Home with Pool at Live Auction
Auction Terms on Real Estate
The following terms are a summary. Buyers should review the Buy/Sell Agreement for a complete list of the Purchase Terms.
INSPECTION: Buyers shall rely entirely on their own information, judgment, and inspection of the property and records. Buyers can inspect prior to the auction. Inspection after the auction is not a contingency of your bidding so be sure you have inspected the property to your satisfaction prior to the auction. By bidding you acknowledge you have inspected the property and reviewed the terms.
CONDITIONS: All properties are sold “AS IS WHERE IS” with no warranties of any type expressed or implied as to the merchantability, usability, fitness for a particular purpose, or any matter whatsoever type or nature. Potential buyers are responsible for inspecting all properties before placing any bids. Any improvements which may need to be done will be the responsibility of the purchaser after ownership. All information advertised or stated was derived from sources believed to be correct but is not guaranteed. The Real Estate DOES NOT sell contingent upon financing, acceptable post-auction inspection, acceptable environmental reports, surveys, use requirements, other property sales and purchases, or any other matter whatsoever. The auction company retains the right to place bids on the behalf of any buyer, employee, principal, or seller. All property dimensions are only approximations. No new surveys or perk tests have been completed. Any surveys or perk tests desired will be the sole cost and responsibility of the buyer and are not a contingency of the sale. The property will be sold subject to any easements and building and use restrictions of record. The Real Estate will be sold free and clear of all liens of record, unless otherwise stated.
BUYER’S PREMIUM: 10% will be added to the bid to determine purchase price.
DEPOSIT FOR REAL ESTATE: A non-refundable deposit of $3000.00 is due on each parcel immediately at conclusion of sale and signing of the BUY/SELL agreement. Cash, cashiers check, personal or company checks are accepted for the deposit. This deposit is NOT refundable if you the buyer do not carry through with the purchase. Your bidding IS NOT conditional upon financing, so be sure you have arranged financing if needed and are capable of paying cash at the closing before you bid.
THE REMAINDER OF THE 10% DOWN PAYMENT IS DUE WITHIN 5 BUSINESS DAYS.
CLOSING: The balance of the purchase price will be due when all paperwork is ready for closing approximately 30 days after the auction. Possession will be given at the closing unless otherwise noted. Closing fees by the title company to be determined. .
TAXES: Property Taxes which are due on the property on or before the date of the auction will be paid by the Seller. All property taxes due after the date of the auction will be the responsibility of the Buyer.
DEED AND TITLE INSURANCE: Seller will provide at their cost, a deed to the property and an owners title insurance policy in the amount of the purchase price at closing.
BUYERS NOTE: If you are the successful bidder, you must sign all the purchase agreements and make your deposit on the property immediately at the conclusion of the auction. The ability to obtain financing is NOT a contingency of the sale. Properties will be sold subject to the acceptance or rejection of the high bid by the seller(s) within 72 hours of the conclusion of the auction unless specifically stated that it is selling with No Minimums or Reserves. The auction will be conducted at the sole discretion of the auctioneer and any bids may be recognized at their discretion. Any exceptions to the above terms will be noted in the Additional Announcements information for each property prior to the sale.
AUCTIONEERS NOTE: All information was derived from sources believed to be correct, but is not guaranteed. Buyers should rely solely on their own investigation of the property and records prior to bidding on the property. Announcements day of sale take precedence over any printed material. Subject to prior sale. Broker’s Protected.
Merritt Auction Service
Box 577 Greenville, MI 48838