PLEASE READ AND REVIEW THE REAL ESTATE TERMS THOROUGHLY BEFORE 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 THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:
ONLINE BIDDING: AUCTION DATE / TIME: Bidding begins: September 30th, 2024 @ 8:00 AM EST; closes: October 1st, 2024 @ 6:30 PM EST (**See AUCTION END TIMES).
UPON CONCLUSION OF THE AUCTION: Upon the conclusion of the auction, the Winning Bidder will be contacted by a Halderman-Harmeyer Real Estate Services rep to make arrangements to review and execute the purchase agreement. Along with the completed, signed contract, the Winning Bidder will be required to submit the specified non-refundable earnest money deposit as stated in the real estate terms. This non-refundable earnest money deposit will be held in escrow until closing, and that amount will then be credited to the Buyer as part of the purchase price of the property. Wire transfer instructions and escrow agreement forms will be provided to the Buyer along with the contract after the auction. The purchaser shall be responsible for all wire transfer fees.
Successful bidders not executing and returning the completed contract and earnest money deposit by 4:00 PM the day after the auction will be considered in default. Such default by the Successful Bidder will result in the Bidder's liability to both the Seller and Halderman-Harmeyer Real Estate Services. Seller shall have the right to (a) declare this contractual agreement canceled and recover total damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the property either publicly or privately with Harmeyer Auction & Appraisal Co. and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Harmeyer Auction & Appraisal Co. In addition, Harmeyer Auction & Appraisal Co. also reserves the right to recover any damages separately from the breach of the Buyer.
Both the Successful Bidder and Seller shall indemnify Halderman-Harmeyer Real Estate Services, Harmeyer Auction & Appraisal Co. for and hold harmless from any costs, losses, liabilities, or expenses, including attorney fees resulting from Halderman-Harmeyer Real Estate Services & Harmeyer Auction & Appraisal Co. being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
REAL ESTATE TERMS:
This property sells subject to seller and Fayette County Court approval of the final bid; the approval process could take up to 7 business days.
BUYERS PREMIUM: 3% buyer's premium will be added to the final bid price.
o TERMS OF SALE: 10% earnest deposit down with the executed contract, balance due at closing. Your purchase is not subject to financing.
o DATE OF CLOSING: Closing will occur on or before November 15, 2024.
o POSSESSION: Possession will be at closing.
o REAL ESTATE TAXES: The 2023 due 2024 taxes will be paid by the seller, and the buyer will be responsible for all taxes after that, starting with the spring 2025 installment.
o NO CONTINGENCIES: This Real Estate contract is not contingent on or subject to the Buyer's financing, appraisal, survey, inspections, or any other contingencies as agreed to by bidders at registration before bidding.
o SURVEY: The Sellers reserve the right to determine the need for any survey provided. If an existing legal description is adequate for title insurance for the tract, no new survey will be completed. If the existing legal description is insufficient to obtain title insurance, a survey will be completed, which will be shared 50/50 by the Sellers and the Buyer(s). The Sellers will choose the type of survey to be completed and warrant that it will be sufficient to provide an owner's title insurance policy for the tract.
o DEED: The Sellers will provide a General Warrenty Deed at closing.
o EVIDENCE OF TITLE: The Sellers will provide an Owner's Title Insurance Policy to the Buyer(s). Each Buyer is responsible for a Lender's Policy if needed. If the title is not marketable, the purchase agreement(s) are null and void before the closing, and the Broker will return the Buyer's earnest money.
o ZONING AND EASEMENTS: Property is being sold subject to any easements of record. Property is subject to all state and local zoning ordinances.
o AERIAL PHOTOS, Images, and Drawings are for illustration purposes only and do not survey boundary lines unless specified.
o MINERAL RIGHTS: All mineral rights owned by the Sellers will be conveyed to the Buyer(s).
o PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, independent inspections, investigations, inquiries, and due diligence concerning the property. Further, Sellers disclaim any responsibility for the bidder's safety during any physical inspections of the property. No party shall be deemed to be invited to the property by HRES or the Sellers.
o AGENCY: Harmeyer Auction & Appraisal Co. is the Agent and Representative of the Seller.
o BID RIGGING: Bid Rigging is a Federal Felony. Auctioneer will report any person's illegal activity to the FBI for investigation and prosecution. Title 15, Section 1 of the U.S. Code makes any agreement amongst potential bidders not to bid against one another or to otherwise dampen bidding illegal. The law provides fines of up to $100,000,000 for a corporate offender and $1,000,000 for an individual, plus imprisonment for up to 10 years.
o DISCLAIMER: All information in this brochure and all related materials are subject to the Terms and Conditions outlined in the purchase agreement. This information is subject to verification by all parties relying upon it. No liability for its accuracy, errors or omissions is assumed by Sellers or HRES. All sketches and dimensions in this brochure are approximate. ANNOUNCEMENTS MADE BY HRES AND/OR THEIR AUCTIONEER AT THE AUCTION DURING THE TIME OF THE SALE TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIALS OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either express or implied, concerning the Sellers or HRES makes the property. No environmental audit has been made, nor will one be made. Except for any express warranties outlined in the sale documents, Buyer(s) accepts the property "AS IS," and Buyer(s) assumes all risks thereof and acknowledges that in consideration of the other provisions contained in the sale documents, Sellers and HRES make no warranty or representation, express or implied or arising by operation of law, including any warranty for merchantability or fitness for a particular purpose of the property, or any part thereof, and in no event shall the Sellers or HRES be liable for any consequential damages.
o NEW DATA, CORRECTIONS, and CHANGES: Please check for updated information before the scheduled auction time to inspect any changes, corrections, or additions to the property information.
BIDDING AND REGISTRATION INFORMATION
BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification is questionable, Harmeyer Auction & Appraisal Co. has the right to reject the registration, and bidding activity will be terminated. The Seller and Harmeyer Auction & Appraisal Co. reserve the right to prevent any person from bidding if there is any question as to the person's credentials, mental fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder's username is offensive to Harmeyer Auction & Appraisal Co. or, in their sole opinion, detrimental to Bidding Activity, then Harmeyer Auction & Appraisal Co. reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the website, you must obey any and all local, state, and federal laws. Violations will result in the termination of website use privileges.
**AUCTION END TIMES: Harmeyer Auction & Appraisal Co. online auctions are timed events, and all bidding will close at the specified time. However, our auctions also have what is called an 'Auto Extend' feature. Any bid placed within the final 5 minutes of an auction results in the auction automatically extending five additional minutes. The bidding will extend in 5-minute increments from when the last bid is placed until there are no more bids, and the lots sit idle for 5 minutes. Therefore, the auction will not close until all bidding parties are satisfied, and no one can be outbid at the last second without having another opportunity to bid again.
TECHNICAL ISSUES: If there are technical difficulties related to the server, software, internet, or any other online auction-related technologies, Harmeyer Auction & Appraisal Co. reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Harmeyer Auction & Appraisal Co. shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
CONDUCT OF THE AUCTION: The minimum bid increase will be $250.00. Harmeyer Auction & Appraisal Co. reserves the right to reject any and all bids for any reason and also reserves the right to bid on behalf of the seller, and also reserves the right to cancel this auction or remove any item or lot from this auction before the close of bidding. All decisions of Harmeyer Auction & Appraisal Co. are final.
YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND HARMEYER AUCTION & APPRAISAL CO. AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.