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Real Estate Auction Bidder Registration
When bidding at this auction, the bidder agrees to abide by the terms & conditions stated here.
1. Seller reserves the right to accept or reject any offer at any time up to the time of the auction.
2. The minimum bid in total for the property is $1.9 million.
3. There is a 10% Buyer’s Premium applicable to to the sale of this property, and will be added to the Bid Price to determine the Contract Sales Price. For example, if you are the winning bidder for $500,000 on Parcel 2, the Buyer's Premium of $50,000 will be added and the Contract Sales Price would be $550,00.
4. Bidding will take place both online and live, in person at the property on Saturday, Oct. 11 at 10 AM.
5. This property is being sold in "as is, where is" condition with no contingencies other than those stated in the sales contract. Broker and Auctioneer make no representation as to the condition of the property.
6. The Parcels as shown and as we will sell them are not yet surveyed or recorded with the county tax office. The surveyor is on call ready to do the job, but we will wait until after the auction to see how the property sells to see which, if any, splits need to be surveyed and recorded. Therefore, settlement may not be able to take place for whatever length of time is required for the process of recording the necessary documentation.
7. A few of the parcels will have an easement in them if they sell separately from a neighboring parcel; see the lot details for each individual parcel.
8. The successful bidder(s) will:
a. Tender the required deposit of 5% of the Contract Sales Price of all parcels purchased in Certified Funds or Wire Transfer to the Broker Auctioneer within 48 hours of the end of bidding.
b. Execute the sales contract immediately on close of the auction if attending in person, or by email within 24 hours if bidding online.
c. Pay all closing costs allowed under state law including transfer taxes.
d. Settle within 70 days of the auction.
9. The Auctioneer’s decision is final in the event of a dispute over any auction matter.
10. All rights, privileges, and powers reserved or granted to Auctioneer in these Terms of Auction shall be deemed reserved and granted to Broker Auctioneer’s employees, representatives, and any sellers the Auctioneer represents.
11. Announcements made the day of auction may take precedence over these Terms of Auction or other printed material. Mark Van Hook, Auctioneer is licensed as an auctioneer by the Ohio Department of Agriculture. Mark Van Hook is a licensed real estate salesperson with Carleton Realty Inc.
In the event of any conflict between this document and the sales contract, the auction sales terms and conditions will prevail.
FIRPTA: Section 1445 of the United States Internal Revenue Code of 1986 provides that a buyer of residential real property located in the United States must withhold federal income taxes from the payment of the purchase price if (a) the purchase price exceeds Three Hundred Thousand Dollars ($300,000) and (b) the seller is a foreign person. Unless otherwise stated in an addendum attached hereto, if the Purchase Price is in excess of Three Hundred Thousand Dollars ($300,000) Seller represents that Seller is not a non resident alien, foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined by the Internal Revenue Code and applicable regulations) and agrees to execute an affidavit to this effect at the time of settlement.