AUCTION TERMS AND CONDITIONS

REGISTRATION: Registration will begin one hour before the auction. All bidders must provide name, address, phone number, social security number, and a valid driver’s license. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions.

DOWN PAYMENT: The successful bidder(s) shall be required to make a 10% non-refundable down payment of the total purchase price at the auction site immediately following the close of bidding.  A $25,000 cashier’s check shall be required to bid and presented at registration unless you have made other arrangements with the Auction Company.  The cashier’s check should be made payable to yourself and then shall be endorsed over to the escrow agent if you are a successful bidder. A personal or business check to bring the balance up to 10% will be accepted.

FINANCING: Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.

CONTRACT SIGNING: The successful bidder(s) shall execute a purchase agreement at the auction site immediately following the close of bidding. All final bid prices are subject to Seller approval, unless announced otherwise. 

CLOSING: Buyer(s) shall close within 30 days of the auction date. Possession will be delivered at closing.

EVIDENCE OF TITLE: Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a warranty deed conveying the real estate to the buyer(s).

REAL ESTATE TAXES, ASSESSMENTS, & EASEMENTS: 2011 taxes are to be prorated as of the closing date. Sale of said property is subject to any and all easements of record.

AGENCY: Cates Auction & Realty Co., Inc. and its representatives are Agents of the Seller.

BUYER’S PREMIUM: A buyer’s premium of ten percent (10%) shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s).

BROKER PARTICIPATION: A commission will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction.

DISCLAIMERS AND ABSENCE OF WARRANTIES

The information in the auction advertising was obtained from sources believed to be accurate, but 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 or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All announcements made by the Auctioneer during the auction take precedence over any previously printed material or any other oral statements made. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. Advertising may contain pictures of wildlife and other items that are for illustrative purposes only. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). The Property is available for and subject to sale prior to auction.