Real Estate & Personal Property Auction Terms
Property: 2925 S County Road 400 W, New Castle, IN 47362
Parcel # 33-11-35-200-207.000-009
1. Auction Date and Time: Saturday, April 12, 2025, at 10:00 AM
2. Property Description: 10-acre property in Greensboro Township with natural creek, wooded areas, and multiple outbuildings including 4,480 sq ft pole barn. Fire-damaged residence. Property located in flood plain.
3. Seller: Lanny K Ferrrell Estate, Keitha Hollars Personal Representative
4. Bidder Registration: All bidders must register and provide valid identification prior to bidding.
5. Deposit: A deposit of $25,000 (Twenty-Five Thousand Dollars) is required from the winning bidder on the day of the auction.
6. Payment Terms: The balance of the purchase price is due at closing, which shall occur within 30 days of the auction.
7. Buyer's Premium: A buyer's premium of 10% [ten percent] will be added to the final bid price to determine the total purchase price for real estate. A buyer's premium of 10% will be added to personal property purchases.
8. As-Is Condition: The property is being sold "as-is, where-is" with no warranties expressed or implied. Buyer acknowledges that the existing residence has sustained fire damage and will require demolition.
9. Inspection: The property will be available for inspection on:
• Sunday March 30 (1:00-3:00)
• Sunday, April 6th (1:00-3:00)
• Friday, April 11th (12:00-5)
• Morning of Sale (8-10 AM)
• By Appointment
Bidders are encouraged to inspect the property prior to bidding.
10. Title: Seller will provide clear title and title insurance at closing through Fidelity National Title.
11. Closing Costs: Seller will pay Title Search, Title Insurance and normal closing costs.
12. Real Estate Taxes: Seller will pay real estate taxes due and payable May of 2025, buyer will assume and be responsible for any and all taxes due and payable thereafter.
13. Possession: Possession of real estate will be given at closing. Personal property must be removed within 14 days of the auction.
14. Bidding Increments: The auctioneer reserves the right to set bidding increments.
15. Reservation of Rights: The seller reserves the right to accept or reject the final bid.
16. Agency Disclosure: Auctioneer is acting as Seller's Agent only.
17. Governing Law: This auction shall be governed by the laws of the State of Indiana.
18. Auction Conduct: The auctioneer reserves the right to remove any disruptive individuals from the premises.
19. Contingencies: This sale is not contingent on financing or any other conditions.
20. Auction Platform: Pre-bidding will occur at burgessauctions.com, Live and Online Simultaneous bidding will occur on-site on Saturday, April 12, 2025 at 10:00 AM EST at 2925 S County Road 400 W, New Castle, IN 47362.
21. Demolition Disclosure: Buyer acknowledges that the existing residence has sustained fire damage and will require demolition. All demolition costs will be the responsibility of the buyer.
22. Flood Plain Disclosure: Buyer acknowledges that portions of the property are located within a designated flood plain, which may impact building locations, insurance requirements, and development options.
23. Personal Property Terms: The following terms apply specifically to personal property items: a. Payment for personal property items must be made in full on the day of auction b. Personal property must be removed within 14 days of the auction c. All firearms transfers will comply with federal, state, and local laws d. Buyer acknowledges some items have been affected by fire damage e. All personal property is sold as-is with no warranties expressed or implied
By participating in this auction, all bidders agree to abide by these terms and conditions.
Burgess Auctions LLC
Zack Burgess AU19600029
765-445-7814, sold@burgessauctions.com, www.burgessauctions.com
