START: 11/13/2018 12:13 PM END: 1/30/2019 12:00 PM
AUCTION TYPE: Personal Property Auction AUCTIONEER: Shawn Terrel
SEALED BID AUCTION
Sealed Bids Due Wednesday January 30th
More information available at
Don’t miss this rare opportunity to bid on a prime piece of commercial land in the popular Kansas City Legends area.
This is one of the final significant properties along State Avenue in the area close to I-435 and I-70 Interchange, and is one of the largest entertainment areas and tourist destination in Kansas.
The 32± acre lot is located at the Southeast corner of I-435 & State Avenue and will be sold through a sealed bid auction with offers due on January 30, 2019. The sellers are committed to selling and pre-auction offers will be entertained. Don’t wait, make an offer now!
Southeast corner of I-435 & State Avenue’s 32± acre tract offers a unique opportunity to attract significant mixed-use development with ease of access to the I-435 Interchange.
This property, located in the area known as The Legends, is a tourist destination with big box anchors including the 82,000± seat Kansas Speedway, Hollywood Casino and Legends Outlets with 1.2± sq ft million gross square feet of destination shopping. It offers exceptional interstate frontage and visibility, at an intersection in the immediate proximity of major entertainment, office, retail and tourism destinations with enough acreage for a wide variety of development.
All bidders and participants of this sale agree that they have read and fully understand the following terms and agree to be bound by the terms and conditions contained herein.
SEALED BID SUBMISSION FORM: Sealed bids MUST be properly completed and submitted on the required “Sealed Bid Submission Form” which is attached. By submitting a bid, each bidder is agreeing to all Terms and Conditions of the sale. Bids not submitted on a properly and fully completed (and signed) Sealed Bid Submission Form may be rejected by Seller at its sole discretion.
ACCEPTANCE OF WINNING BID PRICE: The successful bidder(s) will be required to enter into a Real Estate Auction Purchase Agreement (“Purchase and Sale Agreement”) after acceptance of a bid/offer. The successful bidder shall have two (2) business days after notification of their accepted bid/offer to execute and return the Real Estate Auction Purchase Agreement with the balance of the (10%) Escrow Deposit to the Auctioneer: United Country – Kansas City Auction and Realty, attention Shawn Terrel, 2820 NW Barry Rd. Kansas City, MO 64154.
ESCROW DEPOSIT: A deposit of Ten Percent (10%) of the Total Contract Price will be required to be sent in with the executed Real Estate Auction Purchase Agreement. The deposit check should be made payable to (Resolutions Title) and may be a certified check or wire transfer.
BUYER’S PREMIUM: A Five Percent (5%) “Buyer’s Premium” will included in the offer to determine the TOTAL CONTRACT PRICE (High Bid + Buyer’s Premium = Total Contract Price)
FINANCING & LOCAL APPROVALS: The auction sale is not contingent on the buyer(s) ability to obtain financing or local approvals.
INSPECTION OF PROPERTY: Anyone interested in the subject property is invited and encouraged to thoroughly inspect the property prior to submitting a sealed bid offer. The property is being sold on an “AS IS, WHERE IS” basis. No warranties or representations either express or implied, concerning the property is made by the Seller or the Auction Company. Interested purchasers are strongly encouraged to perform their due diligence prior to submitting a bid for the property.
INSPECTION PERIODS: The property is vacant so bidders are invited to inspect the property at their leisure, any time prior to the end of auction. Property Showing Period: the property preview date is scheduled for Friday, November 30th, 2018 from 12:00 to 2:00pm.
POSSESSION: Possession of the property will be transferred at closing by Warranty Deed.
TITLE INSURANCE, FEES & CLOSING: Seller shall provide the Buyer with a commitment for title insurance showing merchantable title in the Seller. Buyer shall be solely responsible for the payment of all premiums and fees associated with title insurance, including any and all closing fees or recording charges. Closing shall take place within thirty (30) days following acceptance of the offer(s), subject to closing terms as set forth in the purchase sale agreement.
BROKER PARTICIPATION: A Two Percent (2%) Buyers Broker Commission based on the High Bid will be paid to any properly licensed real estate broker whose Bidder successfully purchases, closes and pays the Total Contract Sales Price for the subject Property. The Buyers Broker must complete the Buyers Broker Registration Form and return it to Auctioneer no later than 24 hours prior to the bid submission deadline, which is Tuesday, January 29, 2019 at 4:00pm (CST). A copy of the Buyers Broker Registration Form is available at www.BidNowKC.com or by contacting the Auctioneer.
ALTERATIONS AND MODIFICATIONS: The Terms and Conditions contained herein are subject to change without notice.