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Agency Disclosure. Close~Converse represents Potlatch in these transactions as a Seller's Broker. See Agency Relationships in Real Estate Transactions for more information.

Bidding Amounts. Bid amounts must be for the entire tract in US Dollars, NOT per acre.

Close of Bidding. Close of bidding is promptly at 11 AM, Central Time, October 2, 2007. Bids will be opened after 11 AM, Central Time, October 2, 2007, the close of bidding. Bids are the property of Potlatch and Potlatch reserves all rights relative to said bids and reserves the right to not disclose, nor has any obligation to disclose, the contents of any or all bids to the public.

Incomplete, Late or Incorrect Bids. Potlatch, Close~Converse and Complete Title Services are not responsible for any bids received after the close of bidding, incomplete or incorrectly addressed submissions. Bidders are encouraged to bid online. Bids submitted via regular mail or fax must be received by Close~Converse not less than five (5) business days prior to the Close of Bidding to assure timely submission.

Tract Preference. Bidders can submit bids and purchase as many parcels as they wish. If a bidder wishes to purchase a limited number of tracts (i.e. two), the number of tracts desired must be indicated on the Bid Submission Form and the order of the preferred tracts indicated. All reasonable efforts will be made to accommodate the tract preferences but the decision to accept any bid is solely Potlatch's.

Tied Bids. In the event of a tie between two or more bidders, the earliest time and date stamped bid shall be the successful bid. There may be an advantage in submitting your well-considered bid early instead of waiting until near the deadline.

Bid Deposit. A non-refundable bid deposit in the amount of $500.00 for each tract will be collected from the successful bidders at the time the successful bidders are notified. Payment of the bid deposit may be in the form of credit card, wire transfer or check and must be received within three (3) business days. In the event a successful bidder does not consummate the transaction, Seller will retain the bid deposit as liquidated damages. Credit cards accepted include Mastercard, Visa, and Discover.

Earnest Money. The Bid Deposit (above) will be deducted from the total Earnest Money to be provided by successful bidders. The Earnest Money is calculated as 10% of the purchase price, less the bid deposit, and may be paid by certified funds or cashier's check, wire transfer, or credit card, within 10 calendar days of official notification of successful bid by Close~Converse. Failure to provide the balance of the Earnest Money within the time period may result in rejection of Bidder's successful bid and retention of the Bid Deposit.

Cash Only. All sales are cash only, payable in full on the date of closing. Financing, if you choose, may be available from your bank, savings and loan or other lender. You may also contact one of the lenders who have expressed interest in financing land from this sale. Click here for a list of lenders. In order to expedite the closing process, you'll be asked on the Bid Submission form whether or not you plan to use a lender for your purchase. Bidders are advised to have the funding approved prior to submitting bids. By submitting a bid, the Bidder is representing that the Bidder has funds available to complete the purchase. The Purchase Agreement will not be contingent upon Bidder securing financing and closing coordination with Bidder's lender is for Bidder's convenience only.

Official Notification. Official notification to successful bidders will be via email with delivery receipt or certified mail if the successful bidder does not have email.. With the official notification, the successful bidder will receive complete instructions and a standard Minnesota Vacant Land Purchase Agreement and Addendum. The terms and conditions of the Purchase Agreement will apply. Click here to view the Purchase Agreement and related Addendum.

Closing Date. November 1, 2007 will be the closing date for all transactions. Closings will be conducted at the offices of Complete Title Services, 14275 Golf Course Dr, Suite 200, Baxter MN 56425. It is not necessary to attend the closing. Mail closings are recommended. Complete Title Services will handle all closing details, including the recording of deeds, accounting for all funds and providing copies of all documents.

Closing Costs. Usual and customary buyer closing costs are the responsibility of Bidder including, but not limited to, recording fee, pro-rated real estate taxes to the date of closing, closing fee to Complete Title Services in the amount of $150.00, Title Insurance premium and costs associated with financing the purchase, if any. Click here to see an example Closing Statement for a $100,000 Purchase.

Acreage/Boundary Representation. All references to acreage, property dimensions or property boundaries are approximate. Potlatch makes no representation as to the exact acreage, property dimensions and/or property boundaries. No surveys have been done by Potlatch. Prospective bidders are strongly advised to visit the property and perform complete investigation of the property prior to bidding.

Access and Suitability. Access is not guaranteed and it is the responsibility of bidder to determine that the property is suitable for bidder's proposed use. Refer to the title commitment, included in the disclosures, for details about access and other items regarding the condition of title to the property.

As-Is Condition. All properties are sold in their current, "As-Is, Where-Is" condition, including matters of title and are subject to reservations, restrictions and easements of record, if any, and subject to exceptions and reservation of all minerals and mineral rights. Title insurance commitments are available on each property for review by bidders. Bidders are advised to consult with an attorney if there are any questions regarding the adequacy of title. Refer to the Disclosures on each property for important information.

Bid Rejection. Potlatch reserves the right to reject any or all bids.

Unsuccessful Bidder Notification. Unsuccessful bidders will receive notification of their bid status via email. Phone inquiries about bid status cannot be accommodated because of the large number of bidders.

Tract Sale Prices. The actual price that each tract sold for will be provided subsequent to the closing of the transactions. The list of tracts and sale prices will be emailed to all bidders and will be available online at www.LandRadar.com.

FAQ's. Refer to the Frequently Asked Questions section of this site for additional details about the Auction.