Terms & Conditions
Multi Property Auction March
2006 Bidder # __________
1. Agency: Purchase acknowledges receiving an
explanation of the types of agency relationships and received an Agency Disclosure
Brochure. The Auctioneer/Broker (Burns
& Associates, Inc.) represents the Seller in this transaction.
2. Registration: All bidders must register with the Auctioneer
and obtain a bidder number.
3. Warranty:
All property sells in “As is, Where is” condition without guarantee or warranty
as to the fitness or suitability for use. While
mortgage rates are favorable to qualified purchasers, this is a cash
transaction and financing is not a contingency of the sale.
4. Possession: Purchaser shall take possession of the
property at closing upon title transfer.
5. Contract
Example:
Bid Price $1000.00
Buyer’s Premium $100.00
Contract Sales Price $1100.00
6. Immediately
following the bidding, the high bidder will execute the Contract of Sale and
deposit with the auction company an amount equal to ten percent (10%) of the
contract sales price to be held in escrow and applied toward the purchase
price. The balance of the sales price
will be due at closing on or before April 28, 2006 or upon the deliver of the
deed which ever is sooner. The Seller reserves the right to extend the closing
date an additional 30 days, if necessary.
7. Closing cost including, but not
limited to, attorney fees, deed stamps and deed preparation, to be paid by the
Purchaser.
8. Taxes:
The property taxes shall be based on current year taxes, prorated through the
day of closing and credited to the Purchaser.
9. All
information published, announced or contained herein was derived from sources
believed to be correct; however, it is not guaranteed by the Seller or
Auctioneers. Personal on-site inspection by the Purchaser is recommended. The
failure of any bidder to inspect, or to be fully informed as to the condition
of the property, will not constitute grounds for any claim or demand for
adjustment or withdrawal of bid offer or deposit money after the Bidder(s)
opening tender. Any and all announcements made from the auction block take
precedence over all other verbal, printed, announced and distributed material.
10. By
registering and bidding, the bidder acknowledges that he/she understands and
agrees to the terms of the auction. The bidder also agrees to sign a contract
of sale agreement, deposit the escrow funds, and close the transaction if
he/she is determined to be the highest bidder.
Some properties may be offered in individual tracts, combinations of
tracts and as a whole. In the event of a
tie bid the Auctioneer’s decision is final.
11. In the event the purchase offer is
accepted and the buyer fails to comply with the terms of the Contract of Sale,
then the earnest money will be forfeited, but such forfeiture shall not affect
any other remedies available to Seller for such failure to close the
transaction.
12. Seller
and Purchaser authorize their respective attorneys and the settlement agent to furnish
copies of the HUD-1 settlement statement for the transaction to the Listing
Broker and Seller Broker.
___________________________ _______________ ___________________________
Purchaser Date Witness