1) Registrations and Deposits
Although there is no obligation to bid, all perspective buyers must register in order to bid at the Auction. You must provide a cashier’s or certified check in the amount stated in the terms and conditions as posted/advertised for each property. A personal check may be accepted at the discretion of the Auctioneer for the aforesaid amount. If you are the successful bidder, you will endorse the funds to Keller Williams Greater Cleveland to deposit in a non-interest bearing trust/escrow account. These funds will be returned at the successful closing at said property which shall occur within the time specified in the terms and conditions as posted/advertised. If purchaser fails to close as for the sale contract, any deposit is forfeited.
2) Auction Type:
Properties may be offered through any of the following Auction methods:
A)Absolute Bid-The property will be sold to the highest bidder regardless of price.
B)Minimum Bid-The property will be sold to the highest bidder at or above the published price.
C)Reserve bid-The property to be sold to the highest bidder at or above the unpublished price.
D)Sealed bid- A confidential bid to be opened at a predetermined place and time.
The auctioneer reserves the right to withdraw any property from the auction, up to the start of the auction without penalty, including Absolutes. At any time, the Seller may turn property into absolute auction.
3)Conditions of the Auction:
The Auctioneer’s decision is final win the event of dispute over any Auction matter.
The Auctioneer reserves the right to accept bids in any increments he/she feels are in the best interest of the clients and reserve the right to waive any previously printed or announced requirements. All Auction day announcements by the Auctioneer supersede any printed material or any other Auction statements made previously. The Auctioneer reserves the right to bid on behalf of any buyer. The auctioneer reserves the right to withdraw any property including absolute sales from auction, without penalty. Auctioneer may elect to cancel the auction without penalty if the auctioneer believes the outcome will not be in the sellers best interest. If seller is not present, the auctioneer may elect to start or cancel the auction without penalty. The auctioneer shall be held harmless by buyer and seller should the property failed to a successful settlement for any reason. The seller, and agents shall not be held liable for any errors or omissions regarding auction property. Buyer assumes responsibility to check with the appropriate authority/Authorities regarding the properties zoning and current and or future intended use as well is any restrictions or covenants affecting the property. Bidders have the rights and should examine the applicable County Master plan and any municipal land use plans and maps for the area in which the property is located prior to bidding. The seller, auctioneer and agents assume no responsibility for the information contained in said plans and assumes no liability for failure by buyer to review the plans. The contract will not be contingent upon bidders review of such plans. Auctioneer complies with all federal, state and local laws regarding the buying and selling property.
4) Buyers choice:
Properties with multiple addresses at the same auction may be sold by the buyers choice method. The winning bidder in each auction round will have his or her choice of any properties that remain unsold.
5.) Multiple Parcel Sale
A starting bid will be established on each parcel on the given order to establish a base price. The bidding will then continue on any parcel, combination of parcels, or as a whole in any given order of the bidder choice. Only the auctioneer will be determine when the bidding has concluded and the property(s) are sold.
6) Buyer’s Premium
A Ten Percent (10%) fee will be added to the final bid to established the final Sale Contract Price. It is clearly understood by the buyer, that the auctioneer represents the seller and that this buyers premium in no way implies an agency relationship between auctioneer and buyer.
7) Mortgage Financing:
Financing is not a condition of the Purchase Contract. It is recommended that bidder does his/ her due diligence in regards to being able to perform within the allotted closing period.
8) Property Inspection
Bidder acknowledges that he/she has inspected the Property and will be purchasing property “As is-Where Is.”
9) Leased Properties:
All leased properties will be sold subject to existing leases and subject to tenants’ rights under state and local statutes.
10) Warranties:
no expressed or implied warranties on the property or properties and they are sold “As is -Where is”
11) Forms:
Bidder knowledges that he/she has reviewed the appropriate forms prior to bidding, if applicable, as may be required by the State in which the auction is being held: A) “Disclosure of Agency Relationship”, B) a copy of the “Residential Property Disclosure” form, C) if a pre-1978 residential property, the “Disclosure of Information and Acknowledgment/Lead-based paint and or lead based paint hazards” as required under Title X and the purchase contract that contains no contingencies. If the successful bidder, the bidder agrees to execute the necessary forms.
