The Romanski Farm

Auction Date

Jul 18, 2023 - 1:00 PM

Inspection Location

Please call to schedule an inspection.

agency

Martin, Goodrich & Waddell, Inc. and its representatives are agents of the owner.

earnest money escrow

The successful bidder as determined by the Auctioneer is required to make a 10% down payment of the accepted bid price within 24 hours of the auction closing, with the balance due at closing. The earnest money payment may be submitted by cashier’s check or wire transfer.

closing

The closing date for both tracts shall be on or before August 18, 2023. The purchase agreement is between the seller and buyer only and cannot be assigned to a third party without the written consent of the seller. Possession is subject to the rights of any tenants in possession.

real estate taxes

The seller will credit the buyer for 8/12 of the 2023 taxes based on the 2022 taxes billed. The amount of the credit will be noted in the purchase agreement. The 2024 real estate taxes and all subsequent year taxes shall be paid by the buyer.

Crops And Expenses

The buyer shall receive a cash rental credit for the 2023 crop year in the amount of $7,500 for tract 1 and $8,150 for tract 2. The farm will be free of leases after the 2023 crop year.

conveyance

At closing, seller shall convey and transfer the property to buyer by warranty deed, appropriate assignment, land trust, or other similar acceptable instrument of conveyance. At the same time, the balance of the purchase price then due shall be paid and all documents relative to the transaction shall be signed and delivered.

title evidence

At closing, seller shall furnish a commitment and Owner’s Title Guaranty Policy for the amount of the purchase price at the seller’s expense.

survey

Seller shall provide a boundary survey by a licensed land surveyor at the seller’s expense, dated no more than six (6) months prior to closing. Final purchase price will be based upon gross surveyed acres.

disclaimer

Announcements made the day of the auction supersede any previously made statements or material provided, whether printed or oral. Information contained in this brochure is subject to the terms and conditions of the purchase agreement between the seller and buyer. All maps, data, acreages, and images in this brochure are approximate, and no liability for its accuracy is assumed by the seller or seller’s agent. The buyer shall be responsible for conducting their own independent inspection and due diligence concerning the property. The property is being sold “as is” and “where is” with no warranty or representation, either expressed or implied, concerning the property is made by the seller or seller’s agent. The Auctioneer reserves the right to make final decisions on auction conduct and bidding increments.

disclosure

Some photos in this brochure may be stock photography and are for illustrative purposes only.

Bidding Information

All bidders must register and be approved before the auction starts. The Auctioneer will call bids from the offices of Martin, Goodrich & Waddell, Inc., and you will be able to view and listen to the auction on-screen as the sale proceeds. To register, go to mgw.us.com/romanski, click on the “View/Bid Here” button, and follow the prompts to register. Bidders will receive additional information via email within 48 hours prior to the auction. The auction is online only and there will not be advance bidding. Bidding is not conditional upon financing.

Method

The property will be offered in a 2-tract virtual live online auction at 1 p.m. on July 18, 2023. The tracts will be offered using the high bidder’s choice method, with the choice to the high bidder to take any one tract or both tracts. Should the high bidder not select both tracts, the remaining parcel will be offered with another round of bidding. Bidding will be on a per acre basis, multiplied by gross surveyed acres. The seller reserves the right to accept or reject any or all bids. All successful bidders will enter into a purchase agreement with the seller immediately following the auction. Upon the close of the auction, the purchase agreement will be forwarded to the successful bidders via email. A signed copy of the purchase agreement must be received by Martin, Goodrich & Waddell, Inc. within 24 hours of the auction closing.

Mineral Rights

The buyer will receive and the seller will convey all mineral rights that the seller owns relating to the property.

Attorney for Seller

Matthew L. Brown, Brown Law Group, DeKalb, Illinois.

location

The subject farm is located approximately 49 miles west of Chicago O'Hare International Airport. Nearby cities include: DeKalb (4 miles southeast), Rochelle (6 1/4 miles southwest), and Rockford (17 miles northwest).

frontage

There is approximately 1/4 mile of road frontage on Malta Road and approximately 5/8 mile on Rich Road.

major highways

Illinois Route 64 is 1 1/2 miles north, Illinois Route 38 is 2 1/2 miles south, Interstate 88 is 5 miles south, and Interstate 39/U.S. 51 is 7 3/8 miles west of the property.

legal description

A brief legal description indicates The Romanski Farm is located in Part of the Northwest Quarter of Section 2 and Part of the Northeast Quarter of Section 3, all in Township 40 North – Range 3 East (Malta Township), DeKalb County, Illinois.

total acres

There are a total of approximately 159.03 acres, estimated. Tract 1 is approximately 77.75 acres and Tract 2 is approximately 81.28 acres.

tillable acres

There are approximately 156.5 tillable acres, estimated. There are approximately 75 tillable acres on Tract 1 and 81.5 tillable acres on Tract 2.

soil types

Major soil types on this farm include: Danabrook silt loam, Flanagan silt loam, Elpaso silty clay loam, and Catlin silt loam.

topography

The topography of the subject farm is level to gently rolling.

mineral rights

All mineral rights owned by the seller will be transferred in their entirety to the new owner.

possession

Possession will be given at closing, subject to the terms and conditions set forth in a purchase contract.

financing

Mortgage financing is available from several sources. Names and addresses will be provided upon request.

taxes

The 2022 real estate taxes for Tract 1 (PIN #07-03-200-003) are to be determined pending a parcel split of the approximately 5.25 acre building site (not included in the sale). The 2022 real estate taxes for Tract 2 (PIN #07-02-100-001) totaled $4,734.18.

grain markets

There are a number of grain markets located within 15 miles of The Romanski Farm.

zoning

The property is zoned A-1, Agricultural.

comments

The current farmland lease is for 156.1 tillable acres and ends March 1, 2024.  The farm will be free of leases for the 2024 crop year.