TERM AND CONDITIONS
1. All bidders agree they have read and fully understand these terms and conditions and agree to be bound thereby. These terms are an addendum to information contained in the Purchase Agreement.
2. The ESCROW DEPOSIT IS NON_REFUNDABLE upon acceptance of the contract by the seller.
3. 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.)
4. 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.
5. It is the Buyer’s sole responsibility to: inspect the property and be satisfied as to its condition prior to bidding; review all property information and due diligence materials; independently verify any information they deem important including information available in public records; and inquire of public officials as the applicability of and compliance with land use laws, zoning, and any other local, state, or federal laws and regulations.
6. BUYER’S PREMIUM: A 10% Buyer’s Premium will be added to the winning bid price to determine the actual selling price. All bidders are asked to take this into consideration when bidding.
7. Buyer acknowledges that the Auction Company represents the seller and that payment of this premium does not constitute a relationship of duel agency.
8. If any disputes arise between or among bidders, the decision of the Auctioneer shell be final and absolute.
9. The Auctioneer reserves the right to bid on the property for absentee bidders or on his own behalf.
10. Closing Costs: The Buyer will incur the standard closing costs as would be the case through any purchase of real estate in Commonwealth of Kentucky or State of Ohio. Seller will pay for deed preparation and deed transfer stamps.
11. All proceeds due from the buyer at closing shall be in U.S. cash, certified check or cashier’s check , or confirmed wire transfer.
12. Buyer and Seller acknowledge the above stated terms and conditions shall be considered an addendum to the Purchase Agreement signed by the Buyer and Seller.
13. Auctions are either with or without reserve. Without reserve means the property sells regardless of price. With reserve means the seller has the right to reject the final bid.
14. A deposit as stated in the advertisement is required from the successful bidder following the sale of real estate. We accept good personal checks; they do not have to be certified, as well as all major credit cards.
15. At the conclusion of the real estate auction, the winning bidder will be required to sign a purchase agreement.
16. No conditions may be added to the agreement by the purchaser either at the auction or otherwise.
17. Information will be provided to Buyer’s attorney in order that a title inspection may be completed prior to closing.
18. Closing will take place on or before the date specified on the closing agreement.
19. In the even t the buyer does not close by the contracted closing date, the buyer shall pay $50 per day additional expense as damages to the seller.
20. In the event fails to close and pay his/her balance when due, seller reserves all rights allowed by law, including a suit for damages, specific performance or cancellation of the sale with the seller to retain the earnest money deposit. Any action taken after default shall be solely at the Seller’s option with all costs incurred by seller being paid by the Buyer.
21. Be advised that the information contained herin is to the best knowledge of the provider or was compiled from Public Information, and is provided to you without warranties or representations of any kind, and property is offered as is, where is, with all faults and that no warranties or representations are made in connection with the property whatsoever.
22. This property is being sold “AS IS, WHERE IS “without any warranties or guarantees. Any inspections to be done by the prospective purchaser must be done prior to the auction. Seller will make no repairs or improvements of any kind whatsoever.