MICHAEL AUCTION & REALTY SERVICE LLC
REAL ESTATE AUCTION TERMS & CONDITIONS
Michael Auction & Realty Service LLC
Next Level Auctions, LLC
Sid Michael - Broker/Auctioneer
John Michael - Realtor/Auctioneer
AUCTION FORMAT
This auction may be conducted online-only, as announced by the Auctioneer. Michael Auction & Realty Service LLC
Next Level Auctions, LLC ("Auction Company") reserves the right to modify bidding procedures, extend bidding, pause bidding, or cancel the auction in whole or in part at its sole discretion.
REGISTRATION
All bidders must register and be approved prior to bidding. The Auction Company reserves the right to deny bidding privileges to anyone for any reason, including inability to verify identity, proof of funds, or prior default history. By registering, Bidder agrees to all terms and conditions of sale.
PROPERTY INFORMATION & DUE DILIGENCE
All information provided by the Seller or Auction Company is believed to be accurate but is not guaranteed. Buyers are solely responsible for conducting their own inspections, investigations, surveys, environmental reviews, zoning verification, financing review, and all due diligence prior to bidding. Announcements made the day of sale take precedence over all advertising and printed material.
AS-IS SALE
All property is sold AS-IS, WHERE-IS, WITH ALL FAULTS and without any warranties or representations, expressed or implied. Neither Seller nor Auction Company makes any guarantee regarding condition, acreage, boundaries, square footage, utilities, zoning, septic suitability, future use, environmental condition, or marketability for any specific purpose. Buyer accepts the property in its current condition.
BUYER'S PREMIUM
A Buyer's Premium may apply and will be disclosed in the auction advertising or bidding platform. The Buyer's Premium shall be added to the final bid price to determine the total contract purchase price. EXAMPLE $100,000 at 3% is $3,000 added to the hammer price
EARNEST MONEY DEPOSIT
The successful high bidder shall immediately execute the Purchase Agreement and deliver the required non-refundable earnest money deposit as stated in the auction terms or purchase agreement. Earnest money may be paid by certified funds, cashier's check, wire transfer, or other approved method. Failure to timely deliver earnest money constitutes default.
NON-CONTINGENT PURCHASE
The sale is not contingent upon financing, appraisal, inspection, survey, title review, or any other contingency unless specifically stated in writing. Bidders should have financing arranged prior to bidding. Buyer's inability to obtain financing shall not release Buyer from contractual obligations.
PURCHASE AGREEMENT
The successful bidder will be required to execute all purchase documents immediately following the auction or upon electronic delivery by the Auction Company. Any modification, alteration, or failure to sign the documents as presented may be considered default.
DEFAULT
If Buyer defaults for any reason, including failure to sign documents, failure to deliver earnest money, or failure to close, Seller and Auction Company shall retain all legal remedies available under Michigan law. Earnest money may be forfeited as liquidated damages without limiting Seller's right to pursue additional damages or specific performance. Buyer shall also be responsible for reasonable attorney fees, commissions, and costs incurred due to default.
CLOSING
Closing shall occur on or before the date stated in the Purchase Agreement, typically within 30 days unless otherwise announced. Buyer shall pay all lender fees, recording fees, inspections, and Buyer-side closing costs. Taxes, rents, and assessments shall be prorated to the date of closing unless otherwise stated.
TITLE & DEED
Seller shall provide marketable title by deed acceptable under Michigan law. Title insurance, if offered, shall be handled pursuant to the Purchase Agreement. Buyer is responsible for reviewing title work and raising objections within the time stated in the Purchase Agreement.
POSSESSION
Possession shall be granted at closing unless otherwise stated in the Purchase Agreement or auction advertising
BROKER PARTICIPATION
A licensed real estate broker or agent may receive compensation only if properly registered with the Auction Company according to the published broker participation policy. Broker must remain actively involved through closing to qualify for compensation.
ONLINE BIDDING & TECHNOLOGY DISCLAIMER
The Auction Company is not responsible for missed bids, internet failure, platform malfunction, software errors, or loss of connectivity. The Auctioneer reserves the right to reopen bidding, continue bidding, suspend bidding, or declare the property sold in the best interest of the Seller. Bidders are encouraged to place bids early and not rely solely on last-minute bidding.
ANTI-SNIPING / EXTENDED BIDDING
If bidding occurs within the final minutes of the auction, the Auction Company may extend bidding to allow all bidders a fair opportunity to compete.
AUCTIONEER DISCRETION
The Auctioneer reserves the right to reject any bid, withdraw property, regroup parcels, sell in individual tracts or combinations, resolve bidding disputes, and determine the high bidder. All Auctioneer decisions are final.
SELLER CONFIRMATION
Unless specifically advertised as Absolute, all auctions are subject to Seller confirmation or acceptance.
AGENCY DISCLOSURE
Michael Auction & Realty Service LLC
Next Level Auctions, LLC and its agents represent the Seller only unless otherwise disclosed in writing. Cooperating agents and brokers are not subagents of the Auction Company unless specifically agreed.
INSPECTION & SAFETY
Property inspections are conducted at Bidder's own risk. Auction Company and Seller are not responsible for accidents, injuries, or damages occurring on the property. Do not trespass on occupied properties.
LEGAL & GOVERNING LAW
These Terms & Conditions and all auction transactions shall be governed by the laws of the State of Michigan. Venue for any legal action shall be in the county where the property is located or another Michigan court of competent jurisdiction.
DISCLAIMER
The Auction Company reserves the right to amend these Terms & Conditions at any time. By registering and bidding, Bidder acknowledges that they have read, understood, and agreed to all Terms & Conditions.
The following items may be added or adjusted on a per-auction basis:
o Earnest money amount $10,000 per tract
o Buyer's Premium percentage 3%
o Closing timeline 45 days
o Survey requirements - None
o Multi-parcel bidding procedures - Extend one, extend all. If any bid is placed 5 min will be added to all tracts
o Crop rights / possession terms - Crops prorated at day of closieng
o Mineral rights reservations None
o seller confirmation language -
This document was drafted using industry-standard auction terms and tailored for Michigan real estate auction use by Michael Auction & Realty Service LLC
Next Level Auctions, LLC.