Terms and Conditions: By registering to bid, you acknowledge agreement and acceptance of all auction terms and conditions. Bidder requirements: In order to bid, you must be registered with name, address, valid credit card information, valid phone number, and valid email address. Summary of Real Estate Auction Terms: Property sells with clear title, free of all liens and encumberances, "as is", by legal description, with no warranties or contingencies. Seller to provide Warranty Deed and title insurance. Property will sell at or, for the highest bid above the $120,000 minimum bid. 7% buyer premium. $5000 down as earnest money on day of auction, balance due at closing in 30 days. Announcements made auction day take precedence over any previous oral or printed announcements. Detailed Real Estate Auction Terms: $120,000 minimum bid. Property will sell at or, for the highest bid above $120,000 Buyer Premium: A 7% buyer premium will be added to the final bid price to determine the contract price. Ex: $120,000 bid price + (7%) $8400 = $128,400 contract price Purchase Agreement/Contract: At the conclusion of the auction, the successful bidder will sign a purchase agreement in the amount of their bid plus the 7% buyer premium. When accepted and signed by the seller, this agreement becomes the purchase contract. Down Payment/Earnest Money: With purchase agreement, Bidder will submit $5000 to be deposited and escrowed in Orrell Auctions & Real Estate PLLC's Trust Account. Down payment will be credited to buyer at closing. Balance of purchase price required in approximately 30 -45 days at closing. If you cannot close you will forfeit your down payment. Acceptable Currency for down payment: Cashier's check, wire transfer, direct deposit or good personal or company check preapproved by auctioneer or accompanied by bank letter guaranteeing payment. Warranties & Contingencies: 1. Property sells "as is" with no warranties from the seller other than good title. Inspections should be conducted before the auction. If you bid, you are agreeing that you are satisfied with the Property in its current condition at the price you bid. 2. Financing: Property sells with no contingencies for financing, and no financing is offered by the seller. Financing should be arranged before bidding. If you cannot pay the balance at closing, you will lose your down payment/earnest money. Survey: Not usually required in city subdivision. Survey is optional, at buyers expense Title: Seller will guarantee good title at closing by providing Owner's Title Insurance and a Warranty Deed free of all liens and encumbrances but subject to any easements of record. Closing will be in approximately 30 - 45 days from auction. Closing costs: Seller pays 1/2 closing fee, 1/2 Revenue Stamps, Owner's Policy of Title Insurance, deed preparation. Buyer pays 1/2 closing fee, 1/2 Revenue Stamps, deed recording fee and any other expenses generated by Buyer, including, but not limited to, Loan Policy of Title Insurance, hazard insurance premiums, survey, Buyer's attorney fees, and any other fees associated with Buyer's loan, if any. Property taxes will be prorated as of the date of closing.