13000 E Horton Rd Riga, MI, 49276

Property Features

AUCTION TERMS AND CONDITIONS OF SALE

1. Lease Assignment:
   The subject property is currently encumbered by a farm lease agreement effective through December 31, 2025. At closing, Seller shall assign all rights and obligations under said lease, including entitlement to the remaining lease payment, to Purchaser.

2. Farmland Developments Rights Agreement, PA116:

Purchaser must assume Farmland Developments Rights agreement, PA116 and file transfer request at closing.

3. Property Information Disclaimer:
   All information provided by Seller or its agents regarding the subject property has been obtained from sources deemed reliable. However, such information is provided without any warranty, representation, or guarantee, express or implied, as to its accuracy or completeness. Purchaser acknowledges and agrees that it is solely responsible for conducting its own independent investigation and due diligence and shall assume all risk arising from any inaccuracies or omissions. Acknowledgment of Discrepancy: Buyer acknowledges that the acreage of the Property has been represented as approximately acres, and that no warranty or guarantee is being made as to the exact acreage.
   Hold Harmless: Buyer agrees to hold harmless and indemnify Binns Realty, Inc and Seller from any claims, damages, or losses arising out of or related to discrepancies in the actual acreage of the Property conveyed.No Adjustments: The parties agree that the purchase price has been negotiated and accepted based on the Property as a whole, and not on a per-acre basis. No adjustment in the purchase price shall be made based on any difference between the represented acreage and the actual acreage.
    

4. Purchase Agreement:
   The Purchase Agreement to be executed shall be prepared by Binns Realty, Inc. and provided by the Seller. The terms of the said purchase agreement will be used without altercation. Purchase agreement is not assignable. 

5. Title and Conveyance:
   Seller shall, at its sole expense, furnish title insurance with standard exceptions (without survey)  through Prestige Title Insurance Agency, and convey title to the property via Warranty Deed.  Seller shall also be responsible for payment of applicable state and county transfer taxes or revenue stamps.
    

6. Real Estate Taxes: Taxes to be prorated in ADVANCE, with the July bill covering July 1 thru June 30; December bill covering December 1 thru November 30.

7. Financing Contingency:
   This transaction is to be consummated via cash or financed purchase. In the case of financing, Purchaser shall be required to submit, at the time of auction registration, a written commitment or pre-approval letter from a recognized lending institution evidencing the Purchaser’s ability to obtain financing sufficient to complete the purchase.
    

8. Closing:
   The closing of the transaction shall be conducted at Prestige Title Insurance Agency, located in Adrian, Michigan, and shall occur no later than thirty (30) calendar days following the Seller’s written acceptance of the high bid.
    

9. Possession:
   Possession of the subject property shall be delivered to Purchaser no earlier than January 1, 2026, and shall remain subject to the rights of the existing agricultural tenant pursuant to the assigned lease.
    

10. Earnest Money Deposit:
    While no deposit is required to place a bid, the successful bidder shall remit earnest money in the amount of Twenty Thousand Dollars ($20,000.00) upon execution of the Purchase Agreement. Said funds shall be held in escrow and applied to the purchase price at closing.
     

11. Disclosure of Agency:
    Purchaser affirms and represents that they are acting solely on their own behalf and are not the agent or representative of any undisclosed principal.
     

12. Seller’s Rights Reserved:
    Seller expressly reserves the right to reject or refuse any bid, including the highest bid, for any reason or for no reason, in Seller’s sole and absolute discretion.
     

13. Online Auction Disclaimer:
    Seller and Binns Realty, Inc. disclaim any and all liability for errors, interruptions, delays, or failures of the online bidding platform or any associated technology. Participation in the online auction is undertaken at the bidder’s own risk. Bids placed within the final 10 minutes may automatically extend the auction's end time.