Buyers Premium: A Buyer Fee of $1000 or 10%, whichever is greater, will be added to the high bid and charged as a transaction fee to the buyer. This buyers premium will become part of the Auctioneers Commission. Deposit for Real Estate: A deposit of ten percent (10%) of the purchase price or $5,000, whichever is greater, will be required of the successful bidders within 48 hours of the conclusion of the auction. If the property sells for less than $5000, then the deposit due will be the bid price plus a $1000 premium. A Great Lakes Realty and Auction representative will contact you if you are the high bidder to coordinate your deposit and BUY/SELL agreement signatures. Wire transfer or cashier's check are accepted for the deposit. This deposit is NOT refundable if you the buyer do not carry through with the purchase. Your bidding IS NOT conditional upon financing, so be sure you have arranged financing if needed and are capable of paying cash at the closing. Conditions: All properties are sold "AS IS WHERE IS" with no warranties of any type expressed or implied as to the merchantability, usability, fitness for a particular purpose, or any matter of whatsoever type or nature. Potential buyers should inspect all properties before placing any bids. Any improvements which may need to be done will be the responsibility of the purchaser. All information advertised or stated was derived from sources believed to be correct but is not guaranteed. The Real Estate DOES NOT sell contingent upon financing, acceptable post-auction inspection, acceptable environmental reports, surveys, use requirements, other property sales and purchases, or any other matter whatsoever. The auction company retains the right to place bids on the behalf of any buyer, employee, principal, or seller. All property dimensions are only approximations. No new surveys or perk tests have been completed. Any surveys or perk tests desired will be the sole cost and responsibility of the buyer and are not a contingency of the sale. The property will be sold subject to any easements and building and use restrictions of record. The Real Estate will be sold free and clear of all liens of record, unless otherwise stated. Inspection: Buyers shall rely entirely on their own information, judgment, and inspection of the property and records. Buyers can and should inspect prior to the auction. Acceptable inspection after the auction is not a contingency of your bidding so be sure you have inspected the property to your satisfaction prior to the auction. Great Lakes Realty and Auction cannot provide inspection or access to the property after the auction until the closing. Please note the advertised Open for Viewing times. Closing: The balance of the purchase price will be due within 10 days of all paperwork being ready for closing but not later than 30 days after the auction. The Sale of the Property shall be closed within ten (10) days after all necessary papers are ready, but not later than 30 days after the auction date. If the closing of the sale is delayed by reasons of delays in the title work, or by title defects which can be readily corrected, a further period of thirty (30) days shall be allowed for closing. Buyer will receive possession at close subject to tenant's rights if applicable. Closing fees divided between buyer and seller. Taxes and Assessments: Property Taxes which are due on the property on or before the date of the auction will be paid by the SELLER without proration. All property taxes due after the date of the auction will be the responsibility of the BUYER without proration. The BUYER will assume any dues or assessment balance which remains after the Seller pays for any dues or assessment installments which are due and payable on or before the date of the auction. Deed and Title Insurance: Seller will provide at their cost, a deed to the property, transfer tax and an owners title insurance policy in the amount of the purchase price at closing. Failure to Complete Purchase: All purchases must be completed within the time frames specified in the Auction Terms. Failure to complete a transaction within those terms will cause you to lose your deposit on the Real Estate. In addition, all costs, responsibility, and liability for damages for failure to complete a purchase shall be borne by the buyer. If for any reason buyers fail to complete their transaction within the time specified, the Auction Co. shall have the right but not the obligation, in its sole discretion, to resell said purchase at buyers sole risk and expense with the buyer being liable for any difference in price and any legal fees, without waiving any rights that Auction Co. or seller may have against buyer. Seller Bidding: The SELLER, their agent, or the Auction Co. RESERVE THE RIGHT TO BID on the seller's item in order to protect their investment. The auction company, in bidding for the seller as their agent, will only bid on items that require a minimum amount in order to be sold. Buyers Note: If you are the successful bidder, you must sign all the purchase agreements and make your deposit on the property within 2 business days (48 hours) of the conclusion of the auction. Individual purchases are to be considered as singular transactions, not contingent on any other purchases of properties on the auction. The ability to obtain financing is NOT a contingency of the sale. Properties will be sold subject to the acceptance or rejection of the high bid by the seller(s) within 10 days of the conclusion of the auction unless specifically stated that it is selling with No Minimums or Reserves. The auction will be conducted at the sole discretion of the auctioneer and any bids may be recognized at their discretion. Any exceptions to the above terms will be noted in the Additional Announcements information for each property. Additional Buyer Costs: Unless otherwise stated, in addition to the Bid Price the Buyer will be responsible for the Buyers Premium, one half of the closing costs charged by the title company, and any post auction real estate taxes and assessments. Buyer's Premium Text A Buyer Fee of $1000 or 10%, whichever is greater, will be added to the high bid and charged as a transaction fee to the buyer. Refer to item specific terms. Types of Payment Wire Transfer or Cashier's Check are acceptable form of payment. Soft Closing Posted closing times and displays of Auction Co.'s current time are approximate. Auction Co. reserves the right to close early or extend auctions at any time at its discretion. It is strongly recommended that bids be placed early to avoid losing out due to an ill-timed, last minute bid. All times based on Eastern Standard Time. Soft closing - The Soft closing on this website is a feature that does NOT allow an item to sell at the end of the auction until there is 5 minutes of bidding inactivity. If another bid is made the bidding is extended for an additional 5 minutes for every bid. Sales Subject to Approval A property's sale is contingent upon receiving the approval of the Bank, Court, Trustee, Private Seller or Lien Holders affiliated with that particular piece. Buyer understands and accepts full responsibility for due diligence and property inspection. Buyer understands that property will be sold "as-is" "Where-is". Buyer understands if they are the successful bidder, A Ten Percent (10%) Buyer's Premium will be added to the winning bid amount to establish the final sales price. Buyer understands if they are the successful bidder, the deposit (wire transfer or cashiers check) shall be due with in 48 hours of the end of the online bidding.