REAL ESTATE AUCTION TERMS
- Announcements & Authority
These terms supersede any prior oral or printed statements and will be attached to and become part of the contract.
2. Contract & Earnest Money
The winning bidder must sign a non-contingent purchase contract and pay the earnest money deposit within 24 hours of the auction’s end.
Earnest money: 10% of the contract purchase price by cashier’s check or bank wire.
3. Closing
The balance of the purchase price is due at closing within 30 days of auction end.
4. Buyer’s Premium
An 8% buyer’s premium will be added to the high bid to determine the final contract price.
Example:
$100,000 bid price + $8,000 buyer’s premium = $108,000 purchase price
5. Conveyance
The property will be sold by legal description and conveyed by warranty deed.
6. Possession
Purchaser will receive possession upon delivery of deed at closing.
7. Closing Costs & Title
Purchaser shall pay all closing costs and title insurance.
Seller will pay their legal fees and guarantees title to be free and clear.
8. Taxes
Ad valorem taxes will be prorated at closing.
9. Bidding Format - Auto-Extension
Bidding will remain open until no further bids are received according to the auction platform’s bidding procedures.
This auction utilizes an Auto-Extension (“Soft Close”) feature. If a bid is placed within the final five (5) minutes of the scheduled auction closing time, the bidding period will automatically extend by five (5) minutes from the time of the last bid. The auction will continue to extend in five-minute increments until no further bids are received during an extension period.
10. Subject to Existing Conditions
Property is sold subject to all easements, rights-of-way, utilities, mineral rights, leases, zoning, restrictions of record, wetlands, encroachments, and regulations of any governing authority.
11. Property Inspection & Condition
Bidders are responsible for inspecting the property and reviewing all documents before bidding.
Property is sold AS-IS, WHERE-IS, with no warranties expressed or implied.
Failure to inspect does not relieve the buyer of the obligation.
12. Unsafe Structure Notice
The improvements located on the property are believed to be unsafe and may be structurally unsound. The property may be condemned or otherwise unsuitable for occupancy.
Entry into the structure is discouraged. Any person who chooses to enter the structure or improvements does so entirely at their own risk.
By entering the property, bidders, inspectors, agents, and guests assume all risk of injury or damage and agree to hold harmless the Seller, Auctioneer, Matt O’Neill Real Estate, Paul Kelton, and their agents, employees, and affiliates from any claims, damages, or liabilities arising from entry onto the property or into any structures.
13. Financing Disclaimer
Purchaser acknowledges that the condition of the property may limit or prevent the availability of traditional financing, insurance coverage, or occupancy permits.
The purchase is not contingent upon financing, insurance, appraisal, inspections, or the condition of the property.
Purchaser is solely responsible for determining the suitability of the property prior to bidding.
14. Property Condition & Rehabilitation Responsibility
Purchaser acknowledges that the property may require substantial repair, rehabilitation, or demolition.
Any requirements imposed by municipalities, code enforcement authorities, zoning departments, architectural review boards, or other governing bodies shall be the sole responsibility of the purchaser after closing.
Seller and Auctioneer make no representations regarding the cost, feasibility, or approval of repairs, construction, demolition, or redevelopment of the property.
15. Architectural Review Board
Purchaser acknowledges that any future construction, rehabilitation, or improvements to the property may require approval from the applicable Architectural Review Board or similar governing body.
The sale of the property is not contingent upon obtaining such approval, and the purchaser assumes all responsibility for securing any required approvals after closing.
16. Information Disclaimer
All information is believed reliable but not guaranteed. Sellers and agents are not responsible for errors or omissions.
17. Seller Default
If seller cannot convey good title, earnest money will be returned and all obligations terminated.
18. Buyer Default
If buyer fails to perform, earnest money will be retained as liquidated damages and seller may pursue specific performance.
Earnest money shall be non-refundable except in the event of seller default.
19. Bidder Qualification
Auctioneer reserves the right to reject bids from anyone not complying with auction terms.
All bidders must register and be approved by the Auctioneer prior to bidding. Auctioneer may require prospective bidders to provide proof of funds or other financial verification acceptable to Auctioneer demonstrating the bidder’s ability to complete the purchase.
Auctioneer reserves the right to approve or deny bidder registrations, require additional documentation, or revoke bidding privileges at any time.
20. Seller Confirmation
Property is sold subject to seller approval.
21. Broker Participation
A cooperating broker commission of 2% of the winning bid price (excluding buyer’s premium) will be paid at closing from the buyer’s premium, subject to proper broker registration and compliance with auction requirements.
22. Agency Disclosure
Alexander P. Bourland represents the Seller only and has not represented the Buyer in this transaction. Auctioneer is partnering with Paul Kelton of Matt O’Neill Real Estate in the marketing of this property.
