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% down payment of the total purchase price at the auction site immediately following the close of bidding.  Cash, cashier’s check or personal or business check will be accepted for the down payment

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 subject to any remaining rights of the current tenant(s).

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 general warranty deed conveying the real estate to the buyer(s).

REAL ESTATE TAXES & ASSESSMENTS:

2011 taxes are to be prorated as of the closing date.

EASEMENTS AND LEASES:

Sale of said property is subject to any and all easements of record and any and all leases.

AGENCY:

Cates Auction & Realty Co., Inc. and its representatives are Exclusive 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.

ONLINE PRE-BIDDING OPTION

For Live On-Site Real Estate Auctions

(All standard published Terms & Conditions for the auction apply)

Pre-bidding allows interested buyers another avenue for bidding on a property. Pre-bidding is available via the internet and requires advance registration. The pre-bidding period closes 24 hours prior to the start of the live auction and the highest online pre-bidder will be represented in the auction by a licensed Cates auctioneer. Note that a pre-bid is different than a pre-auction offer. For questions on pre-bidding or making an advance offer to buy the property, please call the Cates office at 816-781-1134.

REGISTRATION FOR ONLINE PRE-BIDDING:  Proper and complete online registration is required to pre-bid online. All bidders must provide name, address, phone number, and email address to register. A credit card (MC or Visa) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is NOT a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms & Conditions. During online registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.

NOTE: Read all terms & conditions for the auction prior to registering or bidding. Completing registration is an acceptance of and agreement to these terms, including contractual and financial obligations, should you be the winning bidder. 

ONLINE PRE-BIDDING PROCESS:  To place a pre-bid, properly registered bidders enter their “maximum” bid and click the “Place Bid” button. Each time that bidder is outbid by someone else during the pre-bidding period the system will automatically bid on their behalf at the established bid increments up to their personal maximum. The system will not advance a bidder’s bid against himself. Online pre-bidding will close 24 hours before the published start time of the live onsite auction. The highest online pre-bid will be the opening bid at the live onsite auction. This bidder will receive an email notification of his or her status moving into the live auction. (The highest online pre-bidder will be represented by in the live auction by a Cates staff member as described below. Unsuccessful online bidders may participate in the live auction but must register and receive a bidder number onsite.)

FINAL BIDDING LIVE, ONSITE:  Onsite bidding uses with the highest online pre-bid as the starting bid for the live auction. If that bid is not advanced by an onsite bidder, the highest online bid will be declared the winner. Conversely, if a bid exceeding the highest online pre-bid is placed by an onsite bidder, an authorized Cates representative will bid on behalf of the online bidder until such bidder has the final high bid or until such bidder’s maximum bid (entered at online registration) has been exceeded by an onsite bidder. All bids will be advanced according to the auctioneer’s required increments and no bidder will be allowed to bid against himself.

CONTRACT SIGNING and PAYMENT OF DEPOSIT:  Following the auction, the online bidder will be notified of the outcome. All documents requiring signatures, including the filled out Real Estate Sale Contract will be sent via email. The signed documents must be delivered to the Cates Auction & Realty Co., Inc. by the close of the business day following the auction (Auction office: 1440 Iron Street, North Kansas City, MO 64116). The required deposit, as described in the auction terms and stipulated in the Sale Contract, must be paid in certified funds or by wire transfer by the same deadline. A winning bidder whose documents and deposit are not received within the required timeframe is subject to liquidated damages equal to the amount of the down payment (all or part of which will be charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events.

All property-specific purchase documents are available prior to the auction and any professional reviews of such documents should be undertaken prior to bidding. All final bids are subject to Seller’s reserve, unless or until stated otherwise. If the high bid falls below the seller’s reserve the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.

I-35 to Antioch Rd., north to 67^th Terr., east to Montgall Ave., south to Montgall Cir., east to address or 152 Hwy to MO-1, south to 67^th St., east to Montgall Ave., south to Montgall Cir , east to address.