Auction Terms & Conditions REAL ESTATE TERMS & COINDITIONS: Please read carefully. Registration in this auction will require acceptance of these specific terms. All bidders are bound by the same terms and conditions.
BUYERS PREMIUM: 10% buyer's premium will be added to the final bid price to determine the sales price. Example: $100 bid + 10% buyer's premium = $110 sales price.
DEPOSIT: 10% NON-REFUNDABLE down payment is due by 3:00 pm on the day following the auction, with thee balance due within 30 days. Deposit should be in the form of pre-approved personal/business check or wire transfer. Escrow deposit will be held in the Interstate Auction & Realty Escrow Account. Deposits can not be made by credit card.
WARRANTY: Property selling AS-IS with no guaranties or warranties expressed by the sellers or the auction company. Property is sold subject to all easements of record including but not limited to city access and utilities. All inspections of properties should be done prior to bidding, inspections can be arranged by attending the open house or by contacting our office. SPECIFICALLY: Square footage and lot size are acquired by outside sources including appraisals/PVA records and are correct to the best of the seller/auction companies' knowledge, however they should not be relied upon exclusively. The buyer should conduct their own due diligence in determining these facts.
POSESSION & TAXES : With Deed. Taxes will be prorated from the date of closing.
CONTRACT: The successful high bidder on each property will be required to sign a Real Estate Purchase Agreement by 3:00 PM the day after the auction, and will make an earnest money deposit of ten percent (10%) of the total sales price payable to Interstate Auction & Realty Escrow Account. The balance is to be paid in full at the deed closing within 30 days. The contract will not be contingent upon the buyer obtaining financing. Current taxes will be prorated at the date of closing. Seller has the option of extending the contract up to 60 days to correct any unforeseen title issues that may arise. All Measurements are from independent surveys and tax records and not guaranteed by the seller or the auction company. - Please read below for further terms and conditions.
SELLER FEES/PAYS: Seller agrees to pay transfer tax and deed preperation, as is customary in the state of Kentucky. The seller will not be responsible for any other payments related to the closing of the property.
Internet Bidding - Interstate Auction & Realty, Auctioneers, employees, or represented sellers will be held harmless in the event of technical difficulties beyond our control. Interstate Auction & Realty will not be held responsible if internet service fails to function properly, power outages occur, or software fails to function before, during or after the auction. Interstate Auction & Realty and any of it's associates retain the right to bid in all auctions.
Interstate Auction & Realty format is a "Timed Online Auction Event" that replicates a live auction scenario. In the event that a bid is placed in the final 5 minutes of the auction, the ending time will be extended for an additional 3 minutes to allow additional bids to be accepted. You may at any time enter your "Maximum Bid" and the computer software program will bid on your behalf up to your bid limit. If for any reason you need assistance please contact our office and we will be happy to assist you in the bidding process. Any dispute that could arise between the auction company and any bidder will be mediated or tried in Whitley County Kentucky.
1) Seller will convey the Property by General or Special Warranty Deed.
2) The Property is selling subject to, and any Contract is not contingent upon, any
state of facts an accurate survey or personal inspection of the Property may reveal,
any existing rights-of-way, easements, or claims to easements, encroachments,
rights or claims of parties in possession, restrictive and protective covenants,
flood zones, zoning, or subdivision regulations, building codes, health and safety
codes, governmental agencies regulations, environmental conditions, hazardous
materials, leases or tenancies, any mineral rights, reservations or leases, and
subject also to all title exceptions as set forth in the Title Commitment that is
available for inspection.
B. Property Inspection
1) It is the Purchaser's sole responsibility to: a) perform all inspections (legal,
environmental, economic or otherwise) of the Property and to be satisfied as to its
condition prior to bidding; b) review all property information and due diligence
materials; c) independently verify any information they deem important including
information available in public records; and d) inquire of public officials as to the
applicability of and compliance with land use and environmental laws, zoning,
building and health & safety codes and ordinances and any other local, state or
federal laws and regulations.
2) All information contained in the auction brochure and all promotional materials,
including, but not limited to, photographs, directions, acreage, square footage,
dimensions, zoning, maps used for promotion, environmental conditions, taxes,
etc., was provided by or on behalf of the Seller and is believed to be correct;
however, neither the Seller nor the Auction Company makes any promise,
representation, guarantee, or warranty as to the accuracy or completeness of such
information. There is no obligation on the part of Seller or Auctioneer to update
any information. Purchaser and Purchaser's broker shall be responsible for
verifying all acreage and square footage amounts through public records.
In the event the purchaser fails to render the required escrow deposit within the allotted time frame,
Interstate Auction & Realty reserves the right to collect the required escrow deposit for damages by all
legal means. In the event the Purchaser fails to close and pay his/her balance when due, Seller
reserves all rights allowed by law and the sales contract, including a suit for damages,
specific performance or cancellation of the sale with the Seller to retain the earnest
money deposit. Any action taken after default shall be solely at the Seller's option
with all costs incurred by Seller being paid by the Purchaser. Any contract disputes will be
tried or mediated in Whitley County Kentucky.
1) Personal on-site inspection of the property is recommended and bidders are
advised to independently verify all information they deem important. This
Property is being sold "As-Is, Where-Is" and with "All Faults". The Seller and
Auctioneer have not made, do not make and will not make, and hereby disclaim,
any representation or warranty, whether expressed or implied or statutory,
whether oral or written, with respect to the Property, including, without limitation,
any warranty as to its value, condition, acreage, square footage, suitability,
merchantability, marketability, operability, zoning or subdivision regulations,
mineral rights, environmental condition or fitness for a particular use or purpose.
No Guarantees are given as to the availability of utilities or accesses, or the
permitted or allowable uses of the Property
NOTE: Terms and conditions are subject to update or change. It is the buyers responsibility to check the terms and conditons of the auction prior to bidding.