Real Estate & Personal Property Auction
Terms & Conditions:
Terms of the auctionREAL ESTATE AUCTION TERMS & CONDITIONS
PROCEDURE: The property will be offered in 10 individual tracts. There will be open bidding on the individual tracts, combinations of tracts, and all the properties collectively during the auction as determined by the auctioneer. Bids on individual tracts, tract combinations, and all the properties as a whole may compete.
This auction will be conducted using the Multi-parcel Auction Method. The definition of the “Multi-parcel Auction” means any auction of real or personal property in which multiple parcels or lots are offered for sale in various amalgamations, including as individual parcels or lots, combinations of parcels or lots, and all parcels or lots as a whole.
DOWN PAYMENT: A 10% down payment (or a minimum of $1,000) is required on the day of the auction for individual tracts or combinations of tracts. The down payment may be made in the form of cashier’s check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.
ACCEPTANCE OF BID PRICES: The successful bidder(s) will sign a Purchase Agreement at the conclusion of the auction. All final bid prices are subject to Seller’s acceptance or rejection.
EVIDENCE OF TITLE: The Seller will provide a preliminary title opinion, certificate, or report to be made available to prospective bidders for review prior to bidding. If any Buyer elects to purchase title insurance, the cost thereof will be at such Buyer’s sole expense. Seller will convey title free and clear of liens, but otherwise subject to all easements and matters of record. All tracts sold “AS IS”.
DEED: Appropriate deed will be delivered at closing.
CLOSING: Closing will take place 30-45 days after auction date, or as soon thereafter as Seller’s applicable closing documents are completed.
POSSESSION: Possession at closing subject to tenants’ rights. There are some leases in place. The properties will transfer with current tenants, if applicable. An updated list of any tenants will be available at closing. Vacating tenants are the responsibility of the new owners & subject to tenants’ legal rights. Furniture, trash, or any items left on the property are the responsibility of the Buyers.
REAL ESTATE TAXES: Real Estate Taxes for 2020 due and payable in 2021 will be prorated to the date of closing. The Buyer(s) will assume the real estate taxes for the calendar year 2021 due and payable in 2022 and thereafter.
TRACT MAPS; ACRES: Tract maps, depicted boundaries, and stated acres are approximates based on county parcel data, current legal descriptions, and/or aerial mapping software and are not provided survey products.
SURVEY: The Seller shall provide new surveys only where there is no existing legal description sufficient to convey the Property. The type of survey provided will be at the Seller’s option. If new surveys are required by law, the costs will be shared equally between Buyer and Seller.
EASEMENTS: Sale of the property is subject to any and all easements of record.
AGENCY: The Wendt Group, Inc. and Key Realty and their representatives are exclusively the agents of the Seller.
AUCTION CONDUCT: Conduct of the auction and increments of bidding are at the sole discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the Auctioneer are final.
DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company.
ANY ANNOUNCEMENTS MADE THE DAY OF THE AUCTION TAKE PRECEDENCE OVER PRINTED MATERIAL