KOSSUTH COUNTY: LIFE ESTATE OF LEONARD L. KILEY
THURSDAY, FEBRUARY 8, 2024 at 10:00 AM
RENWICK COMMUNITY CENTER
511 MAIN STREET
LISTING # 24100
DESCRIPTION: This auction will consist of the sale of the Life Estate of Leonard L. Kiley who is currently 94 years old. This is a sale of the Life Estate interest only, which entitles the buyer to the use and income from the Life Estate property during the life of Leonard L. Kiley. This is not an outright sale of the real estate, but a sale of the income generated by the Life Estate Interest of Leonard L. Kiley. No information regarding Leonard L. Kiley’s physical health can be released due to HIPPA regulations. This property consists of 26 acres m/l of tillable land and various improvements, including the residence. The residence is not currently part of the rental agreement on the land but is part of the sale of the Life Estate and could be rented out, at the discretion of the buyer of the Life Estate. The buyer of the Life Estate of Leonard L. Kiley is purchasing the Life Estate and has the right to the income generated from a cash rent lease for 2024 on this property (26 acres) and any other income generated from the improvements owned under this Life Estate. The improvements on the subject property cannot be removed or remodeled for the duration of the Life Estate, without written permission from the owners of the real estate named under the Life Estate.
LEGAL DESCRIPTION: The South 528’ of the Southeast Quarter (S. 528’ SE1/4), all in Section Thirty-five (35), Township Ninety-four (94) North, Range Twenty-Seven (27), West of the 5th P.M., Kossuth County, Iowa. This legal description is for reference only and not to be construed as real estate offered for sale. Please refer to abstract for exact legal description.
FARM PROGRAM INFORMATION:
Cropland: 26 acres
Average CSR2: 87.1
Average County CSR2: 78.2
FARM LEASE: This Life Estate property has a farm lease dated January 3, 2024, that calls for the rental of 26 acres m/l of tillable farmland. This rent will be due 50% on March 1, 2024, and 50% on November 1, 2024, with the lease ending on February 28, 2025, unless the lease is not terminated by either the tenant or the landlord. These lease payments will be paid to the buyer of the Life Estate on or about March 1, 2024 (50%) and November 1, 2024 (50%). This Life Estate terminates immediately upon Leonard L. Kiley’s death. Contact auctioneer for any additional information.
IMPROVEMENTS: This Life Estate also includes the improvements on the described property, which consist of several machinery storage buildings and a residence. There presently is no lease in place on these improvements, but the buyer of the Life Estate, at their option, can enter into a rental agreement for these improvements at their discretion.
INSURANCE: The successful bidder will be required to carry liability & casualty insurance on the subject property and will need to provide proof of that policy to the present owners of the property involved in the Life Estate at closing. The present owners of the property will have the option of also carrying liability and property insurance on the improvements, at their discretion.
PROPERTY TAXES: Current property taxes on the property are $1,692/year due on 9-30-23 & 3-31-24. The property taxes due on 9-1-23 & 3-31-24 are the responsibility of the current owner of the Life Estate and will be paid at closing, if not paid prior to closing. Any property taxes due after the closing of the Life Estate will be the sole responsibility of the buyer of the Life Estate when they come due.
Terms and Conditions
SALE METHOD: This Life Estate of Leonard L. Kiley will be sold as a total lump sum figure. Bidding increments are at the discretion of the auctioneer.
EARNEST PAYMENT: A 15% earnest money payment is required on the day of the auction. The earnest payment may be paid in the form of cash or check. All funds will be held in Bordwell Law Office Trust Account.
CONTRACT AND TITLE: Immediately upon conclusion of the auction the high bidder will enter into a real estate contract for the Life Estate and deposit with Bordwell Law Office the required earnest payment. Sale is not contingent upon buyer financing. Seller to pay all escrow closing costs.
CLOSING: Closing will occur March 1, 2024, when the balance of the purchase price for the Life Estate of Leonard L. Kiley is due. The balance of the purchase price will be payable at closing in cash, guaranteed check, or wire transfer.
BIDDER REGISTRATION: All prospective bidders must register with the auction company and receive a bidder’s number in order to bid at the auction.
ATTORNEY: Richard Bordwell
SELLERS: Life Estate of Leonard L. Kiley
This sale is subject to all easements, covenants, leases and restrictions of record. All property is sold on an “As is—Where is” basis with no warranties or guarantees, expressed or implied, made by the Realtor or Seller. All potential buyers are urged to perform their due diligence on the subject property prior to the auction. All map boundaries are approximate, and photographs used may or may not depict the actual property. Total tract acres, tillable acres, FSA acres, etc. are approximate and may be subject to change. All bids will be on a total dollar basis. Seller reserves the right to accept or reject any and all bids.
Mid Iowa Real Estate, Auctions, & Appraisals and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer will take precedence over any previous material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.