ONLINE AUCTION TERMS AND CONDITIONS
Each property is offered under the specific terms provided in the purchase contract. Please read and review the contract thoroughly prior to bidding on any property. The purchase contract includes this Addendum “A” Online Auction Terms and Conditions. If you have not read and review the Purchase and Sale Contract- Do Not Bid.
Terms: 10% non refundable earnest money in the form of a certified check, cash or wire transfer within 24 hour of the close of auction, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. Closing will be within 30 days. There will be a buyer’s fee of 10% added to the bid price to arrive at final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s Fee) equals purchase price of $110,000. This online only auction is a cash sale not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Contract for Sale of Real Property.
Auction End Times: Hansen & Young Online Only Auctions are timed events and all bidding will close at specified time. Hansen & Young Online Only Auctions also have an auto extend feature. Any bid placed in the final 10 minutes of an auction, the auction ending will be automatically extended 10 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:09.The auto extend feature remains active until no further bids are received within a 10 minute time frame.
Acceptance of Bid Prices: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. Hansen & Young will e-mail documents to be executed and fax or e-mail back to Hansen and Young Auctioneers within 24 hours of the end of the auction. Bidder(s) will also sign an Agency disclosure as well as a property condition report and Lead Based paint disclosure which all buyers will waive the right for an inspection post sale. Successful bidders not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be done at buyer’s expense prior to auction. This includes the 10 day inspection period for lead based paint in single family homes built prior to 1978.
Evidence of Title: Seller shall provide an owner’s title insurance policy in the amount of the purchase price purchased from T&M Abstract in Barron, WI.
Deed: Seller shall provide a Warrantee Deed.
Possession: Possession at closing. No Exceptions.
Real Estate Taxes: All taxes will be prorated to day of closing using previous year’s tax amount.
Easements: Subject to any and all easement of record.
Zoning: This property is subject to all state and local zoning ordinances.
Acreage: Parcel dimensions and acreages are based on legal descriptions.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Hansen & Young will reject the registration, and bidding activity will be terminated. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and or auction company may bid on auction.
Agency: Hansen & Young Auctioneers, Inc., and its representatives are agents of the Seller.
Buyer’s Agency: All buyers are responsible to notify auctioneers of any potential buyer’s agency contracts in place before registration and bidding on the auction and no later than 24 hours prior to auction close.
NEW DATA, CORRECTIONS, AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of the Auction company are final. Any dispute between auctioneers and buyers will be dealt with through arbitration in Barron County, Wisconsin. By bidding on the property at auction, buyer agrees to all terms and conditions set forth as well as those set at beginning of the auction.
Each buyer is responsible to conduct their own due diligence on the property before bidding.