WILLIAMS & WILLIAMS REAL ESTATE AUCTIONS

Auctions 12pm CDT Sept 28

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Auction Info
Auction Date/Time:
Thursday, September 28, 2023
at 12:00pm CDT
Auction Location:
On-Site or bid live from anywhere at auctionnetwork.com
Open Public Inspections:
11-2pm Friday August 25 & September 15.

Property is being offered by: Williams & Williams2448 E. 81st Street, Suite 2600, Tulsa, OK 74137800.801.8003

Lot size per county records. TX Broker: Williams & Williams Worldwide Real Estate, LLC David Montalvo, Lic. No. 595597.

Note: A Buyer’s Premium (Buyer’s Fee in WI) will apply for this property. Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.

Property Type:
Special Use
Square Footage:
N/A
Lot Size:
20.1+/- ac
Year Built:
N/A
Property ID:
363899
Live On Location
4246 N Fm 1565
Caddo Mills, TX 75135
Property Type:Special Use
Description:20.1+/- ac
Bidding Closed
Auctioned

Stock Sale of Southwest Soaring, Inc.,

The Entity That Owns Private Property at:
4246 N FM 1565, Caddo Mills, TX 75135




This auction is the sale of 100% of the ownership of Southwest Soaring, Inc. Southwest Soaring, Inc. owns the assets listed below, including private property on a federally funded airport. That property includes 20+/- acres and 3 buildings including a 12-unit T-Hangar and referred to herein as the “Property”.

The Property is a 30-minute drive from Dallas, a 45-minute drive from DFW, 5 minutes off Interstate 30, and adjacent to a railway. This is not a sale of the Property, but rather, the sale of Southwest Soaring, Inc., the entity that owns the Property. With respect to the TFF Agreement described below, it governs the rights, benefits, and obligations of Southwest Soaring, Inc. with respect to the Property, a copy of which is available through the Broker and which needs to be examined by any prospective purchaser.

BUILDING A:
• Total 24,500 square feet
• Direct access to runways
• Former aircraft pilot training facility
• New R Paneled Roof
• Insulated and non-insulated hangars

Downstairs Offices – 2,000 square feet
º Men and women’s restrooms
º Large common area 30’ x 22’
º New HVAC Unit
º 3 offices
º Floor to ceiling windows, runway view

Upstairs Offices – 2,000 Square Feet
º Men & women’s restrooms, with showers
º Full service kitchen
º Conference room 12’ x 24’
º New HVAC unit
º 5 offices
º 2 offices with windows, runway view

BUILDING B:
• 10,000 square feet
• 4 offices
• 30’ x 60’ finished office space
• 3 restrooms
• 1 laundry room
• Air conditioned machine shop area 50’ x 50’
• New R Paneled Roof

BUILDING C:
• T-Hangars
• 15,000 square feet
• 12 units total
• Positive income from rentals w/waiting list
• New R Paneled Roof

LAND:
Approximately 12+ acres of raw ground can be developed into T-Hangars.

PROPERTY DETAILS:
• Stock Sale of Southwest Soaring, Inc., the entity that owns the Property in fee simple at the federally funded Caddo Mills Airport
• Property deeded to Southwest Soaring by the City of Caddo Mills, Available through the Broker is Hunt County Official Records, document 7910 (Vol. 735, page 906 - Deed Release by FAA/Dept of Transportation to the City of Caddo Mills dated May 11, 1973) and document 7911 (Vol. 735, page 912 – City of Caddo Mills approval of Correction Deed (document 1958) as the Contract and Deed conveying the Property to Southwest Soaring, Inc.)
• Along with the documents referenced above, by contacting the Broker, any prospective purchaser can obtain the following additional documents regarding the Property: (a) Judge Lattimore’s letter to the FAA (Lattimore was involved in the transfer of the Property to Southwest Soaring, Inc.), (b) TXDOT letter dated February 2, 1998 letter to the FAA, and (c) FAA letter dated February 19, 1998.
• Southwest Soaring, Inc. has a Through The Fence Agreement ("TTF Agreement") with the City of Caddo Mills that renews on a year-to-year basis pursuant to its terms and sets out the parties rights and obligations with respect to the Property.
• The annual fee for the TTF Agreement is currently 1% of the Property's value and may be subject to City Ordinance 081319-3, both of which are available by contacting the Broker.
• City sewer main line installed January, 2019
• 30 minutes by car from downtown Dallas
• 45 minutes by car from DFW and Love Field
• 5 minutes off Interstate 30
• Adjacent to Railway


Questions?

This individual seller chose to auction their property for a time-definite sale. If you have a property to sell, please contact Customer Service at 800.801.8003


Live On Location
4246 N Fm 1565
Caddo Mills, TX 75135
Property Type:Special Use
Description:20.1+/- ac
Bidding Closed
Auctioned

Property is being offered by: Williams & Williams2448 E. 81st Street, Suite 2600, Tulsa, OK 74137800.801.8003

Lot size per county records.

TX Broker: Williams & Williams Worldwide Real Estate, LLC David Montalvo, Lic. No. 595597.

Auction Date/Time:
Thursday, September 28, 2023
at 12:00pm CDT
Auction Location:
On-Site or bid live from anywhere at auctionnetwork.com
Open Public Inspections:
11-2pm Friday August 25 & September 15.

Note: A Buyer’s Premium (Buyer’s Fee in WI) will apply for this property. Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.

Property Type:
Special Use
Bedrooms:
N/A
Bathrooms:
N/A
Square Footage:
N/A
Lot Size:
20.1+/- ac
Year Built:
N/A
Property ID:
363899

Stock Sale of Southwest Soaring, Inc.,

The Entity That Owns Private Property at:
4246 N FM 1565, Caddo Mills, TX 75135




This auction is the sale of 100% of the ownership of Southwest Soaring, Inc. Southwest Soaring, Inc. owns the assets listed below, including private property on a federally funded airport. That property includes 20+/- acres and 3 buildings including a 12-unit T-Hangar and referred to herein as the “Property”.

The Property is a 30-minute drive from Dallas, a 45-minute drive from DFW, 5 minutes off Interstate 30, and adjacent to a railway. This is not a sale of the Property, but rather, the sale of Southwest Soaring, Inc., the entity that owns the Property. With respect to the TFF Agreement described below, it governs the rights, benefits, and obligations of Southwest Soaring, Inc. with respect to the Property, a copy of which is available through the Broker and which needs to be examined by any prospective purchaser.

BUILDING A:
• Total 24,500 square feet
• Direct access to runways
• Former aircraft pilot training facility
• New R Paneled Roof
• Insulated and non-insulated hangars

Downstairs Offices – 2,000 square feet
º Men and women’s restrooms
º Large common area 30’ x 22’
º New HVAC Unit
º 3 offices
º Floor to ceiling windows, runway view

Upstairs Offices – 2,000 Square Feet
º Men & women’s restrooms, with showers
º Full service kitchen
º Conference room 12’ x 24’
º New HVAC unit
º 5 offices
º 2 offices with windows, runway view

BUILDING B:
• 10,000 square feet
• 4 offices
• 30’ x 60’ finished office space
• 3 restrooms
• 1 laundry room
• Air conditioned machine shop area 50’ x 50’
• New R Paneled Roof

BUILDING C:
• T-Hangars
• 15,000 square feet
• 12 units total
• Positive income from rentals w/waiting list
• New R Paneled Roof

LAND:
Approximately 12+ acres of raw ground can be developed into T-Hangars.

PROPERTY DETAILS:
• Stock Sale of Southwest Soaring, Inc., the entity that owns the Property in fee simple at the federally funded Caddo Mills Airport
• Property deeded to Southwest Soaring by the City of Caddo Mills, Available through the Broker is Hunt County Official Records, document 7910 (Vol. 735, page 906 - Deed Release by FAA/Dept of Transportation to the City of Caddo Mills dated May 11, 1973) and document 7911 (Vol. 735, page 912 – City of Caddo Mills approval of Correction Deed (document 1958) as the Contract and Deed conveying the Property to Southwest Soaring, Inc.)
• Along with the documents referenced above, by contacting the Broker, any prospective purchaser can obtain the following additional documents regarding the Property: (a) Judge Lattimore’s letter to the FAA (Lattimore was involved in the transfer of the Property to Southwest Soaring, Inc.), (b) TXDOT letter dated February 2, 1998 letter to the FAA, and (c) FAA letter dated February 19, 1998.
• Southwest Soaring, Inc. has a Through The Fence Agreement ("TTF Agreement") with the City of Caddo Mills that renews on a year-to-year basis pursuant to its terms and sets out the parties rights and obligations with respect to the Property.
• The annual fee for the TTF Agreement is currently 1% of the Property's value and may be subject to City Ordinance 081319-3, both of which are available by contacting the Broker.
• City sewer main line installed January, 2019
• 30 minutes by car from downtown Dallas
• 45 minutes by car from DFW and Love Field
• 5 minutes off Interstate 30
• Adjacent to Railway


Questions?

This individual seller chose to auction their property for a time-definite sale. If you have a property to sell, please contact Customer Service at 800.801.8003


Terms of Sale:

Thank you for participating in this Williams & Williams Auction. It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are non-negotiable. Good luck and good bidding!

Registration at the auction (online and/or in person) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. The High Bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to Williams & Williams ("Broker" and/or "Auctioneer") and the seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have registered, received a Bidder's Card and Auction Day Notes, and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.

All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and Auction Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.

THIS PROPERTY WILL CONVEY BY A STOCK SALE AND PURCHASE AGREEMENT. The High Bidder will acquire all of the outstanding stock in the Company which holds the title to the Property. The High Bidder agrees that it has read the Stock Sale and Purchase Agreement and understands its rights and responsibilities under that Agreement.

Buyers receive a deed and Title Report as provided by the Closer indicated in the Contract (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year's taxes are pro-rated through day of closing as is customary.

A Buyer's Premium of 5% ($10,000 minimum) will be added to the high bid and included in the total purchase price.

Each high bidder must make a 10% non-refundable deposit per property ($5,000 MINIMUM - whichever is greater) immediately following auction. Cash, cashier's checks, personal checks and business checks (electronically processed) are accepted. If you are a resident / citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the down payment and closing. The balance of the purchase price, all closing costs, and the Technology Fee are due at closing. Closing costs generally range from $750-$3000 and include title exam, title report, closing fee, filing costs and any other fees noted unless otherwise noted in the Contract.

The Parties acknowledge Buyer will tender the Down Payment in the form of a certified check, cashier’s check, money order, or personal/business check, and said instrument will be made payable to the Escrow Agent, or a wire shall be sent directly to the Escrow Agent, if permitted by the Contract. In those instances where the Down Payment instrument was transmitted to the Auctioneer, Auctioneer shall transmit the Down Payment instrument to the Escrow Agent upon Seller’s acceptance of Buyer’s offer. The Down Payment shall be held by Escrow Agent and disbursed to the Closer identified in the Contract for Sale prior to the Closing Date and following clearance of funds by the issuing financial institution.  Interest, if any, earned on the Down Payment shall be deemed part of the Down Payment and shall be applied together with the principal portion of the Down Payment to the Purchase Price.  The Parties agree that upon a fully executed Contract, the Down Payment is non-refundable, and, at Seller’s request, shall immediately be released to Seller in accordance with the Contract for Sale.

If Seller accepts Buyer’s high bid, then the Contract for Sale shall continue in full force and effect and the Closing Date shall occur no later than thirty (30) days following the date of Seller’s acceptance, except as otherwise may be allowed in accordance with the terms of the Contract for Sale. Buyer(s) and Seller agree that Seller may terminate the Contract for Sale, in Seller’s sole and absolute discretion, in the event the Seller does not accept the Buyer’s high bid.   BUYER UNDERSTANDS AND AGREES IF SELLER HAS PERFORMED SELLER'S OBLIGATIONS UNDER THE CONTRACT FOR SALE, AND IF AT CLOSING THE BUYER FAILS TO PAY THE BALANCE OF THE PURCHASE PRICE OR TO PERFORM ANY OTHER OBLIGATIONS UNDER THE CONTRACT FOR SALE, THE DOWN PAYMENT WILL BE DISBURSED PURSUANT TO OF THE CONTRACT FOR SALE.  BUYER HEREBY DIRECTS ESCROW AGENT AND CLOSER TO DISBURSE THE DOWN PAYMENT FUNDS PURSUANT TO THE TERMS OF THE CONTRACT FOR SALE HEREIN.

Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down lots and/or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding, to accept or reject any or all bids, and to cancel or re-schedule an auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.

All the information contained on this property was obtained from official county maps or other sources deemed reliable but is not guaranteed and may be in error. Seller DOES NOT WARRANT the accuracy thereof. Seller has made no independent investigation of any information provided and assumes no responsibility for the providing of or absence of any information, whatsoever, or for the accuracy thereof.

All auctions are subject to court or seller approval. Seller has (7) business days in which to accept or reject the high bid received at auction and Buyer’s high bid is irrevocable during this time. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the court or Seller approval is not granted, the Down Payment shall be returned in its entirety to the high bidder. "Showing" requests from Buyers after the auction may not be able to be accommodated.

If more than one property is being auctioned, the Auctioneer may choose to offer a group of the properties for auction at the same time. This is called "BUYER'S CHOICE" and is to accommodate buyers who have an interest in more than one property and/or have 2nd and 3rd choices if they are out bid for a favorite property. Upon winning the bid, please choose which property, or properties, you want. You pay the high bid price for each property selected. Each sale is final and stands alone. Remaining properties are then offered in another round of bidding. Anyone may bid at any time, including prior High Bidders.

Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Auction Day Notes for a full and complete understanding of Williams & Williams and Seller's disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.

 Auction Network
TERMS & CONDITIONS OF SERVICE

The property offered in this auction will be offered and sold by Williams & Williams Marketing Services, Inc. ("Williams & Williams"). Any questions regarding the auction process or a property should be directed to Williams & Williams or its designated representative. Auction Network, LLC ("Auction Network") serves solely as the online bidding service (the "Service") for Williams & Williams. Your use of the Service is governed by these Auction Network Terms & Conditions of Service, and the Auction Network Terms of Use located at the following URL: https://www.auctionnetwork.com/Site/TermsOfUse.asp, as amended from time-to-time by posted notices or oral announcements made during any auction.

Williams & Williams serves as the auctioneer, and represents the owner of the property at auction. The auction and conveyance of each property shall be governed by property specific Contract for Sale, Auction Day Notes, Disclosures, and the Williams & Williams Terms & Conditions of Sale. These documents govern your bid and the sale of each property, and can be accessed and reviewed at the Williams & Williams property specific web page.

DO NOT BID unless you have read the Williams & Williams Terms & Conditions of Sale, the Contract for Sale, Property Disclosures, and the Auction Day Notes for each property. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Auction Network, Williams & Williams and the Seller are not responsible for technical difficulties during online or remote bidding. Occasionally, the Auction Network online bidding interface may be unable to submit bids in the live auction due technical difficulties including, without limitation, the lack of sufficient communication infrastructure at the location of the live auction. Online bidders are advised to place an absentee bid at least 1 day prior to the live auction to ensure their bid is entered into the live auction on the online bidder's behalf.

In the event of any conflict between Auction Network's Terms & Conditions of Service and the Williams & Williams Terms & Conditions of Sale, the Williams & Williams Terms & Conditions of Sale shall control in each instance.

Auction Network has no authority to, and does not provide, any guarantee, warranty, or covenant, of any kind or nature, regarding a property. Per the Williams & Williams Terms & Conditions of Sale, all properties auctioned are otherwise sold "AS-IS, WHEREIS" without any representation or warranty, express or implied, of any kind by Williams & Williams, Auction Network, or the respective seller, and with no financing, inspection or other contingencies to sale. Buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Buyers must rely solely upon their own investigation and not any information provided by the Seller or Williams & Williams. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.

Neither Auction Network nor Williams & Williams assumes any risk, liability or responsibility for the authenticity of the authorship of any property or livestock offered at this auction (that is, the identity of the creator or the period, culture, source or origin, or lineage, as the case may be, with which the creation of any property is identified).

The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

Any property may be withdrawn by Auction Network or Williams & Williams at any time before the actual sale without any liability therefore. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject such advance.

These Auction Network Terms & Conditions of Service, Terms & Conditions of Use, Williams & Williams' Terms & Conditions of Sale, as well as the online buyer's rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Oklahoma. By bidding at this auction, whether in person or by agent, order bid, telephone, online, or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the state and federal courts sitting in the State of Oklahoma.

You are registering to bid on the following properties, and as stated above, your bid, and the sale of the property, will be governed by the property specific Williams & Williams Contract for Sale, Disclosures, Auction Day Notes, and Terms & Conditions of Sale. Each of these documents are available for your review at the Williams & Williams property specific web page. DO NOT BID unless and until you review these documents. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

 

Disclosures:
• Buyer acknowledges receipt of all due diligence materials including but not limited to (and if applicable) available boundary surveys, property reports, contract for sale, etc. Buyer can obtain said due diligence materials by returning a Confidentiality & Non-Reliance Agreement provided in the "Helpful Tools & Links" section of the website.

• Personal property in the "museum" will NOT convey and will remain with Seller.

· Texas Law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. This information is available in the Helpful Tools & Links section.

· Texas law requires that auctioneers notify consumers that consumers may contact the Texas Department of Licensing and Regulation, PO Box 12157, Austin, TX 78711 or by phone at 800-803-9202 for the purpose of making a complaint regarding a Texas auction.

• T-Hangar Lease Agreements. Buyer acknowledges receipt of all current T-Hangar lease agreements and agrees to be bound by same. Upon expiration of current lease agreements Buyer accepts responsibility for lease or rental negotiation, eviction, or other remediation, as buyer finds necessary to clarify legal occupancy status. Buyer agrees to hold seller, Williams & Williams, and its agents harmless from any and all results therein. Any security deposits held and any rent paid in the month of closing, if any, will be prorated at closing.

• If the Property adjoins an impoundment of water with a normal operating capacity of 5,000 acre-feet, Buyer acknowledges receipt of the following: NOTICE OF WATER LEVEL FLUCTUATIONS. The water level of the impoundment of water adjoining the Property fluctuates for various reasons, including as a result of: (1) an entity lawfully exercising its right to use the water stored in the impoundment; or (2) drought or flood conditions.

Map

Fontana Fitzwilson
Fontana Fitzwilson
Executive Vice President, Sales
PHONE
Selling your property? Find out if auction works for you.
Call 800.801.8003.
Selling your property? Find out if auction works for you.
Call 800.801.8003.