General Information The following are a summary of the terms for the real estate auction. Please review the terms for each property as terms can differ from property to property. This summary is in addition to the Site User terms indicated in the registration process and is provided for the convenience of the bidder. The complete terms which will govern the sale of the real estate can be found in the contract for the sale of the real estate also referred to as the BUY/SELL agreement and can be found on each property's website. Bidders should review that document prior to bidding to familiarize themselves with those terms. Buyers Premium: A Buyer Fee of $1500 or 3%, 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 $1500 premium. A representative will contact you if you are the high bidder to coordinate your deposit and BUY/SELL agreement signatures. Wire transfer, cash, cashiers check, personal or company checks 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. Detroit Metro Auctions 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 sixty (60) days shall be allowed for closing. Possession will be given immediately after closing closing. Buyer will receive possession at close subject to tenant's rights if applicable. Closing fees of approximately $350 will be divided evenly between the 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 and an owners title insurance policy in the amount of the purchase price at closing. 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 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 (approximately $200), and any post auction real estate taxes and assessments. Buyer's Premium Text A Buyer Fee of $1500 or 3%, whichever is greater, will be added to the high bid and charged as a transaction fee to the buyer. Refer to item specific terms. Payment Dates Varies per property/parcel. A deposit will be required within 48 hours. The balance will be due within 10-30 days. Please refer to property/parcel specifics. Types of Payment Wire Transfer or Cashier's Check are acceptable form of payment. Dynamic Bidding 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. Dynamic bidding - The dynamic bid on this website is a feature that does NOT allow an item to sell at the end of the auction until there is 10 minutes of bidding inactivity. Example - An item is bid on at 1:50pm. An auction is scheduled to close at 2:00pm. When this bid is placed the ending time will automatically extend to 2:10pm. When another bid is placed at 2:01 the auction will extend until 2:20pm. This will give bidder 19 minutes to place another bid. If no bids are placed this auction will conclude at 2:20pm. The key to your dynamic bidding feature is that the auction extends from the preset closing time in 10 minute intervals, NOT 10 minutes from when you placed your bid. Sales Subject to Approval An item's sale is contingent upon receiving the approval of the Bank, Court, Trustee, Private Seller or Lien Holders affiliated with that particular piece. Please call (313) 451-0715 for the approval on all items that sell subject to approval and we will be happy to assist you. Incremental Bidding A bid may be placed for any amount equal to or greater than the current required bid amount, which means your bid amount is not required to be an increment of the posted bid increment. Example: Current bid at $10.00 with a bid increment of $5.00. Minimum bid required would be $15.00. A bid may be placed for any amount equal to or greater than $15.00. The bid amount is not required to be in increments of $5.00; therefore a bid could be placed for $17.00 or $76.00 or whatever amount you wish to bid as long as it is equal to or greater than the minimum bid required. The winning bid may end up at any amount. It may not be divisible by the stated increment. The winning bid will be the highest. Refer to Automatic Bidding section for further explanation of the convenient method of placing an automatic bid. Invoice Special Announcements NOTE REGARDING BUYER FEE: Your invoice will calculate at 3% Buyer Fee, however if 3% is less than the minimum of $1,500.00 the Buyer Fee of $1,500.00 will still be required and included in the Buy Sell Agreement as a transaction fee to the buyer. Refer to item specific terms. Refund Policy NO REFUNDS, RETURNS, OR EXCHANGES. All items sold "AS IS WHERE IS" with all faults. Special Notes Thank you for bidding with Detroit Metro Auctions. If you are the winning bidder, we will be contacting you with details specific to the property/parcel on which you were high bidder. You may contact us directly at 313-451-0415. Removal Times / Failure to Remove Not Applicable. Automatic Bidding (max bid, auto bid, proxybid) Automatic Bidding (auto bid) option makes bidding convenient allowing you to enter the maximum bid amount* that you are willing to bid on an item. Based on your Account Preferences for notification, you may be notified whenever your auto bid increases &/or when it is exceeded. The auction company or other bidders do not have access to see your auto bid amount. You are the only person that can see your auto bid amount (displayed in your Watch List). Your auto bid will not "jump" to the maximum amount. The auto bid will increment up only with competing bids until either the item completes with you as the high bidder, or until your auto bid has been exceeded by another bid. If another bidder already has an auto bid in place when you place your auto bid, the (2) competing auto bids will continue to increment until either the lower auto bid is maxed out; or if both auto bid amounts are the same the auto bid that was placed first will become winning position of the bid. Example #1: 1. Minimum bid is at $10.00 with a $5.00 bid increment. 2. Bidder #1 places an auto bid for $77.00. 3. No other auto bids are in place, therefore Bidder #1 is high bidder at $10.00. 4. Bidder #2 places an auto bid for $23.00. 5. Bids would compete with each other as follows: Bidder #1 - $10 Bidder #2 - $15 Bidder #1 - $20 Bidder #2 - $23 (maximum auto bid placed) Bidder #1 - $25 (high bid position) The high bid is $25 not $28 because Bidder #2's auto bid was exceeded at an increment other than $5. Example #2: 1. Minimum bid is $10.00 with a $5.00 bid increment. 2. Bidder #1 places an auto bid of $77.00. 3. No other auto bids are in place, therefore Bidder #1 is high bidder at $10.00 4. Bidder #2 places an auto bid for $25.00 5. Bids would compete with each other as follows: Bidder #1 - $10 Bidder #2 - $15 Bidder #1 - $20 Bidder #2 - $25 (maximum auto bid placed) Bidder #1 - $30 (high bid position) The high bid is $30 because Bidder #2's auto bid was exceeded at an increment equal to $5. Example #3: 1. Minimum bid is $10.00 with a $5.00 bid increment. 2. Bidder #1 places an auto bid of $25.00. 3. No other auto bids are in place, therefore Bidder #1 is high bidder at $10.00 4. Bidder #2 places an auto bid for $25.00 (same amount as Bidder #1 auto bid) 5. Bids would compete with each other as follows: Bidder #1 - $10 Bidder #2 - $15 Bidder #1 - $20 Bidder #2 - $25 Bidder #1 - $25 (high bid position) The high bid is $25 with Bidder #1 in high bid position because Bidder #1 placed the $25.00 auto bid before Bidder #2. *Buyer's premium and sales tax will be in addition to the winning bid amount. Posted Closing Times 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. Dynamic bidding - The dynamic bid on this website is a feature that does NOT allow an item to sell at the end of the auction until there is 10 minutes of bidding inactivity. Example - An item is bid on at 7:50pm. An auction is scheduled to close at 8:00pm. When this bid is placed, the ending time will automatically extend to 8:10pm. When another bid is placed at 8:01 the auction will extend until 8:20pm. This will give bidder 19 minutes to place another bid. If no bids are placed this auction will conclude at 8:20pm. The key to the dynamic bidding feature is that the auction extends from the preset closing time in 10 minute intervals, NOT 10 minutes from when you placed your bid.