Real Estate Auction Event LOT - 8

Terms and Conditions

Public Real Estate Consignment Auction

Registration:To register, prospective buyers must provide name, address, phone number, social security number, picture ID, and show proof of deposit by: 1) Cashier’s check, 2) Personal Check with bank letter of guarantee, or 3) Cash.  Registration today finalizes each bidders agreement to the terms and conditions of sale stated in the contract and its addenda which are incorporated by reference into your bidding.  Do not bid unless you have registered and received a bidder’s card and have agreed to be bound by the terms of sale in the contract as they are final upon you becoming the high bidder.     

Deposit:A 5% nonrefundable deposit the day of the auction from the winning bidder (buyer) is due at the signing of the contract and must be good negotiable funds; cash, cashiers check, or personal check with proper identification. 

Reserve: The property will be sold at auction with an undisclosed reserve.  There is no minimum opening bid on the the property.  The final bid is subject to seller confirmation and final approval within 72 hours following the conclusion of the sale.

Buyer Premium: A 6% buyer’s premium will apply to this sale. The total purchase price of the property will be the winning bid + 6%. For example, if the bid is $100,000 the total purchase price will be $106,000. 

Possession:Closing will take place no more than 30 days from day of auction.  The seller at closing will convey good and marketable title. The balance of the contract price is due at closing, at Thomson Title 700 S. 291 Hwy, Suite 100, Liberty , MO., (816) 792-0077.  Possession is at closing.  The seller is providing a sellers title policy.  The buyers title insurance policy, if needed will be at the buyers expense. 

Zoning:The use of the property is subject to the zoning ordinances in the properties respective area and County and each should be independently investigated by the buyer for intended use prior to the sale.  There are no contingencies for zoning or as to the viability for future use of the property for any purpose. 

Easements/Encroachments:The sale of this property is subject to any and all easements of record. 

Covenants and Restrictions:This sale of this property is subject to any and all covenants and restrictions, bylaws, rules and regulations of record.      

Real Estate Taxes: Real estate taxes shall be prorated to the date of closing. 

Purchase Agreement:The successful bidder shall execute a purchase agreement immediately after being declared the winning bidder by the auctioneer. Please Note: The purchase agreement will offer no contingencies whatsoever, including but not limited to inspections or financing. 

Terms:The property is being sold “AS IS”, “WHERE IS”, WITH ALL FAULTS AND DEFECTS”, without warranty or guarantee of any kind. Each potential buyer is encouraged to perform his/her own independent inspections, investigations, inquiries and due diligence concerning the described property.  All bidders are deemed to have investigated all real property herein prior to bidding or purchasing at auction. 

Agency Disclosure:Coldwell Banker Glennon Auction Division, is the selling agent and all parties employed by or associated with Coldwell Banker Glennon Auction Division represent the Seller in this transaction.  Any information given to agents representing the seller will be disclosed to the seller. 

Affiliated Business Disclosure:Thomas K. Glennon the Auctioneer is a member of the Board of Directors at KCB Bank and is a licensed real estate agent in the state of Missouri.   

Financing:Terms for this auction are cash. The seller is offering no other terms or contingencies. Therefore the buyer may NOT purchase this real estate subject to loan approval.

Bidding

Bidding on the property will be public and oral with conduct and bidding increments at the Auctioneers discretion.   

Advanced Bidding: Many bidders prefer to bid privately and turn in a bid before the auction begins. You may do so by seeing the auctioneer or one of the bid assistants, who will help you with the necessary paper work. 

Bidding During the Auction: When you want to bid merely hold up your hand or your bid card and establish eye contact with the auctioneer or one of the bid assistants. 

Bidding for Another: Some of you are here under the instructions to bid for a second party. This is quite common and permissible; however, we do look to the bidder to know his authority and to the principal to be legally bound by the actions of his agent.  If signing on behalf of a corporation, LLC, or trust, copies of these documents may also be required.  Phone bids will be accepted. 

The Auctioneer reserves the right to; accept bids in any increment he feels is in the best interest of his client, the seller; to reject the bidding of anyone whose conduct, actions, or adverse comments are not in the best interest of the seller; to cancel the auction or change its terms without prior notice; to enter bids authorized by registered absentee buyers; to exclude any bidder from the bidding process, to require proof of funds, line of credit, an or pre-approval letters from any purchaser.  The opening bid is soley at the auctioneers discretion.       

Tie Bid: In the event of a tie bid (where two people believe they each have the winning bid) the Auctioneer may reopen the bidding between those two people only, giving the person whose bid he did not see the opportunity to raise the high bid, then allowing the other to raise his bid until the winning bid is determined.  In the event of any dispute between bidders the Auctioneers decision is final.  Should there be any dispute after the sale the Auctioneers record of final sale shall be conclusive. 

Broker Participation: Coldwell Banker Glennon Auction Division encourages Broker/Agent participation and welcomes those of you who are represented by a buyer’s agent today. Brokers/Agents must register their client 48 hours prior to the auction. It is the responsibility of the agent representing the client to have completed and returned the Buyer Broker Participation agreement prior to the published deadline.  No commissions will be paid to any Broker/Agent participating in the purchase of the property. An affidavit may be required that the Broker/Salesperson is not a principle in the purchase. 

All Announcements made from the auction block take precedence over any and all previously written advertisements or other representations. 

Upon Conclusion of the bidding the winning bidder shall sign a written purchase agreement conforming to the terms and conditions of the sale. The buyer shall make the appropriate deposit, which is non-refundable, except by default of the seller or where Missouri Law prohibits.  The seller will accept or reject the offer within 72 hours following the conclusion of the sale.

Backup Bids: In the rare event that the winning bidder is unable to close on this transaction, we do accept backup bids. If you are not the winning bidder and would like to make a backup bid. Please see the Auctioneer or one of the bid assistants for the necessary paper work.  

It is the buyer’s responsibility to inspect the property prior to bidding to make their determination as to the use and condition or seek professional inspection (at the buyer’s expense) of the property.  Please be sure you have carefully inspected and reviewed the property, the property information and disclosures.   

All information is taken from sources deemed to be accurate and reliable, all measurements are approximate and not to scale.  The Seller and the Sellers Auctioneers assume no liability in this matter.  Once again any announcements made the day of Auction will take precedence over any prior written verbal or printed material.   

By bidding on the property you are accepting all terms and conditions stated herein. 

Good luck and good bidding!!!                                                                                     5/15/2009