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AGREEMENT TO PURCHASE
Ronald A. Bradeen of Bradeen Real Estate & Auctions Inc., designated Auctioneer/Broker,
acknowledge receipt of: $ __________________, representing 15% of the purchase price from:
___________________________________________________________________________________
Designated as Buyer(s), of ____________________________________________________________
____________________________________________, as a deposit and irrevocable earnest money on the purchase of the property legally described as: Lots 6,7,8 & 9 Block 14, Catholicon Hot Springs Addition, City of Hot Springs, Fall River County, South Dakota. Including 1994 16'x80' Dutch manufactured home.
Also known as 1042/1048 S. Chicago Street, Hot Springs, SD for auction purposes.
OWNED BY: Arla S. Miller-Braley, hereinafter referred to as Seller.
TERMS OF THE AGREEMENT
1. The total purchase price is $_________________________, which includes the earnest money deposited herewith.
2. After earnest money is credited, the remaining balance of $_____________________, is to be paid in full at closing, in guaranteed funds, on or before Oct. 19th, 2023
3. Marketable title, as defined by the SD Merchantable Title Standards Act, shall be conveyed by Warranty Deed, properly executed with necessary transfer fee paid for recording subject to any easements, restrictions and reservations and covenants of record. The Seller will furnish a policy of title insurance in the amount of the sale price.
4. 2022 and prior years taxes will be paid by Seller, 2023 taxes will be prorated to closing date, based upon the 2022 tax levy. Buyer will be responsible for all subsequent taxes. Possession and risk of loss on the property transfer upon closing.
5. Broker shall act as escrow agent for both Seller and Buyer, and it is agreed that the above earnest money deposit and balance of sale proceeds will be held in the SD Trust account of Bradeen Real Estate and Auctions Inc. of Custer SD, in account of the Seller until time of closing. Buyer understands and agrees that the above earnest money payment is irrevocable and is not subject to Buyer contingency of any kind. In the event the Buyer shall not complete the purchase as herein agreed, the Seller may elect to declare the earnest money as liquidated damages. Seller and Purchaser, upon such election by Seller, agree that in the event of default by Purchaser the actual damages accruing to seller would be impracticable or extremely difficult to fix and establish. Seller and Purchaser, upon such election by Seller, agree that the amount of the down payment set forth is a reasonable approximation of default and that amount shall be the liquidated damages due to seller. In addition, Seller may be entitled to such other remedies allowed by the laws of the State of South Dakota, including without limitation, seeking specific performance.
6. Buyer and Seller acknowledge that Ronald Bradeen, Broker and associated staff are representing the Seller in a Single Agency Relationship in this transaction.
7. Buyer has examined the property to the extent deemed necessary both on and off premise and is purchasing the property in an "AS-IS" condition. The Seller and Auctioneer/Broker make NO WARRANTIES expressed or implied and DISCLAIM ALL OTHER WARRANTIES, including the property's fitness for any particular purpose. Buyers are not relying upon any statements or representations made by the Auctioneers/Brokers or Seller in any way. The buyer is purchasing "As-is, where is". Buyer to accept the property with any remaining misc. personal property at the time of closing. No warranties have been made representing future use of vacant mobile home site on property.
8. Property sold by legal description only. Seller is not aware of any boundary disputes or encroachments.
9. Personal Property: Included in this transaction: Window coverings, Kitchen range, Refrigerator, Car port with shed attached. Not included Garden shed in front of garage, detached covered porch/deck to be removed and other items listed in the online catalog auction to close at 4 pm. Propane tank is leased, and not included in the sale.
10. Buyer and Seller agree for scheduling of the closing at the designated title company, Southern Hills Title of Hot Springs SD, and to share equally in cost of the closing fee with Buyer and Seller paying for customary closing costs incurred by this transaction.
11. Time is of the essence for purpose of performance under this agreement.
12. This agreement shall be governed by, construed and enforced in accordance with the laws of the State of South Dakota.
13. The parties agree that this writing constitutes the entire agreement between them and that there are no other oral or collateral agreements or under standings of any kind or character.
14. If any provision of this agreement shall be invalid or unenforceable to any extent, the remainder of this agreement shall not be affected thereby and shall be enforced to the fullest extent permitted by law.
15. In the event of any litigation arising out of this agreement, the prevailing party shall be entitled to all its costs and expenses, including reasonable attorneys' fees and disbursements.
16. This agreement accepted, signed, and dated by the Buyers at Hot Springs, SD, this 19th day of Sept. 2023 and is binding on the heirs, successors and assigns of the parties.
17. This agreement accepted, signed, and dated by the Sellers at Hot Springs, SD, this 19th day of Sept. 2023 and is binding on the heirs, successors and assigns of the parties.
BUYER:
___________________________________ ___________________________________
SELLER:
___________________________________
Arla S. Miller-Braley
AUCTIONEER/BROKER
____________________________________
Bradeen Real Estate & Auctions, Inc.
Authorized Signature
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