AUCTION TERMS AND CONDITIONS:
AUCTION METHOD: If a property contains multiple tracts they will be offered individually, in combinations and as a whole. The property will be sold in the manner resulting in the highest total sales price.
REGISTRATION: Onsite bidder registration will begin one hour before the auction. Phone bidders must be
registered directly through our office 48 hours prior to auction day. All bidders must provide a valid driver's license and current address. 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 5% non-refundable down payment of the total purchase price immediately following the close of bidding. Cash, cashier's check or personal/business check will be accepted from onsite bidders. Bank wire will be required from phone bidders.
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 immediately following the close of bidding. Winning phone bidders will be sent the real estate sale contract to sign via DocuSign/email. All final bid prices are subject to Seller approval, unless announced otherwise.
CLOSING: Buyer(s) shall close within 45 days of the auction date. Possession will be delivered at closing subject to any remaining rights of the current tenant(s), if applicable.
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).
SURVEY Seller shall provide a survey for any tract where there is no existing legal description. Any need for a new survey shall be determined solely by the Seller. The type of survey performed shall be at the seller's option and sufficient for providing a legal description for title insurance. Purchase prices shall be adjusted to reflect any differences between advertised and surveyed acres.
REAL ESTATE TAXES & ASSESSMENTS: 2017 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.