The following is a summary of the Terms and Conditions for this auction for real estate situated at ______________________
(the “Property”), being sold on _______________ (the “Auction”).
The undersigned Bidder agrees to abide by the Terms and Conditions of the auction and will execute the real estate purchase
agreement. If you have not read and reviewed the Terms and Conditions, do not bid. In connection with the Terms and
Conditions, and without limiting the same, Bidder understands the following:
A) If you are the high bidder, you are contractually obligated to buy the real estate at the price stated as Your bid,
Buyer’s Premium, fees, and all other applicable Buyer closing costs.
B) Successful Bidder will be required to enter into the purchase agreement as posted on the Documents tab and tender
a NON-REFUNDABLE Earnest Money deposit of $________________ by cash, check, or electronic transfer after the
end of the auction within 24 hours. Failure to execute the purchase contract and tender the earnest money deposit
will put the bidder in default.
C) Default by Bidder: In the event of a default by the Bidder under the terms and conditions of this auction, the
Auctioneer reserves the exclusive right to terminate this Agreement and take any and all actions deemed necessary
and appropriate to sell the property, including, but not limited to, offering the property to the next highest bidder
or relisting the property for auction at the Auctioneer's discretion. Nothing herein shall limit or relieve the Bidder's
liability for any actual damages sustained by the Auctioneer, Seller, or any third party as a result of such breach. The
Auctioneer's exercise of rights under this section shall not constitute a waiver of any other rights or remedies
available to the Auctioneer, Seller, or any affected third party under this Agreement or applicable law.
D) Each Buyer is responsible for conducting their own due diligence on the Property before bidding. The buyer is
encouraged to conduct an inspection(s) prior to bidding.
E) The real estate sells in AS IS condition. The Seller is not making any repairs or making any concessions.
F) The sale is not contingent upon a satisfactory inspection.
G) The sale is not contingent upon the Bidder(s) ability to secure financing. The buyer assumes responsibility for the
appraisal gap, if any.
H) Closing to occur on or before ___________________________.
I) Seller will provide and pay for owner’s title insurance, preparation of deed, conveyance fee, and the proration of
real estate taxes.
J) Bidder acknowledges receipt of a copy of the real estate purchase agreement for this Auction.
K) There is a ____ (____________) Buyer’s Premium (or $__________ minimum) added to your final bid to determine
the final purchase price.
By executing this document, the Bidder acknowledges receipt of the Terms and Conditions and agrees to purchase the
property if they are the highest bidder. In the event the Buyer fails to act in accordance with the Terms and Conditions, the
Seller and/or Auctioneer reserve the right to commence proceedings to recover actual damages, including reasonable
attorney fees, and may also ban the Buyer from participating in future auctions.