Commercial Real Estate Auction

REAL ESTATE AUCTION

TERMS & CONDITIONS

BUYERS PREMIUM:  A 10% buyer's premium will be added to the high bid to determine the final contract price.  Seller pays deed stamps and deed preparation.  Buyer pays all other closing costs.  Taxes are prorated.  All sales are final with no contingencies.  Terms sale day govern.

DOWN PAYMENT:  10% of the final contract price will be due immediately after being declared the winning bidder.  Personal checks will be accepted.

SETTLEMENT:  The balance will be due within 30 days.  If the successful bidder fails to close within the time specified, Seller shall have the right to terminate the Purchase Contract and retain the down payment as liquidated damages in addition to other legal remedies, or at Seller's option, extend the closing past the designated Settlement date.  Buyer agrees to pay 1% of the purchase price per month if Buyer is given an extended closing.

DEED RESTRICTIONS:  Any existing restrictions and easements.

LEAD PAINT:  If this property was built before 1978, it has the potential for lead paint.  See enclosed document for details on lead paint.

ABSENTEE BIDS:  Absentee bids are welcome.

FINAL BIDS:  All bids are irrevocable by the bidder.

THE SUCCESSFUL BIDDER will be required to sign the approved real estate purchase agreement immediately upon conclusion of the auction and a deposit of 10% to be made payable the R. H. Lee & Co., Auctioneers.

FINANCING:  While mortgage rates are favorable to qualified purchasers, this sale is not contingent upon financing.

CONDITION OF PROPERTY:  This property is selling in "As Is" condition, with no warranties or guarantees expressed or implied.  The Seller will make no repairs, if needed.

SURVEY:  If a new survey is needed on this property, it may be done at the buyer's expense.  If this property is sold in connecting parcels, each adjacent buyer will split the cost of the new survey line(s).

AGENCY:  R. H. Lee & Co., Auctioneers represents the Seller in this transaction and is agent for the Seller only.

NOTE:  The information contained in this brochure is subject to inspection and verification by all parties relying on it.  No liability for accuracy, or errors and omissions are assumed by the Seller or their agents.  ALL SQUARE FOOTAGES, DIMENSIONS AND TAXES, IF ANY, ARE APPROXIMATE.  It is the responsibility of the buyer(s) to inspect and verify that this property is suitable for their intended use.  This listing may be withdrawn or modified without notice to anyone. Buyer may receive confirmation auction day but may not have a fully executed contract until all selling parties have signed.

From Columbia: Take I-20 East (toward Florence), Exit 92 (Hwy 601), Cross Hwy 601 onto Hwy 12, Property will be on the left.