Tract 5

Auctioneer’s Note: In order to settle the estate of Mr. Earl Spiegel, the court has ordered the sale of all property jointly owned by Mr. Spiegel.  Therefore, we will liquidate at absolute public auction approximately 30 development lots in Karlin Acres and other subdivisions in the Bolivar, MO area.  Additionally, this auction will feature 56± acres of development land located southwest of Bolivar with roadways, water and sewer installed.  This auction presents a unique opportunity to purchase build-ready lots and land at your own price!  Mark your calendar and plan to attend this excellent auction!

ONLINE REAL ESTATE AUCTION TERMS:

1. Immediately following the auction please contact our office at 417-326-2828 to coordinate transmission of contract documents and down payment.

2. A down payment will be required NO LATER THAN FRIDAY, MAY 31, 2024 BY 4:00PM (CST).   Internet buyers may hand-deliver down payment funds ON AUCTION DAY or wire transfer funds on the following Monday.  Cash, cashier’s check, personal or business 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 payment amounts will be made according to the following scale:

·         300,000 and below………………..10% up $15,000 (Capped)

·         301,000 – 500,000…………………$25,000 (Flat)

·         501,000 – 1 Million…………………$35,000 (Flat)

·         Above 1 Million……………………..$50,000 (Flat)

·         Purchase of an entire property……5% (Uncapped)

Down payments are non-refundable and failure to close on the purchase will result in forfeiture of the down payment.  The balance of purchase price is due in cash at closing.  Closing costs will be shared equally between Buyer(s) and Seller.

3. Your bidding is not conditional upon financing, so be sure you have arranged financing, if necessary, and are capable of paying cash at closing within the specified time.

4. The balance of the purchase price is due in cash at closing.  Closing costs will be shared equally between Buyer(s) and Seller(s). Closing shall take place on or before Monday, July 15, 2024 at Shell Title Co. located at 818 S. Springfield Ave. in Bolivar, MO.

5. The sale of the real estate is NOT subject to any contingencies or financing 

6. The Seller(s) shall provide a title search and a warranty deed.  The cost of title insurance shall be at Buyer(s) expense if Buyer(s) elects to secure a title insurance policy.

7. The Seller(s) shall pay the 2023 and all prior year’s real estate taxes; real estate taxes for 2024 shall be prorated to the date of closing. 

8. The lot sizes, square footages and dimensions of structures on the properties are those figures that are on file in the Polk County assessor’s office. 

9. Possession shall not be granted until closing. No buyer may inhabit any dwelling, make physical changes to any structure or land, harvest any crop nor store any items on the premises of any property. 

10. Your bids are to be based solely upon your inspection.  All real estate is being sold without physical warranty of any kind.  The Seller(s) and the agents of Diamond S Auction & Real Estate Co. shall not assume any responsibility for warranty of any specific zoning classifications, location of utilities, and assurance of building permits, or water and septic permits.  No warranties or guarantees as to the condition of the wells on any parcel are made by the Seller(s) or Auction Company.  In short, all property is being sold “AS IS” with no guarantees of any kind.

11. All real estate is being sold subject to any existing recorded easements.  Existing recorded leases, if any will be assigned to the Buyer(s). 

12. 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.

13. Diamond S Auction & Real Estate Company, Inc. and its representatives are the exclusive agents of the Seller(s). Any announcements made by the auctioneers during the course of the auction shall take precedence over this and any other printed material.

RESTRICTIONS

1.   Parcel 1, Parcel 2 (Tract 2), Parcel 3, Parcel 5 & Parcel 7 are subject to certain restrictive covenants which were established by the developer(s).  Copies of said restrictions are available for your review.    

BIDDING PROCESS

1.     First the auctioneer will use the traditional auction call to establish bids on the individual tracts/lots.

2.     Once bids are established for each individual tract, a bidder may create combinations of tracts. (simply add the bids of the individual tracts together and bid more than the total)  By bidding on a combination of tracts the bidder will get all of the tracts in the combination or nothing at all, if you are out bid.

3.     Then bidders on the individual tracts will be offered the opportunity to raise their bids to regain the lead.

4.     This process will continue back and forth for several minutes. The auctioneer may call bids on individual tracts, combinations or the entire property.  Until bidding stops and the property is SOLD!

5.     If at any point you would like to bid on the property in its entirety you simply bid more than the total price.

6.     It is very important that if your number appears anywhere on the bid board that you DO NOT LEAVE THE AUCTION as bids made on other tracts can put you back in the lead even if you don’t bid any more money!

OTHER TERMS & CONDITIONS

1. If the Seller determines that a boundary survey is required to establish a legal description, then a survey shall be prepared by Shuler Land Surveying of Bolivar, MO. The Seller and Buyer(s) 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.

2. The locations of the tract signs on the parcels 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.

3. 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.

4. The seller may choose to qualify the sale of their property under Section 1031 of the Internal Revenue Service Code (tax deferred exchange). Buyer(s) shall cooperate with said exchange and shall be held harmless from any and all claims, costs, liabilities, or delays in time resulting from such an exchange. Buyer shall agree to an assignment of this contract by the Seller.

5. 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 shall include but is not limited to: propane tanks, stored building materials, etc.

6. 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.

7. 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.  Any new fencing shall be the sole responsibility of the Buyer(s).

8. 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.

9. All informational drawings and descriptions are intended as approximations only and should NOT be considered absolute.  Confirmation of the accuracy of said informational drawings and descriptions shall be the sole responsibility of the buyer to their own satisfaction. 

ROADWAYS & DRIVEWAY

1. The roadway depicted in pink on the Parcel 4 Tract Map which extends southward between Tracts 5&7 is a non-existing roadway.  Beneficiaries of the roadway shall share the costs of installation and maintenance of the roadway equally.

2.  The driveway servicing the neighboring property to the east on Parcel 4 , currently crosses Tract 4 & Tract 5.  Please note that the buyer of Tract 4 will be required to move the existing driveway servicing the neighboring property to align with the south boundary of Tract 4 at their expense.