Real Estate Terms and Conditions
1. ACCEPTANCE OF BID PRICES: Winning bidder will enter into a Contract to Purchase immediately upon being declared the Successful Bidder by the Auctioneer. The Seller reserves the right to reject any and all bids. Once accepted, this agreement shall be binding on the parties and their successors and assigns. This agreement is NOT subject to financing, inspections, or other contingencies that delay the closing for any such reason. Buyer will need to meet in person no later than the next business day for signing of contracts and payment of fees.
2. DOWN PAYMENT: $25,000 will be due upon acceptance of the Sales Contract. Personal or Cashier’s Checks will be accepted. This is “AS IS, WHERE IS” and is non-refundable.
3. BUYER’S PREMIUM: A buyer’s premium of 4% of the high bid shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s).
Sample Calculation:
High bid = $ 100,000
Buyer’s Premium =¬¬ $ 4,000
Total purchase price = $ 104,000
5. CLOSING: Closing shall be within 30 days or sooner of the auction date or an agreed upon date by both seller(s) and buyer(s).
6. POSSESSION: Possession will be given at closing, subject to the remaining rights of the current tenant(s) if any.
7. TITLE: Seller shall furnish the buyer at Sellers expense an Owners Policy of Title Insurance in the amount of the purchase price, and agrees to provide and execute a proper deed conveying merchantable title to the real estate to the buyer.
8. REAL ESTATE TAXES: Real Estate taxes shall be prorated as of the date of closing between the Seller and the Buyer.
The information is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, etc. are approximate. Buyer should verify the information to their satisfaction. There are no expressed or implied warranties pertaining to this property. Real estate (including all improvements, if any) is being sold As Is, Where Is with NO warranties expressed or implied. Please make all inspections and have financing arranged prior to the end of bidding. Not responsible for accidents or theft. Statements made the day of auction take precedence over printed material.
Approved check, cashier’s check or wire transfer accepted. Must have proper ID to register for a buyer number. Nothing to be removed until settled for. Not responsible for accidents or theft. The information is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. Statements made the day of auction take precedence over printed material.
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