AUCTION TERMS AND CONDITIONS
Real Estate Auction Thursday, November 5, 2015 3:00 PM
Absolute Real Estate Auction
CONDITIONS OF AUCTION: You must be registered to bid. A $5,000.00 non-refundable Earnest Money deposit will be required from the winning bidder at the conclusion of the auction. Deposits by live Bidders must be in the form of cashiers check, or pre-approved personal or business check.
BUYER’S PREMIUM: A 5% Buyer’s Premium will be added to your final bid to determine the Final Contract Price.
CLOSING: Closing to be within 30 days from date of Auction. Sales at Auction will not be contingent on the Purchaser obtaining financing or upon any other event as specifically set forth in these Terms and Conditions. Both Seller and Auction Company must approve any Closing extension.
PROVIDED INFORMATION: Acreage and square footage is approximate and not guaranteed. Property and tax parcel information detailed in this Bidder's Prospectus has been obtained from the County Assessor’s office and local Title Company. Information is believed to be reliable but must be verified by you the buyer.
REMOTE BIDDING: Phone and Internet Bidders are welcome, but must be pre-registered with the required Earnest Money deposit made by bank wire transfer received by the day prior to the Auction. Bidder Earnest Money deposits will be held in escrow, either with the Auction Company, Broker or local Title Company. Contact Auction Company at 208-699-7474 for bidder deposit instructions by bank wire transfer.
BROKER PARTICIPATION: Buyers may contact their real estate broker to represent them on the purchase of this property. Broker participation is welcome and encouraged. Licensed Idaho Brokers must register along with bidder prior to the Auction to receive any commissions.
RESTRICTIONS: The property is subject to all City, County and State laws, ordinances and regulations and any easements, encumbrances, and restrictions applicable to the property. Seller is placing no restrictions on the property. Equal housing opportunity.
AUCTION CONTRACT PURCHASE AND SALE AGREEMENT: Live Bidders must sign a Real Estate Auction Contract at the close of the Auction. Buyer who bid in person at the Auction must also enter into a Purchase and Sale Agreement with Seller on the applicable property at the close of the Auction. Internet and Telephone Bidders must enter into a Purchase and Sale Agreement with Seller on the applicable property within 24 hours of the close of the Auction. The form of Purchase and Sale Agreement is available for review from Auction Company or by Seller's broker prior to the Auction.
REAL ESTATE BROKERAGE SERVICES DISCLOSURE: Realty Auction Services, LLC, is the Auction Company in this transaction and is representing the Seller. Auctioneer / Idaho Realtor, Randy A. Wells, Realty Auction Services / Idaho Country Properties is working in association with Idaho County Properties, Rob McHone broker.
SPECIAL NOTES: All announcements by Auctioneer take precedence over any and all printed advertising or materials. All property is being sold “As-Is, Where-Is” with no warranty, written or implied, by Realty Auction Services, LLC or Seller.
SPECIAL INSTRUCTIONS: Any special instructions must be written on the Purchase and Sale Agreement at the time it is mutually executed, and, for Buyers at the Live Auction, on the Contract on day of Auction.
CLOSING COSTS: Closing costs will be split equally by Buyer and Seller, except standard title insurance, which will be paid by Seller. Buyer shall pay for any expenses of Buyer's lender.
CLOSING LOCATION: Idaho County Title Company 319 West Main Grangeville, Idaho 83530 208 983 2662
TITLE INSURANCE: Standard title insurance will be paid by the Seller. If Buyer desires an extended policy (if available), Buyer will pay the premium in excess of the standard policy premium.
TAXES: Taxes will be prorated to the day of closing.
LIQUIDATED DAMAGES: If Buyer does not close, for any reason, by the Closing deadline stated time herein, and no extension has been granted by Seller, Buyer will forfeit all of his/her Earnest Money deposit as liquidated damages. In that case, the party holding the deposit in escrow shall disburse the deposit as stated in this Prospectus, which is agreed to by Buyer by executing the Bidder Registration Form, and Buyer will have no claims to such money or property being sold. Liquidated damages are to cover actual costs of the Auction, including without limitation, costs incurred by Seller, labor costs, and additional costs of Auction whether or not defined in this Prospectus. These liquidated damages do not restrict Seller from suing Buyer for performance damages and/or any additional damages the Seller suffers by the default of the Buyer.
BACK UP BIDS: If you are not the successful bidder on a property at Auction and wish to make a back up bid in case of default by the high bidder, please see the onsite agent at the Auction to fill out a back up bidder contract.
ESCROW: All monies collected for Earnest Monday will be placed in an escrow account. Buyer shall deposit the additional funds required for Closing to the escrow account of the Closing agent as listed in the Purchase and Sale Agreement in sufficient time for Closing to occur within the time period specified.
POSSESSION: Purchaser shall receive possession on day of closing, unless specified otherwise on the Purchase and Sale Agreement.
BIDDER’S DUTY TO INSPECT: All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the Seller, the Auctioneers or any other person or entity. Personal on-site inspection of all property by potential bidders is strongly recommended. All sales are subject to the terms and conditions contained herein. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after bidder's opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, right-of-ways, CC&R’s, Homeowners Association information, or any other information that can be obtained as public record in the applicable county courthouse or any municipal office concerning subject properties. Any and all announcements made from the Auction podium take precedence over all other verbal, printed, announced and/or distributed information. Please note that you are bidding to purchase the property “As-Is, Where-Is with no guarantee or warranty.
Realty Auction Services is an agent of the Seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the Seller).
For additional Auction or Real Estate information contact:
Randy A. Wells, 208-699-7474
Realty Auction Services, LLC
P O Box 430
Athol, Idaho 83801
Real Estate Co Listing agents:
Idaho Country Properties
114 N. Main Street
Kooskia, Idaho 83538
Keller Williams Realty Boise
Property subject to prior sale
Located just off the Hammer Creek recreation area. Watch for auction direction signs