Online Auction Full Terms and Conditions of Sale
1. Bidders must do all of their due diligence (home inspections, appraisals, etc.) prior to the end of the online bidding. The Sales Contract will not contain any contingencies for these matters. This property is sold AS IS, WHERE IS, and is not subject to any financing.
Property is being sold 'SUBJECT TO COURT APPROVAL'. Purchaser should secure any necessary financing and select a settlement agent or attorney immediately.
2. The winning bidder must sign a Memorandum of Auction Sales Contract with Re/Max One stating intent to purchase the property and close within 30 days of court approval. This memorandum will be presented to the court for approval of sale. (This process may take up to 60 days) Within 24 hours of notification by the court of the accepted offer the purchaser shall be required to deposit with ReMax One an earnest money deposit in the amount of $ 2500.00 in cash or by bankable check. This deposit will be returned to the buyer a.) upon closing of the property, b.) if the seller fails to produce a marketable title within 30 days of the court approval of sale.
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 10 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 after the auction ends.
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 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 Disclaimer Statement.
11. The Winning bidder will sign the Memorandum of Auction Sale. A copy of the Memorandum of Auction Sale is attached to auction handout.
12. The property will be auctioned in an “AS-IS, WHERE-IS” condition as of the date and time of sale. Vondenhuevel Auctioneers nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale.
13. 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 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.
14. Vondenhuevel Auctioneers reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
15. 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.
16. 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.
17. A Buyer’s Premium in the amount of 10% or $ 2500.00 whichever is greater will be charged. 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.
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. If the property is tenant occupied, it will be sold subject to existing tenant in dwelling. All security deposits if any will be paid to purchaser at closing and all rents will be pro-rated.
21. The property will be sold in “As is” condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract
22. Vondenhuevel Auctioneers may accept telephone bids from registered bidders. Phone bids will be placed online under the name of “Phone Bidder”.
If these terms are not understood please do not place bids on this property.