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182± Acre Farm in Delta County, Texas
Auction Location Onsite & Online
FM 904 ES, Pecan Gap, TX 75469
Bidding Onsite, Online, Acreage
Friday July 31st 1:00 PM
Buyers Premium: 10%
Directions to Farm FM 904. Four Miles South of Pecan Gap
Auction Details
Online Bidding will start Monday July 13, 2020 T 9:00 AM and will continue thur live auction on July 31, 2020 at 1:00 PM.
Property Details
This rich and fertile 182+/- acre farm is located in Delta County on the Hunt/Delta County line with easy access from FM 904. Just four miles south of Pecan Gap and minutes from Commerce, Texas.
This farm offers predominately (77%) Houston Black Clay soil with less than 2% slope making it suitable for cultivation or pasture operations. Traditional crops on this farm include soybeans, cotton and winter wheat.
The farm has about 5.5 acres of freshwater shrub wetlands in the northwest corner, a .2 acre tank and the East Fork of the Jernigan Creek traverses from north to south on the eastern quarter of the farm. With approximately 120 cultivated acres and the rest being water and cover opportunities, this farm makes a great income producer and recreational combo opportunity.
The property has been leased on a crop share agreement with the same tenant since the mid 1970’s and the tenant has expressed interest in keeping the arrangement should the new owner wish to do so.
The current crop of soybeans will be harvested around August 2020 and will belong to the tenant and seller, no matter date of closing.
Legal Description 0011 J ASHLEY, TRACT 2, ACRES 182.0
Possession At time of Closing/Funding
Closing Monday August 31,2020
Earnest Money 5% of Total Sales Price
Farm Lease Yes
Terms and Conditions
BIDDING PROCEDURE: Property will be offered in a whole unit. PURCHASE CONTRACT: Immediately following the close of bidding, the high bidder will sign a purchase contract in the form provided in the property information packages. All information contained on this website and other marketing materials is subject to the terms and conditions contained in the written purchase contract. Seller shall not be bound by any statement promise or inducement that is not contained or incorporated in the written purchase contract.
SELLERS ACCEPTANCE: The final bids are subject to the Sellers acceptance or rejection.
BUYERS PREMIUM: A Buyers Premium in the amount of ten percent (10%) of the bid amount shall be charged to Buyer and added to the bid amount to arrive at the total contract purchase price.
PAYMENT TERMS: 5% of the purchase price will be due immediately after the bidding concludes, with the balance due in cash at closing. The down payment may be made in the form of a cashier’s check, personal check or corporate check. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
CLOSING: The targeted closing date is on or before August 31, 2020. Closing shall be held on or before the targeted closing deadline or as soon as possible thereafter upon completion of the survey, if applicable, the final title commitment and the Sellers closing documents. The closing agents fee for an administered closing will be shared equally (50% each) between Buyer and Seller. Buyer will pay all charges and fees related to any loan obtained by Buyer.
POSSESSION: Possession shall be delivered upon successful closing & funding.
REAL ESTATE TAXES AND ASSESSMENTS: The 2020 Property Taxes will be prorated to the date of closing.   The buyer will be responsible for any “rollback” in the property taxes. The buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Special Warranty Deed by seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the buyer and the buyer’s heirs, personal representatives and assigns.
DELIVERY OF TITLE: At each closing, Seller shall furnish at Sellers expense: (i) a warranty deed conveying marketable title to Buyer, subject to all permitted exceptions as described in the purchase contract; and (ii) an owners title insurance policy in the amount of the purchase price insuring marketable title, subject to all standard requirements, conditions and exceptions and subject to the permitted exceptions.
MINERALS: Any sale will include 100% of Sellers interest (if any) in the minerals. However, no promise, warranty or representation will be made as to the existence of any minerals or the nature or extent of Sellers interest therein
TRACT MAPS; ACRES: All advertised tract maps, acres, dimensions and boundaries are approximations based on county parcel data, current legal descriptions and/or aerial mapping. The marketing materials are not provided as survey products.
PROPERTY INSPECTION: Inspection dates have been scheduled and will be staffed with auction personnel. Owne