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 14-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 any time 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. 3% Buyer’s Premium: A 3% 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 Tuesday, May 14th while the Auction is closing at 5:00 p.m. Call for Details 989.823.2550 and ask for Drew.
5. Earnest Money Deposits: After the offer is accepted by the Seller, the successful bidder must deposit within 24 hours the earnest money deposit in the form of personal or business check, cashier’s check or certified check in the following amount: 10% deposit of high bid. 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 United Title Agency of Bad Axe, 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. 30 days following the auction or as soon thereafter as applicable closing documents have been completed.
7. Possession: Possession at closing. Buyer can work the ground prior to 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 FSA aerial maps and current legal description.
11. Survey: If a survey is performed by the Buyer and acreage amounts change, it will not affect the sale price. The land is being sold by the parcel, not by the acre.
12. Division Rights - Mineral Rights: All division rights (splits) will transfer to the buyer. All mineral rights owned will transfer to the buyer.
13. Property Taxes: Property taxes will be current and prorated to date of closing per local custom. The land is not in PA116. Any special assessments would be assumed by buyer.
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, LLC 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, LLC 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.
