Online bidding registration must be complete 24hrs prior to the live event.
Property Description
SOLD at AUCTION
$13,700 per acre
FARMLAND AUCTION
+/- 158.89 Acres, Lovejoy TWP. Iroquois County IL.
October 5th, 10AM
Auction will be held at the Town and Country Event Center
35 E Jones St, Milford, IL 60953
Thursday, October 5th, 10AM
Live in Person, Public Auction with Online Internet Bidding.
Lovejoy TWP. Iroquois County, IL.
Highly Productive Soils.
Excellent Farmland Investment Opportunity.
Open Farm Tenancy for 2024 crop year.
Farm is located just west of Wellington, IL. Along Rt 1. Look for signs.
+/- 158.89 acres consisting of 154.53 tillable acres, 132.3 PI
Highly productive Lisbond, Milford and Andres Soils.
Part of section 14, T24N R12W Lovejoy TWP. Iroquois County, IL.
Tax Parcel 40-14-100-005; 2022 Real Estate Tax payable 2023: $6,011.00
Tax Parcel 40-14-201-001; 2022 Real Estate Tax payable 2023: $ 157.62
2022 payable 2023 Real Estate Tax = $6,168.62 = $37.61 per acre.
Auction terms and conditions:
Procedure: In Person, Public Auction and Online Internet Bidding.
Property will be offered as one, +/- 158.89 acre tract.
BIDDING IS NOT CONDITIONAL UPON FINANCING.
Acceptance of Bid Prices/Contracts: All successful bidders will sign a sale contract at the auction site immediately following the close of the bidding. Copies of such contracts are available for review at the office of the auctioneer.
Down Payment: A 10% earnest money deposit of the total contract purchase price will be due immediately after being declared the buyer. The down payment may be paid in the form of a personal check, business check, or cashiers check. The balance of the contract purchase price is due at closing.
Closing: Closing shall take place 33 days after auction day, or as soon thereafter as applicable closing documents are completed. The anticipated closing date shall be on or before November 7th 2023 .
Possession: Possession will be given at closing subject to the 2023 crop lease.
Open farm tenancy for the 2024 crop year.
Title: Sellers shall provide an Owners Policy of Title Insurance in the amount of the purchase price and shall execute a warranty deed conveying to the buyer(s). Sellers shall pay the premium for the Title Insurance Policy and the sellers search charges. Commitments for Title Insurance will be available for review at the office of the auctioneer and at the auction site. Bidders shall be deemed to have reviewed and approved the Title Commitments by submitting bids.
Real Estate Taxes and Assessments: Seller will credit buyer $6,168.62 at closing for the 2023 real estate property taxes due and payable in 2024.
Mineral Rights: the sale of the property shall include all mineral rights owned by the seller, if any.
Agency: Ag Exchange Inc. and its representatives are Exclusive Agents of the Seller.
Survey: A new survey shall not be provided, and the sale shall not be subject to a survey. The farm will be sold per deeded acre.
Disclaimer and Absence of Warranties: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the sales contract.
ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.
The property is being sold on an as is basis, and no warranty or representation either expressed or implied, concerning the condition of the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning this 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 sellers or the auction company. All sketches and dimensions in this brochure are approximate. Photographs are used for illustrative purposes only. Conduct at the auction and increments of the bidding are at the discretion of the auctioneer. The sellers and the auction company reserve the right to preclude any person from bidding and to remove any person from the auction if there is any question as to the persons credentials, fitness, conduct, etc. All decisions of the auctioneer are final.
Sellers: Nancy Fox, James Hoffman, Thomas Fox, and Eugene Fox.
