Lamb Co TX 339 +/- Acre Online Auction
This ONLINE BIDDING ONLY Auction will be for two tracts in Lamb Co. TX. Tract 1 has 165 +/- acres and Tract 2 has 174 +/- acres. Both tracts have approximately 40 acres of drip irrigation, some CRP land, and the remainder is dryland. Bidding begins at 8:00 am on Tuesday, June 14, 2022, and will soft close at 12:00 noon on Thursday, June 16, 2022. The Auction will close after 12:00 pm when we have a 5-minute interval with no new bid. There will be an Auction Information Meeting on Wednesday, June 8th at 1:30 pm at the Clift Land Brokers Littlefield Branch Office 213 Marshall Howard Blvd, Littlefield, TX.
Tract 1: 164.87 +/- acre tract that has 40.7 +/- acres of drip irrigation, 18.79 acres of CRP, and the remainder of the farm is dryland cultivation. The CRP pays $714.00 per year and expires in 2030. The drip system is approximately 10 years old and is on 80-inch centers. Irrigation water is proved by one 7.5 hp submersible well that pumps approximately 40 gpm according to the tenant. The drip system has an EC3 Controller that is owned by the tenant and can be purchased for $13,000 at closing. If Buyer elects not to purchase controller, a plain Netafim controller will be placed back in its place. A cash lease of $6,500.00 is in place for the 2022 crop year for this Tract. This property is accessed by turning west a half mile on CR 202 from U.S. Highway 385. There are county roads on the south and east side.
Tract 2: 173.9 +/- acre tract has 42.2 +/- acres of drip irrigation, 19.51 acres of CRP, the two north corners in expired CRP, and the remainder of the circle is in dryland cultivation. The CRP pays $741.00 per year and expires in 2030. The drip system is approximately 10 years old and is on 80-inch centers. Irrigation water is proved by three submersibles wells, ranging in size from a 5 hp, 7.5 hp, and a 10hp pump, that produce a combined 160 gpm according to the tenant. The drip system has an EC3 Controller that is owned by the tenant and can be purchased for $13,000 at closing. If Buyer elects not to purchase controller, a plain Netafim controller will be placed back in its place. A cash lease of $6,500.00 is in place for the 2022 crop year for this Tract. This property is accessed by U.S Highway 385. There is a county road on the north and west sides, and highway on the east side.
PROCEDURE: These 339 +/- Acres will be offered in two (2) individual surface tracts. Online bidding will take place beginning at 8:00 am CDT Tuesday, June 14, 2022 and will “soft close” at 12:00 noon CDT Thursday, June 16, 2022. At 12:00 noon CDT on Thursday, June 16, 2022, bidding will continue in five-minute increments until five minutes have passed with no new bids.
BIDDER QUALIFICATION: YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. Potential bidders must be approved to bid online. Go to www.cliftlandauctions.com and CREATE AN ACCOUNT, if you do not currently have an account. Then ENTER the AUCTION and REQUEST APPROVAL to bid. You must be approved by Clift Land Auctions before you can bid. You must agree to the auction terms and conditions during the registration process.
BUYER PREMIUM: A five percent (5%) Buyer Premium is in effect on your purchase. The Buyer Premium will be added to the “Auction Price” to determine the “Sales Price” or “Contract Price”.
ACCEPTANCE OF BID PRICES: This is an Absolute Auction. The successful bidder will sign a purchase agreement within two (2) hours of the close of the auction.
EARNEST MONEY: Ten percent (10%) earnest money upon signing a purchase agreement The earnest money may be paid in the form of a personal check, business check, cashier’s check, or wire transfer. The remainder of the purchase price is payable in cash at closing.
REAL ESTATE TAXES AND ASSESSMENTS: The Property Taxes will be prorated to the date of closing, and Seller shall have paid all Property Taxes for prior years before closing. The Buyer(s) 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(s) and the Buyer(s)’ heirs, personal representatives and assigns.
BROKER PARTICIPATION: Contact the Auction office to obtain the broker participation guidelines.
CLOSING: Will take place on or before July 29, 2022, or as soon as applicable closing documents are completed.
POSSESSION: Possession will be given upon the termination of the farm lease, which is December 31, 2022.
TITLE: Seller shall provide an Owner’s Policy of Title Insurance on the surface tract in the amount of the purchase price. Buyer will be responsible for all expenses related to acquiring a mortgagee’s title policy, if required. Seller shall execute a Special Warranty Deed conveying the surface estate to the Buyer.
PROPERTY CONDITION: Property to be sold AS IS—WHERE IS and no warranty or representation, either express or implied, will be given to any bidder or Buyer. Buyer shall release Seller of any and all liability.
EASEMENTS AND LEASES: Sale of the property is subject to any and all easements of record and any and all leases. The current farm lease with Heffington Farms will transfer to the Buyer(s) and will terminate on December 31, 2022. The 2022 Cash Lease Payment shall be prorated through the date of closing. The Cash Lease Payment is $6,500.00 for each Tract for a total of $13,000.00.
CONSERVATION RESERVE PROGRAM: A portion of this property is subject to an existing CRP Contract in which the Seller is and will be in compliance with the rules and regulations through the date of closing. Seller will be responsible for all contract related activities prior to closing and the Buyer shall become the successor to any USDA FSA Conservation Reserve Program contract, and shall accept all responsibilities for the actions completed post-closing and shall indemnify and hold Seller harmless for any action by Buyer that would jeopardize CRP payments received by the Seller prior to closing. The 2022 CRP payment shall be prorated through the date of closing. All subsequent payments shall convey to the Buyer.
SURVEY: No survey will be provided by the Seller.
MINERAL RIGHTS: This auction is for Surface Estate only.
AGENCY: Clift Land Auctions, LP and Clift Land Brokers and its representatives are exclusive agents of the Seller.
DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in the promotion and advertisement of this auction is believed to be accurate, but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller, the broker, the auction company or any of their respective representatives. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. Bidders should completed this due diligence prior to bidding on this auction. Increments of bidding are at the direction and discretion of the auction company. The seller, broker and auction company reserve the right to preclude any person from bidding, if there is any question as to the person’s credentials, fitness, etc. All decisions of the auction company are final. Online bidding will be available on our website for this Auction. If you need assistance in registering to bid on our website, please call our office at 800.299.5263. In accepting the terms and conditions for the use of our website, you agree to not hold Clift Land Auctions, LP, Clift Land Brokers, our affiliates, or our representatives responsible or liable for the functionality of the bidding platform. Problems in placing bids on the online bidding platform could be caused by internet connections, human error, wireless connections, etc. If you have trouble placing your online bid, immediately call Brady Cowan at (940) 733-9608 for assistance in placing your bid.