Online Auction Terms and Conditions of Sale
Address: 32 Circle Drive New Bremen, Ohio
Sale Date: Tuesday April 22nd. 2:00 P.M.
Buyers Premium: 10%
Closing Date: On or before May 30th. with possession at closing.
1. Bidders must do all of their due diligence (home inspections, appraisals, etc.) prior to the end of the online bidding. The Sales Contract (Memorandum of Auction Sale Agreement) will not contain any contingencies for these matters. This property is sold AS IS, WHERE IS, and is not subject to any financing. Please view the Sample Memorandum of Auction Sale Agreement in the documents section of the information page for any additional or auction-specific Terms.
2. The winning bidder must execute the Memorandum of Auction Sales Agreement within 24 hours of notification of bid acceptance. This will be via electronic signature. A non-refundable deposit of $ 5,000.00 shall be made payable to Gay Smith and Associates. This deposit shall be returned to the purchaser upon the successful closing of the property. If the seller fails to perform by the stated terms, this deposit shall be paid to the seller and the auction sale terminated furthermore, the defaulting bidder may still be liable under Ohio Law for damages to the Seller
3. If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.
4. The bidding will be open and everyone will have access to the bid history during the auction.
5. As the auction nears the ending time it will auto-extend until bidding is silent for 5 minutes.
6. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
7. The high bidder will be notified via email or phone within 2 hours after the auction ends of acceptance of high bid.
8. Bidders have been advised to physically inspect the property on their own behalf.
9. If a residential structure is located on the property that was built before 1978 the winning bidder will be signing a Lead Paint Hazard Disclosure Statement "available in the documents section of the website" and will waive the opportunity to conduct a risk assessment or inspection for the presence of lead based paint and or lead based hazards inspection under Federal and Ohio law. The winning bidder agrees to sign the Lead Paint Hazard Disclosure Statement.
10. The winning bidder will sign the Ohio Residential Property Disclosure or Estate Exempt Disclosure if applicable.
11. The property will be auctioned in an “AS-IS, WHERE-IS” condition as of the date and time of sale. Vondenhuevel Auctioneers LLC Gay Smith/Associates Realty, nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale.
12. The information listed in materials describing the property is obtained from sources, which are deemed reliable, but not guaranteed. It is the bidder’s responsibility to verify all property information prior to bid and sale. The decision to purchase or not purchase the property is the sole and independent business decision of each bidder. Auctioneer assumes no responsibility for the condition or property or for the performance of this Contract by any and all parties. Purchaser hereby warrants and represents that Auctioneer has not made any statements, representation or warranty regarding the condition of the premises, zoning conditions, governmental requirements or environmental matters, guarantees or warranties of the like, upon which Purchaser has relied and which is not contained in the Contract. Vondenhuevel Auctioneers LLC shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract.
13. Vondenhuevel Auctioneers reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
14. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid may be rejected by the Auctioneer if it is merely nominal or, at his or her discretion, it may negatively affect the auction process. Auctions will be either Absolute or Reserve. If this is an Absolute Sale, the high bidder shall be the Purchaser. If this is a Reserve sale the seller may accept or reject the high bidder, however; if the bid exceeds the predetermined Reserve Price the auction will become an Absolute auction and will be sold to the high bidder.
15. In the event of a dispute between bidders the Auctioneer in its discretion may determine the successful bidder or re-offer the property for sale.
16. A Buyer’s Premium in the amount of 10% or $ 5000.00 whichever is greater will be added to the high bid and will be due from the winning bidder. The Buyer’s Premium is in addition to the winning bid, and when added together with the winning bid this figure represents the Final Purchase Price to be paid by the purchaser at settlement.
17. Settlement is to take place within Forty (40) calendar days of the auction sale date. Purchaser should secure any necessary financing if required.
18. By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders shall be deemed to have consented to the jurisdiction of the State and Federal courts of the State of Ohio.
19. Cost of all documentary stamps, transfer taxes, and other costs incident to settlement to be paid by the purchaser.
20. Vondenhuevel Auctioneers LLC may accept telephone bids from registered bidders. Phone bids will be placed online under the name of “Phone Bidder”.
BUYER BROKER PARTICIPATION TERMS: A commission of 2.0% will be paid to the licensed real estate Agent/Broker who meets the terms below and whose registered buyer pays for and settles on the property for which he/she was registered. Broker Compensation and Broker Commission Co-Op amounts are listed in the Terms & Conditions of this online auction listing. All commissions are to be paid at settlement.
TO QUALIFY TO RECEIVE A COMMISSION, THE REALTOR/BROKER MUST:
Register his/her prospective client for specific property or properties prior to any inspection of the property by his/her client. The Realtor/Broker must register his/her client using our Broker Registration form located in the documents section of the website.
RULES REGARDING BUYER REGISTRATION:
1. The Agent/Broker must register his/her prospective client for specific property or properties, prior to any inspection of the property by his/her client. The Realtor/Broker must register his/her client using our Broker Registration form. It is the Realtors/Brokers responsibility to ensure the Broker Registration is received.
2. No broker will be recognized on a prospect who has previously contacted Vondenhuevel Auctioneers LLC or has been previously contacted by Vondenhuevel Auctioneers LLC.
3. The Agent/Broker must assist his/her client in bidding online for each desired property.
4. The Agent/Broker must work with the buyer throughout the escrow/closing process.
5. Broker agrees that Broker will not be entitled to a commission, if:
(a.) The broker or any member of broker's family or firm participates as a principal at the auction.
(b.) The settlement does not occur within the specified settlement timeframe.
(c.) The person that he/she is representing does not settle on the property.
6. There shall be no exceptions to this procedure and verbal agreements will not be accepted.
7. Commissions will be paid only upon closing.
