REAL ESTATE TERMS
ONLINE ONLY BIDDING
PLEASE READ AND REVIEW THE REAL ESTATE TERMS THOROUGHLY
PRIOR TO BIDDING ON ANY PROPERTY
IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS
PLEASE DO NOT BID
BY BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY
UNDER THE FOLLOWING TERMS AND CONDITIONS:
UPON CONCLUSION OF THE AUCTION: The Winning Bidder will be emailed a Real Estate Contract to print and required to fully and correctly complete and properly sign without any modifications and return the completed, signed contract to Schneider’s Auction Service by email, fax, certified mail or delivered in person by 12:00 noon of the day following the auction. Along with the completed, signed contract, the Winning Bidder will be required to send the specified non-refundable earnest money deposit as stated in the property description. This non-refundable earnest money deposit will be held in escrow until closing and that amount will then be credited to the Buyer as part of the purchase price of the property. Wire transfer instructions and escrow agreement forms will be provided to the Buyer along with the contract after the auction. Purchaser shall be responsible for all wire transfer fees.
Successful bidder not executing and returning the completed contract and earnest money deposit by 12:00 PM the day after the auction will be considered in default. Time is of the essence with regard to this contract. Such default by the Successful Bidder will result in that Bidder’s liability to both the Seller and Schneider’s Auction Service. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the property either publicly or privately with Schneider’s Auction Service and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Schneider’s Auction Service. In addition, Schneider’s Auction Service also reserves the right to recover any damages separately from the breach of the Buyer.
Both the Successful Bidder and Seller shall indemnify Schneider’s Auction Service for and hold harmless Schneider’s Auction Service from any costs, losses, liabilities, or expenses, including attorney fees resulting from Schneider’s Auction Service being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
REAL ESTATE TERMS:
• BUYER’S PREMIUM: A 10% Buyer’s Premium will be added to the winning bid to determine the total purchase price of the property.
• DATE OF CLOSING: The closing will take place within 45 days from the date of the auction and as specified in the Contract for Sale of Real Estate. All taxes will be prorated to the day of closing. In the event the buyer does not close by the contracted closing date, the buyer shall pay $50 per day additional expense as damages to the seller.
• NO CONTINGENCIES: This Real Estate contract is NOT contingent on or subject to Buyers financing, appraisal, survey or inspections of any kind or any other contingencies as agreed to by bidders at registration prior to bidding.
• TITLE: A FREE and CLEAR TITLE shall be given by General Warranty Deed, (UNLESS OTHERWISE NOTED IN THE PURCHASE CONTRACT) free and clear of all encumbrances except those stated in the purchase agreement. (Title opinion to be paid by the Buyer.) In the event a free and clear title cannot be delivered, Buyer shall be released from the contract and all moneys refunded and no obligation shall remain under this contract for Buyer or Seller.
• ZONING AND EASEMENTS: Property is being sold subject to any and all easements of record. Property is subject to all state and local zoning ordinances.
• AERIAL PHOTOS, Images and Drawings: are for illustration purposes only and not surveyed boundary lines unless specified.
• AGENCY: Schneider’s Auction Service is the Agent and Representative of the Seller.
• CONDITION OF PROPERTY: Property is sold 'AS IS, WHERE IS' condition. Schneider’s Auction Service, the Sellers nor their representatives, agents, or employees make express or implied warranties or representations of any kind. Each potential bidder is responsible for
conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property prior to bidding on the subject property. All information presented in the brochure, website, and all other mediums is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors, or omissions is assumed by the Seller, Schneider’s Auction Service or their Agents or Representatives. Buyer and or
Bidder agrees to hold harmless and indemnify Schneider’s Auction Service and their Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
• DISCLAIMER: All information included herein was derived from sources believed to be correct, but is not guaranteed. NEW DATA, CORRECTIONS, and CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
• DISPUTES: Any dispute between Schneider’s Auction Service or the Sellers or their Agents or Representatives and the Buyer(s) will be (a) arbitrated in Campbell County, KY or (b) tried in a court of jurisdiction in Campbell County, Kentucky at the discretion of both the Seller and Schneider’s Auction Service
BIDDING AND REGISTRATION INFORMATION
BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification is questionable, Schneider’s Auction Service has the right to reject the registration, and bidding activity will be terminated. The Seller and Schneider’s Auction Service reserve the right to preclude any person from bidding if there is any question as to the person's credentials, mental fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Schneider’s Auction Service or in their sole opinion detrimental to Bidding Activity, then Schneider’s Auction Service reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
MAXIMUM BID: When you bid your maximum bid, the current bid price does not automatically advance to your maximum bid. Another bidder has to bid to increase the current price and the computer will automatically bid up to your maximum in the increments specified.
AUCTION END TIMES: Schneider’s Auction Service online only auctions are timed events and all bidding will close at specified time. However, our auctions also have what is called an 'Auto Extend' feature. Any bid placed within the final 10 minutes of an auction results in the auction automatically extending 10 additional minutes. The bidding will extend in 10 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 10 minutes. Therefore, the auction will not close until all bidding parties are satisfied and no one can be outbid at the last seconds without having another opportunity to bid again.
TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Schneider’s Auction Service reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Schneider’s Auction Service shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the direction and discretion of Schneider’s Auction Service. Schneider’s Auction Service reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of Schneider’s Auction Service are final.
YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND SCHNEIDER’S AUCTION SERVICE AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.