Basic Terms & Conditions of the Auction

TERMS OF SALE: This Auction is being conducted subject to the Terms and Conditions of Sale and the Sealed Bid Auction Real Estate Purchase Agreement. Twelve (12) Timberland Auction Tracts in the State of New York, Counties of Schuyler, Tompkins, Otsego, and Madison, are being offered for sale. The Auction Tracts are being offered for sale as individual tracts. Oil and Gas Rights do not convey except for Tracts 4-7.
BIDDER’S INFORMATION PACKET: Detailed Bidder Information Packets containing the Sealed Bid Auction Real Estate Purchase Agreement, title reports, timber volume data, tax parcel numbers, aerial and topographic maps and bidding instructions are available from Auction Company via email, fax or mail order.
PROPERTIES OFFERED SUBJECT TO MINIMUM BID: The Auction Tracts are offered subject to the published Minimum Bids per individual tract.
BIDDING: The Auction Tracts are being offered by sealed bid auction. To participate and bid in the auction, completed and signed Sealed Bid Auction Real Estate Purchase Agreement (contained in the Bidder’s Information Packet) must be delivered to Woltz & Associates, Inc. on or before 4:00 PM Eastern Daylight Time, Tuesday, July 10, 2018. Call Auction Company for prior approval to hand deliver bid to Hampton Inn, 26 River Street, Cortland, New York on July 11. No bids will be accepted after 9:00 AM July 11.
BID BASIS: Bidding is by a lump sum bid, not per acre. You may bid on one or more Auction Tracts in one bid, or you may bid on Auction Tracts individually with separate bids for each Auction Tract. (Winning bids will be determined by the highest individual tract bid or the highest bid of combined tracts).
BUYER’S PREMIUM: A ten percent (10%) buyer’s premium must be added to the final cumulative High Bid to determine the total Purchase Price.
EARNEST MONEY DEPOSIT: A Deposit of 10% of the High Bid must accompany the bid either by cashier’s or certified check or wire transfer. Deposit checks must be made payable to Escrow Account, Keyser, Maloney & Winner, LLP. Cashier’s checks will not be deposited during the bid consideration period. All Deposits on offers not accepted will be returned to the respective bidders by July 20, 2018 with time allowed for mail delivery. Deposits for accepted Bids will be deposited to the Escrow Account, Keyser, Maloney & Winner, LLP and held per the terms of the Sealed Bid Auction Real Estate Purchase Agreement. Call for wiring instructions, if needed.
BID OPENING: Bids will be opened at the Hampton Inn, 26 River Street, Cortland, New York at 10:00 AM Eastern Daylight Time on Wednesday, July 11, 2018. Only the high bids will be announced.
NOTIFICATION OF ACCEPTED BIDS: The successful bidders will be notified by 5:00 PM Eastern Daylight Time on Friday, July 13, 2018.
TIE BIDS: In the event of any tie bids, Seller may accept the bid of Seller’s choice, or Seller may elect to give the tie bidders the opportunity to make their best and final offer with 5 business days’ notice.
SETTLEMENT: Seller will prepare, and Buyer(s) will accept, a Special Warranty Deed. Buyer(s) and Seller shall pay their own settlement costs as is customary in the state of New York. Each party will be responsible for its own attorneys’ fees. Seller is providing a commitment for title insurance prepared by Chicago Title Company for all Auction Tracts. If Buyer elects to purchase title insurance, the title insurance premium shall be at the Buyer’s expense. All Auction Tracts shall be conveyed per the Property Description in the commitment for title insurance. The settlement date shall be on or before August 24, 2018.
ALL SALES ARE FINAL: All property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate.
FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing.
BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate. Potential buyers may obtain a Limited Right of Entry Permit to view the property and inspect the boundary lines prior to sale. Buyer assumes all risk associated with entry upon the land. A Permit may be obtained by contacting Auction Company. The Seller will provide existing copies of any surveys in their possession only. The Seller will not pay for a new survey nor verify an existing survey.
GENERAL: The information contained in this brochure and otherwise provided by Seller and Auction Company is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.
AGENCY: Auction Company, Broker and its representatives represent the Seller.
QUESTIONS: Sale related questions should be directed to: Charlie Wade or Boyd Temple at 800.551.3588.
Minimum Bids Range From $750/Acre to $2,100/Acre

Sealed Bids Due on or Before July 10, 2018, 4 PM EDT
Bid Opening at 10 AM EDT, July 11 at Hampton Inn, 26 River Street, Cortland NY 13045
Property Address: Multiple Locations
Auction Location: Hampton Inn - Cortland, NY - 2311, 26 River St, Cortland, NY 13045