Terms & Conditions - Unreserved Real Estate Auction
The following terms and conditions form an integral part of the Terms of Bidding and Sale. Should these terms disagree with the Terms of Bidding and Sale stated on the reverse of the Bidder's Registration Agreement and on the inside cover of the Listing Catalog, these terms shall supercede those stated terms and will apply to all sales of Real Property and to sales of Real Property alone.
- UNRESERVED AUCTION. The Property shall be sold to the highest bidder regardless of price at unreserved public auction. The sale shall not be subject to any minimum bid or reserve price.
- AGREEMENT OF PURCHASE AND SALE. The Buyer shall execute an Agreement of Purchase and Sale, in the form provided by the Auctioneer, without modification, immediately after being declared the high bidder.
- ADMINISTRATION FEE: A 2% administration fee will be added to the sale of every item purchased and included on the Agreement of Purchase and Sale.
- DEPOSIT. The Buyer shall submit one of the following:
- A NON-REFUNDABLE Deposit of $5,000 made out to the Escrow Agent.
- A NON-REFUNDABLE Deposit of $1,000 payable to the Escrow Agent with a Commitment Letter from a pre-approved lender stating that the Buyer is able to Close 30-45 days after the auction.
- The balance of the Purchase Price shall be paid at or before Closing.
- CLOSING. Completion and closing of all real estate transactions will be handled by a qualified Escrow Agent appointed by the Seller and the Auctioneer. Closing will take place on the date that is 30 days after the date of the auction, or such other date as may be mutually agreed by the parties.
- ESCROW AGENT. All deposit, earnest and purchase monies in respect of the Property shall be paid to and deposited with the appointed Escrow Agent, Closing Professionals, LLC.
- POSSESSION. Buyer will receive vacant possession on the date of Closing.
- CASH SALE. This is a cash sale and is not contingent on Buyer's ability to obtain financing.
- AS-IS SALE. The Buyer shall accept the Property in an as-is condition as of the closing date and the Buyer specifically agrees that neither the *Seller nor the Auctioneer makes any representations or warranties of any kind whatsoever, expressed or implied, to the Buyer as to the condition or fitness of the Property, environmental or otherwise, or any improvements thereon. All descriptions, measurements and acreage provided by the Seller and the Auctioneer are to be used as a guide only. The Buyer shall have satisfied himself as to the location and condition of the Property, and all descriptions with respect thereto, prior to bidding.
- AGENT OF SELLER. The Auctioneer is acting as an agent of the Seller only, and not as an agent of the Buyer or a dual agent.
- TAXES. Applicable Federal or State taxes must be paid by the Buyer in addition to the purchase price.
- PERSONAL PROPERTY. No personal property shall be conveyed with the Property unless specifically included in the Purchase Agreement.
* Special Note: All properties in the auction built by MW Johnson Construction Inc. (MWJ) are sold with the applicable State Warranties which are backed by MWJ and the Residential Warranty Corporation (RWC). Each MWJ home comes complete with the RWC Insurance Policy that provides a 1 year limited warranty for defects in labor and material, a limited 2 year mechanical warranty, and a 10 year structural warranty. MWJ will perform normal service and warranty as outlined in the purchase agreement. Please see an MWJ representative for complete details. The RWC manual is also posted on the main page for each MWJ entry under “Documents - New Home Warranty”
