Real Estate Auction Bidder Terms - Orrell Auctions & Real Estate PLLC 870-723-9116
Summary of Terms: Property sells free and clear of all liens and encumbrances, subject to Seller confirmation, "as is", by legal description, with no contingencies and no warranties other than good title by Warranty deed & Title Insurance. 10% buyer premium. $2,000 down as non-refundable earnest money on day of auction, balance due at closing in 30 - 45 days.
Announcements made auction day take precedence over any previous oral or printed announcements.
Online & Live Bidding.
Bidding will be available online until 5pm August 14th Then live only at 10am August 15th. High bid from online will become opening bid at live auction 10 am Fri August 15th
Extended explanation of Terms:
Bidders must be registered with name, address, valid phone #, & email address.
Subject to Sellers' Confirmation: Seller has up to 48 hrs. to accept or reject the final bid.
Buyer Premium: A 10% buyer premium will be added to the final bid price to determine the contract price.
Purchase Agreement/Contract: At the conclusion of the auction, the successful bidder will sign a purchase agreement in the amount of their bid plus the 10% buyer premium. When accepted and signed by the seller, this agreement becomes the purchase contract.
Non Refundable Down Payment/Earnest Money: With purchase agreement, Bidder will submit a $2,000 non-refundable downpayment to be deposited and escrowed in Orrell Auctions & Real Estate PLLC Trust Account. Down payment will be credited to buyer at closing or returned to the bidder if Seller rejects bid. Balance of purchase price required in approximately 30-45 days at closing. If you cannot close you will forfeit your down payment/earnest money.
Acceptable Currency for down payment: Cash, cashier's check. Or, good personal or company check pre-approved by auctioneer or accompanied by a bank letter guaranteeing payment.
Warranties & Contingencies:
1. Property sells "as is" with no warranties from the seller other than good title by Warranty Deed & Title Insurance. Inspections should be conducted before the auction as sale is not contingent on repairs. If you bid, you are agreeing that you are satisfied with Property in its current condition at the price you bid.
2. Financing: Property sells with no contingencies for financing, and no financing is offered by the seller. Financing should be arranged before bidding. If you bid then cannot pay the balance at closing, you will lose your down payment/earnest money.
3. Corners of Property may or may not be marked. If marked, it is for your convenience only. Bidders are responsible for verifying accuracy to their own satisfaction.
Survey: Property sells by legal description on current deed and Drew County courthouse records. If new survey is desired or required by Buyer, new survey will be at Buyer's expense.
Title: Seller will guarantee good title at closing by providing Owner's Title Insurance and a Warranty Deed free of all liens and encumbrances but subject to any easements of record.
Closing will be in approximately 30-45 days from auction.
Buyer pays 1/2 closing fee, 1/2 Revenue Stamps, deed recording fee and any other expenses generated by Buyer, including, but not limited to, Loan Policy of Title Insurance, hazard insurance premiums, survey, fees of Buyer's attorney and any other fees associated with Buyer's loan, if any.
Seller pays 1/2 closing fee, 1/2 Revenue Stamps, Owner's Policy of Title Insurance, deed preparation.
Property taxes will be prorated as of the date of closing.
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