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ONLINE REAL ESTATE AUCTION TERMS & CONDITIONS @ www.BidNow.us:
1. Online Bidding – All bidding will be done Online and is open to the public @ www.BidNow.us. Anyone can watch the bidding throughout the 7-day auction period. Bidders will be required to register for a bidder number unless they are already a current online registered bidder @ www.BidNow.us. Albrecht Auction reserves the right to call a bidder at anytime during the auction to question the person’s credentials. Albrecht Auction reserves the right to reject a bid/bidder if believed to be in the best interest of the Seller.
2. 5% Buyer’s Premium: A 5% buyer’s premium will be added to the final bid price and become part of the purchase price.
3. Acceptance of Bid: The Seller has the right to a 24 hr. confirmation period to accept the offer following the auction. The high bidder will be called following the auction to determine a time to meet to sign the purchase agreement.
4. Phone Bidding: This is an Online Auction but buyers can place bids over the phone w/ Albrecht Auction if they have made prior arrangements. You can also make arrangements to bid on our computers at the Office in Vassar on Wednesday, September 25th while the Auction is closing at 5:00 p.m. Call for Details 989.823.8835 and ask for Dave.
5. Earnest Money Deposits: The successful bidder must deposit with the auctioneers the day following the auction earnest money deposits in the form of personal or business checks, cashier’s checks or certified checks in the following amounts: 10% deposit of high bid. Checks would be made out to the title company at closing. The deposits will apply to the purchase price at closing. Your bidding is “NOT” subject to obtaining financing. Deposits are non-refundable, so make sure your financing is arranged or you are capable of paying cash at closing.
6. Closing: The closing will be handled by Community First Title, Caro, MI. The successful bidder will be required to sign the purchase agreement immediately upon acceptance of offer. The earnest money deposit will be held by the title company. Closing to be approx. 45 days following the auction or as soon thereafter as applicable closing documents have been completed.
7. Possession: Possession will be at closing but Buyer can hunt the property before closing.
8. Title: Seller shall provide an Owner’s Policy of Title Insurance to the purchaser.
9. Terms: Cash or Conventional Mortgage at closing.
10. Acreage: All acreages, dimensions and proposed boundaries are based on a survey as well as aerial maps and current legal description.
11. Survey: There is a current survey available. The land is being sold by the parcel, not by the acre.
12. Division Rights & Mineral Rights: All division rights (splits) and mineral rights owned will transfer to the buyer.
13. Property Taxes: Property taxes will be prorated to day of closing per local custom.
14. Transfer Taxes: State and County Transfer Taxes will be paid by the Seller.
15. Easements: Sale of property is subject to any and all easements of record.
16. Agency: Albrecht Auction Service, L.L.C. and its representatives are Exclusive Agents of the Seller.
17. Announcements: Announcements made on the website will take precedence over printed and/or verbal statements. Information in the flyer and other printed materials has been obtained from sources deemed reliable but the seller and/or Albrecht Auction Service, L.L.C. makes no guarantees as to its accuracy. The real estate is being sold in the ‘As-Is, Where-Is’ condition with no expressed or implied warranty of any kind. The seller, broker and auction company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auction company are final. If there would be a malfunction with the server which hosts the online auction, Albrecht Auction reserves the right to extend the auction until the problem is corrected.
18. It is illegal to discriminate against any person because of religion, handicap, race, sex, family status or national origin.
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