RESERVED AUCTION. The Property shall be sold subject to the owner's confirmation following the offering of the subject real estate at public auction by a licensed and bonded Auctioneer.
AGREEMENT OF PURCHASE AND SALE. The purchaser shall execute an Agreement of Real Estate Purchase Agreement in the form provided by the Auctioneer, without modification, immediately after being declared the high bidder by email or in person.
CASH SALE. This is a cash sale and is not contingent on the Purchaser's ability to obtain financing.
DEPOSIT Immediately after being declared the high bidder, the Purchaser shall submit a non refundable deposit to the Auctioneer in the amount of $5,000 or Five Thousand Dollars ( "Deposit") who shall hold the deposit in his Auctioneer's Escrow Account. The balance of the Purchase Price shall be paid at or before closing.
BUYERS PREMIUM A( 10% ) Ten Percent shall be added to the bid price to become part of the final purchase price. The Buyer's Premium is retained by the auctioneer, and is non-refundable except in the event the Seller fails to satisfy a monetary lien discovered under the provisions of #13 of these terms and conditions.
TAXES Any and all applicable Federal, Provincial or State taxes must be paid by the Purchaser in addition to the Purchase Price, at or before closing. Any and all applicable property taxes shall be paid by the Seller and Purchaser pro-rata based on the date of closing. Transfer taxes will be paid 50% by Seller and 50% by Buyer.
UTILITIES Utilities, water and/or sewer fees, and other real estate assessments, if any, together with any other municipal services and other current expenses and charges, if any, shall be prorated on a daily basis. For all foregoing expenses, Seller will pay up to and including the date of closing.
PREPARATION OF DEEDS Seller pays for Deed Preparation. Buyer pays for the recording fees to record the Deed and other closing documents.
CLOSING Closing will take place on the date that is ( 30 ) Thirty days after the date of the auction, or such other date as may be mutually agreed by the parties. The Purchaser and Seller shall each be responsible for their own legal fees. The Seller shall choose the Closing Company within five (5) days following the auction. Buyer agrees the Deed will be recorded by the Closing Company.
NON-PERFORMANCE FAILURE TO CLOSE Any failure by the Purchaser to complete the purchase of the Property will result in the Deposit and any further interest in the Property being forfeited. Should the Buyer fail to make settlement and close as herein provided, Seller's rights and remedies against Buyer are limited to Seller's retaining the Deposit, as liquidated damages, which Buyer agrees is not a penalty, but is a fair and reasonable estimate of the damages to Seller in the event that Buyer fails or refuses to close. Seller agrees that fifty (50) percent of the forfeited deposit shall be retained by the Auctioneer as damages sustained by the Auctioneer. The Auctioneer shall pay the Seller the remaining forfeited deposit within fourteen (14) days after being notified in writing of the failure to close. Should the Seller fail to make settlement and close, as herein provided, Buyer's rights and remedies against Seller are limited to refund of the Deposit.
POSSESSION Purchaser will receive vacant possession on the date of closing.
AS IS SALE The Purchaser shall accept the Property "AS-18", "WHERE-IS", and "WITH A the closing date and the Purchaser specifically agrees that neither the Seller nor the Auctioneer makes any representations or warranties of any kind whatsoever, expressed or implied, to the Purchaser as to the value, condition or fitness of the Property, environmental or otherwise, or any part thereof or improvements thereon. All descriptions, measurements and acreage provided by the Seller and the Auctioneer are to be used as a guide only. The Purchaser acknowledges and agrees that it is the Purchaser's sole responsibility to make such legal, factual and other inquiries, inspections and investigations as Purchaser considers necessary prior to bidding on the Property, and Purchaser hereby warrants and represents that he shall have satisfied himself as to the location and condition of the Property, and all descriptions with respect thereto, prior to bidding, and that he has had the opportunity to do so.
OUTSTANDING LIENS Buyer must notify Seller of any monetary encumbrances within twenty (20) business days of signing the Real Estate Purchase Agreement. Within five (5) business days of Seller receiving written notification form Buyer, Seller, may elect to either (1) obtain the necessary Releases or (2) Terminate the Real Estate Purchase Agreement. In the event the Seller chooses to obtain the necessary Releases, he shall notify the Auctioneer in writing immediately of his intentions. The Seller may extend the closing date not to exceed One-Hundred Twenty (120) days from the date of the execution of the Real Estate Purchase Agreement, to allow them sufficient time to obtain any needed Releases. Should the Seller choose to terminate the Real Estate Purchase Agreement, the Auctioneer shall refund the Buyer's deposit in its entirety to the Buyer.
GAS, OIL, MINERAL RIGHTS Sellers agree to convey to Buyers all of their gas, oil,and mineral rights, if Sellers in fact have any such rights. Sellers do not know what they own and make no warranties regarding the title of the same.
PERSONAL PROPERTY No personal property shall be conveyed with the Property unless specifically included in the purchase agreement.
AGENT OF SELLER The Auctioneer (and any appointed real estate agent, where applicable) is acting as an agent of the Seller only, and not as an agent of the Purchaser or as a dual agent.
NO ASSIGNMENT The Purchaser shall not assign his bid or obligation to purchase the Property to a third party without the prior written approval of the Auctioneer.
FOREIGN OWNERSHIP RESTRICTIONS The Property may be subject to foreign ownership restrictions. Bidder acknowledges that it is Bidder's sole responsibility to make any necessary enquiries, including without limitation consulting with legal advisors, prior to bidding to ensure they are legally eligible to purchase the Property.
Announcements made at the time OR edited info of the Auction by the Auctioneer takes precedence. Seller/ Auctioneer reserves the right to take legal action in this binding agreement for failure to follow through with terms and conditions. ALL INFORMATION ON PROPERTY IS DESCRIBED BEST TO OUR KNOWLEDGE AND ARE NOT RESPOSIBLE FOR ANY ERRORS. PLEASE SEE ALL ATTATCHED FORMS PRIOR TO BIDDING.
PLEASE DO NOT BID IF YOU CAN NOT CLOSE ON PROPERTY, DO NOT HAVE DEPOSIT, OR HAVE NO INTENTIONS ON FOLLOWING THROUGH.
PLEASE ASK ANY AND ALL QUESTIONS PRIOR TO BIDDING - IF YOU WOULD LIKE TO SCHEDULE SPECIAL BIDDING REQUESTS PLEASE CONTACT ME.
BAXTER AUCTIONEERS RESERVES THE RIGHT TO END AUCTION EARLY, PAUSE, EXTEND, OR EDIT AUCTION AT ANY TIME OR ANY REASON.
The Seller and Buyer acknowledge and agree to these terms and conditions of auction as presented.
The winner is determined by the ability to close on the property. Being the high bidder does not guarantee the sale of the property.
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