled out, it will be automatically sent to Hiatt Farmland Services for approval to allow bidding. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase.
Acceptance of Bid Prices: The successful high bidder will enter into a Contract to Purchase immediately following the close of bidding for presentation to the Seller. Final bid price is subject to approval or rejection by the Seller. Upon the close of the auction the winning bidder will either sign the Contract to Purchase in DocuSign or be forwarded via email or fax a contract to purchase. A signed copy of the contract must be returned and received by Hiatt Farmland Services on or before 12:00 o'clock. P.M. CST, Thursday July 20, 2023 (faxed to 217-253-8646) or scanned and emailed to Russ@hiattland.com.
Down Payment: A 10% non-refundable down payment of the total contract purchase price will be due within 24 hours of the close of the auction from the winning bidder. The down payment may be paid in the form of a wire transfer, personal check, business check or cashier's check. Should the winning bidder not be approved by the Seller, the down payment shall be returned to the bidder as soon as practicable. Payment shall be made to the escrow agent to be determined at a later date. The balance of the contract purchase price is due in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.
Closing: The closing shall take place on or before Monday August 21, 2023 Possession: Possession will be given at closing. Tenant rights are open for the 2023 crop year.
Title: Seller will provide a proper deed conveying merchantable title to the real estate to the successful buyer free and clear of liens as well as title policy for the amount of the purchase price.
Real estate taxes and assessment: The 2022 calendar year taxes due and payable in 2023 will be paid by the seller. The 2023 calendar year taxes will be paid by the seller unless ownership of the 2023 crop passes to the buyer where upon the buyer shall be responsible for the 2023 taxes.
Survey: A survey of the farm will not be completed unless necessary to be able to legally describe the property sufficient for transferring title of the property to the buyer. If a survey is completed for closing on this transaction the surveyed acres shall be used to determine the final selling price based on the buyer's per acre bid price time the number of acres determined by the survey.
Mineral rights: The sale shall include any and all mineral rights currently owned by the seller, if any.
Acreages: All acreages are approximate and have been estimated based on current legal descriptions, Real Estate tax documents with Vermilion County Assessor's office, FSA records and aerial mapping software. The following acres will be used for bidding purposes: West Tract (Tract 1) 29.5 acres; East Tract (Tract 2) 18.19 acres.
Easements and leases: The sale is subject to any and all easements.
Disclaimer: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or Hiatt Farmland Services. 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 believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or Hiatt Enterprises. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the final round of bidding and increments of bidding are at the discretion and direction of the seller's agent. The seller and Hiatt Farmland Services reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. Under no circumstances shall bidder have any kind of claim against Hiatt Farmland Services or anyone else if the Internet service fails to work correctly before or during the auction.
Agency: Hiatt Farmland Services and its representatives are exclusive agents of the seller.
Seller: Donna Farris Trust, Terry Farris, Trustee
