REAL ESTATE TERMS & CONDITIONS - ABSOLUTE - LIVE AUCTION
PREWITT & SONS LLC AUCTIONEERS
H.D. PREWITT - Principal Auctioneer
TERMS AND CONDITIONS
Auction Property Location
______________________________________________________________________
Auction Date/Time
– Live Onsite – ________________________________________________________
Online Simulcast Bidding available. Online Pre-Bidding Available
Registration
Registration will begin at _______________ (TIME)
Auction Sale Type
Absolute to the Highest Bidder regardless of price.
Buyer’s Premium
A 10% Buyer’s Premium will be added to the high bid and included in the total contract purchase price. Example: High bid of $100,000.00 plus 10% Buyer’s Premium = $110,000.00 contract purchase price.
Absentee/Phone Bidding
Absentee or Phone Bidding arrangements can be made prior to Auction Day by contacting the Auctioneer, H.D. Prewitt, at 859-893-1148.
Terms of Sale
The successful bidder(s) shall be required to enter into a non-contingent auction agreement and deposit 10% of the contract purchase price in the form of Cash, Certified Funds, or approved personal check immediately following the auction. The balance of the purchase price shall be paid on or before ________________________________
Possession
Possession shall be granted with a deed transfer, subject to any existing liens, tenants, or occupants, if applicable.
Real Estate Property Taxes
_________ (YEAR) Real Estate Taxes shall be pro-rated.
Insurance
The successful purchaser of the subject property is hereby notified that they may wish to insure their interest in the property to the day of deed transfer, if applicable.
Closing & Title
The Buyer is responsible for hiring their own Attorney to perform title work, prepare closing documents, and execute the closing. Buyer is responsible for their own Attorney’s fees. The auctioneer must be notified of the closing attorney’s contact information in order to coordinate the closing.
Property Inspection
Open Auction Preview will be on (DATE) _____________________________________ from (TIMES)____________________________________. or by appointment only.
Special Notice
This property is being offered “AS – IS, WHERE IS”, and with all faults, with no Warranties expressed or implied of any kind. Property shall be conveyed with an insurable title by “General Warranty” deed with no liens or encumbrances, other than existing covenants, restrictions, and easements of record. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before bidding. The successful bidder at the end of the auction will be required to waive their right to a Lead-Based Paint inspection, if applicable.
Special Condition:
Bidder’s Acknowledgement
By signing below, You, as a successful bidder agree to the terms and conditions stated herein. This document is part of the non-contingent contract sale to purchase the property. This is a public offering open to all!
Signature:_____________________________________________________________
Date:_________________________________________________________________
Bidder’s Name: ________________________________________________________
Phone Number:________________________________________________________
Address:______________________________________________________________
Announcements made day of sale take precedence over any previous advertisements!