Linn County, IA Land Auction 8 Development Tracts

Peoples Company is offering eight individual tracts owned by the Iowa Department of Transportation through an ONLINE ONLY auction where all bidding must be done online or through Peoples Companys bidding app. Bidding will be LIVE until Wednesday, October 15th, 2025, at 4:00 PM Central Time Zone (CDT). Closing is to take place on or before Wednesday, November 19th, 2025. The tracts include various types of land located in Linn County near Cedar Rapids. All tracts are situated along the Interstate 380 and Highway 100 corridors and offer a wide variety of future development potential. Visit our website for more information regarding this 8 Tract Auction. Auction Details & Terms Auction Terms & Conditions: Bidding ends Wednesday, October 15, 2025 at 4:00 PM Central. Peoples Company is handling the sale of eight properties owned by The Iowa Department of Transportation through their Online Auction Service. Properties are located in Linn County. Properties included in the auction consist of various types of land. A bid placed within 3 minutes of the scheduled close of the auction will extend bidding by 3 minutes until all bidding is completed. If you plan to bid, please register 24 hours prior to the close of the auction. Under no circumstances shall Bidder have any kind of claim against Peoples Company or its affiliates if the Internet service fails to work correctly before or during the auction. ALL BIDS ARE TOTAL PRICE AND NOT PER ACRE. Purchase Agreement and Earnest Money: The Winning Bidder will receive an Offer to Buy document from the Iowa DOT shortly after the conclusion of the auction and will serve as the purchase agreement for the tract being purchased. A 10% earnest money payment is required upon conclusion of the auction and must be received by Peoples Company within two (2) business days from the day of the auction. Earnest money will need to be received prior to Seller receiving possession of the property (Possession given by signing the Mutual Benefit Lease). The balance of the purchase price will be due on or before the closing date of Wednesday, November 19th, 2025. Closing and Possession: Possession will be granted through a Mutual Benefit Lease to be signed upon conclusion of the auction by the Winning Bidder for each tract and the Seller. Once the Mutual Benefit Lease is signed and earnest money is deposited, possession of the property will be granted to the Winning Bidder. This lease will terminate once the State Land Patent is received by the Winning Bidder. Balance of purchase price is due and payable on or before the closing date of Wednesday, November 19th, 2025. If the balance is not paid on or before closing, the Buyer risks forfeiting the 10% earnest money and cancellation of the Mutual Benefit Lease. Farm & Building Leases: All leases have been terminated on these properties and possession will be given once the Mutual Benefit Lease is signed by Winning Bidder and Seller. Surveys: All tracts of land have been surveyed and the survey is available in the attachments on the listing website. Title Information: Title will be granted when the State of Iowa issues a Land Patent Deed approximately 60 - 90 days after the conclusion of the auction. Buyer will not receive an abstract of title. Should a Buyer want an abstract of title and / or a title search completed, it shall be at their sole discretion, responsibility, and expense. Once all monies are received, Buyer should allow for 60 - 90 days for issuance of the State Land Patent. Access to the Property: Neither the Seller nor Peoples Company guarantee access to the properties. Winning bidder will be responsible for acquiring access to the properties at their sole expense. Call Agent(s) for details with access questions. Please do not assume access to any property.