Commercial Real Estate - Bank Ordered Auction

Real Estate

Live Auction Terms and Conditions

REGISTRATION: By registering and bidding, Bidder acknowledges that they have read and agrees to the terms and conditions of the auction. Bidder agrees to sign the contract of sale and other documents related to the transaction, pay the earnest money deposit, and close the transaction if they are determined to be the highest bidder.

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 45 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. Seller and Auctioneer will divide the earnest money deposit 50/50.  The Seller may, at their 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.

ABSENTEE BIDS:  Absentee bids are welcome.

FINAL BIDS:  All bids are irrevocable by the bidder. Seller may have 24 hours to accept and confirm the highest bid.

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, Inc.

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.