#000 • CLOSING & RECORDING
Part of City of Kenai Land Auction - 2024 General Fund (live auction by Alaska Premier Auctions & Appraisals)
Status: No sale
CLOSING & RECORDING: NO BUYER'S PREMIUM!! INTERESTED BIDDERS ARE ENCOURAGED TO OBTAIN AN OWNER’S POLICY OF TITLE INSURANCE AT BUYERS EXPENSE. If a buyer desires to obtain a preliminary commitment for title insurance or title insurance on the land, it shall be the buyer's responsibility to obtain and pay for such commitment or insurance. If the City offers financing, title insurance is required and will be paid by the buyer. All winning bidders in-person at the auction must “check out” with City of Kenai staff prior to leaving the event in order to process purchase and sale agreements, any related financing documents and take the 15% deposit payment in the form of cash, cashier's check, or a personal check. All online bidders must submit payment within 7 calendar days by the close of business on Friday, December 13th. Eligible veterans are entitled to a 25% discount when purchasing City of Kenai lands. City of Kenai code 22.05.095 - Methods of Sale or Disposal, section (d). Eligibility will be verified by City of Kenai staff following the auction, after completion of the Veteran Eligibility Application form. Winning bidders must indicate if title insurance is desired and the financial option selected to close the transaction. Option A. "All Cash": Winning bidder(s) will pay cash (in the form of a cashier’s check or wire) at closing, including the balance of the winning bid amount plus closing costs. The 15% deposit will be held by the City of Kenai or Stewart Title of the Kenai Peninsula and credited towards the purchase price. Option B. "Financed": Winning bidder(s) will pay the down payment of 15% of the winning bid amount. The winning bidder(s) shall execute a deed of trust and note, secured by the property sold, in favor of the City of Kenai. The note for initial principal amount will be payable in 120 equal monthly payments (ten years), at the U.S. Prime Rate on the authorized date of sale plus two percent (2%). The deposit will be held by the the City of Kenai or Stewart Title of the Kenai Peninsula and credited towards the purchase price. Winning bidder to pay all closing costs, title insurance and long term escrow fees associated with the transaction. If the winning bidder does not pay in full or provide a note secured by a deed of trust according to the City’s financing terms, any payments made will be forfeited, and the bidder will lose all rights to the property. The property will then be offered to the second highest bidder, who must perform within 30 (thirty) days at their bid amount. This process will continue until the land is sold or there are no more bidders. No extensions will be made. All parcels shall be conveyed by Quitclaim Deed, unless the buyer elects for Optional Title Insurance, or the purchase is financed with City of Kenai, then conveyance shall be by Warranty Deed; subject to the following: a) reservations, exceptions, easements, rights-of-way, covenants, conditions and restrictions of record or created by operation of law; b) governmental regulations including but not limited to, setbacks, zoning, and permit requirements; c) the applicable general conditions contained in KPB 17.10.240, and d) any matters including, but not limited to issues associated with existing trails or encroachments, if any, which would be disclosed to the buyer by an actual inspection or survey of the property. e) All land sales are subject to terms, provisions, and conditions contained in KMC 22.05.095 and City of Kenai Ordinance 3436-2024. Any conflicts between this brochure and City of Kenai code, the Kenai Municipal Code will control. Would you like to sell your land or other property in one of our upcoming real estate auctions? Act now, we may be able to include your land, cabin, or residence in one of our spring sales! We're pleased to offer 11 pieces of real estate to the highest bidder in the Kenai Peninsula Borough. Please direct all questions to our in-house Realtor, Abigail McLagan at 907.308.0282 or Abigail@AlaskaPremierAuctions.com Thank you for your interest in our City of Kenai 2024 General Fund Land Sale Auction! Best of luck on your bids!
