Real Estate Auction Terms & Conditions
When bidding at this auction, the bidder agrees to abide by the terms & conditions stated here.
1. Auctioneer will receive bids from any registered bidder.
2. It is at the Auctioneers discretion to accept any bid over the prior bid.
3. This property is being sold in "as is, where is" condition with no contingencies, and with the remaining items in the property at time of closing. Broker and Auctioneer make no representation as to the condition of the property.
4. The successful bidder must:
a. Tender the required deposit to the Auctioneer.
b. Execute the sales contract.
c. Pay all closing costs allowed under state law including transfer taxes.
d. Settle within 45 days of the auction.
5. A 10% Buyer’s Premium will be added to the total bid price and included in the total contract price. This Buyer’s Premium does not imply an agency relationship between Auctioneer and the buyer.
6. Bidders may be identified by number rather than name in order to expedite the auction.
7. The Auctioneer’s decision is final in the event of a dispute over any auction matter.
8. 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.
9. 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, and bonded in favor of the State of Ohio. Mark Van Hook is a licensed real estate salesperson with Carleton Realty LLC.
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.