Terms and Conditions of Online Only Real Estate Auction
PLEASE READ AND REVIEW THE REAL ESTATE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY.
IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS ... DO NOT BID!
BY BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE
This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the Real Estate Purchase Contract.
Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before submitting.
A Buyer's Premium of 3% is added to the high bid. Please take this into consideration when bidding. [EXAMPLE: Final bid price on a property is $100,000 + 3% buyer's premium of $3,000 = Final price of $103,000]. This is the actual sales price that will be used on the purchase agreement, and the number upon which transfer tax and title insurance are based. At the close of the auction, the successful Bidder will be emailed Real Estate Purchase Contract to be executed and returned to Theurer Auction/Realty, LLC within 24 hours.
Successful Bidders will pay earnest deposit in the form of a Personal Check, Cashier's Check, or Bank Wire with Pfalzgraf & Dierking Title Company, LLC, Wellington, Kansas, within 48 hours of the completion of the auction. The earnest money deposit is non-refundable. The entirety of the remaining balance is due at closing within 30 days from Auction Day. Buyer will be responsible for all wire transfers.
Per the Contract, time is of the essence; you should proceed to closing within 30 days. Possession shall be given to the successful Buyer(s) at closing, subject to current tenant lease, and following harvet of 2024 cotton. All closing fees charged by the Title Company are shared equally between Buyer(s) and Seller(s).
Successful Bidders not executing and returning their Contract with Earnest Money deposit within 48 hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as Buyer, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by Seller and Theurer Auction/Realty LLC incurred in a subsequent resale of the property.
Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs, or inspections). Therefore, a lender should pre-qualify you before bidding if you require financing. This property is being sold for cash "as-is, where-is" with a closing deadline.
Theurer Auction/Realty LLC reserves the right to remove or cancel the bids and/or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified; bidding rights are provisional. If complete verification is not possible, Theurer Auction/Realty LLC will reject the registration, and bidding activity will be terminated.
Buyer acknowledges they are buying property "as-is, where-is", without inspections including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of radon; presence of lead-based paint or lead-based pain hazards; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic or lagoon compliance); sex offender registry information; flight patterns, or any other desired inspection. Bidder acknowledges that Bidder has been provided an opportunity to inspect prior to the ending of the Auction and that Bidder has either performed all desired inspections or accepts the risk of having not done so. Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the 10 day lead based paint test.
Seller(s) will provide an owner's policy of title and convey title with a Warranty Deed. Owner’s Title Policy will be shared equally between Seller and Buyer. Any lender’s policy will be the sole responsibility and cost of the Buyer.
Theurer Auction/Realty LLC and its representatives are Exclusive Agents of the Seller(s). Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller or bid on behalf of the seller, if necessary.
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. Properties that are currently rented are subject to Tenant's Rights. There are no security deposits for any properties. Taxes and assessments for the current tax year will be pro-rated to the closing date.
Bidding will end as EXTEND ONE / EXTEND ALL. This means if there is a bid on either tract within three minutes of that lot closing, both tracts will extend an additional three minutes until there are no bids on either tract. If bids are still occurring after 30 minutes, the extension will decrease to two minutes.
Broker cooperation is offered. However, any compensation will need to be from your Buyer. This auction does not offer broker compensation.
The terms and covenants of the purchase agreement, including these additional terms, shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.
The auctioneer reserves the right to add or remove items from the auction; split or combine lots; add minimum bids or reserve prices; cancel, suspend, extend or reschedule an individual item or auction event. The auctioneer reserves the right to make changes to the auction closing times or inspection or removal times.
If you are bidding against someone who has placed a max bid in the system, the max bid that is placed first will take precedence over a bid placed after. This means that the person who placed the bid first will have the high bid, in the event that the same bid is placed.
Theurer Auction/Realty LLC has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Theurer Auction/Realty LLC or the Seller.
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Theurer Auction/Realty LLC, MarkNet Alliance and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Theurer Auction/Realty LLC, MarkNet Alliance or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary.
