AUCTION TERMS AND CONDITIONS

5918 N Olney St, Indianapolis, IN 46220

Saturday, October 4, 2025 • 10:00 AM

BURGESS AUCTIONS
"Trusted Auctions, Timeless Results"

AUCTION FORMAT

Live Auction with Simulcast Internet Bidding

On-site bidding at property location
Real-time online bidding platform available
Internet bidding opens 24 hours prior (Friday, October 3, 2025 at 10:00 AM)
Opening Bid: $250,000
REGISTRATION REQUIREMENTS

Live Bidders

Registration begins at 9:00 AM on auction day
Valid photo identification required
Bidder numbers assigned at check-in
Internet Bidders

Pre-registration required online
Valid photo identification and credit card verification
Stable internet connection required
DEPOSIT AND PAYMENT TERMS

A 10% ten-percent buyer’s premium will be added to the final bid price, to determine the final offer to purchase price.

Down Payment

Amount: $25,000 (Twenty-Five Thousand Dollars)
NON-REFUNDABLE under all circumstances
Payment Method: Wire transfer to Fidelity National Title
Due Date: Monday, October 6, 2025
Balance Payment

Amount: Total purchase price minus $25,000 deposit
Payment Method: Certified funds or wire transfer at closing
Closing Deadline: Within 30 days of auction (by November 3, 2025)
Cash buyers may close within 1-2 weeks
PROPERTY CONDITION

AS-IS SALE

Property sold in current condition "AS-IS, WHERE-IS"
No warranties, guarantees, or representations regarding:
Condition or habitability
Fitness for any particular purpose
Compliance with codes or regulations
Systems functionality
INSPECTION ACCEPTANCE

Buyers acknowledge having full opportunity to inspect property
All defects accepted, whether known or unknown, visible or latent
No repairs will be made by seller prior to closing
FINANCING AND CONTINGENCIES

NO CONTINGENCIES

No financing contingencies - buyer must close regardless of loan approval/denial
No inspection contingencies
No appraisal contingencies
No sale of other property contingencies
Financing Responsibility

Buyers responsible for arranging all financing prior to auction
Failure to obtain financing does not excuse buyer performance
Cash purchases encouraged for faster closing
TAX RESPONSIBILITY

Seller's Obligation

Seller has paid 2024 real estate taxes due in May 2025
Seller current on all tax obligations through May 2025
Buyer's Obligation

Buyer responsible for all taxes due after May 2025, including:
2025 taxes due in May 2026
All subsequent annual tax payments
Any special assessments levied after closing
No Tax Proration

No proration of taxes between buyer and seller
Clear division at May 2025 payment date
TITLE AND CLOSING

Title Requirements

Title Company: Fidelity National Title
Seller provides owner's title insurance policy
Property conveyed free and clear of liens (except standard easements)
Deed Type: General Warranty Deed
Recording: At buyer's expense
Closing Costs

Seller Pays:

Owner's title insurance premium
Standard transfer taxes and recording fees
Costs to cure any title defects
Buyer Pays:

All loan-related costs and fees
Recording fees for buyer documents
Property survey (if required)
Homeowner's insurance
Attorney fees and closing costs
Additional title insurance for lender
DEFAULT PROVISIONS

Buyer Default

If buyer fails to complete purchase, provide required documentation, or meet obligations:

Consequences:

Seller retains $25,000 deposit as liquidated damages
Seller may pursue additional legal remedies
Seller may resell property
Buyer liable for deficiency and additional costs
Seller Default

If seller cannot convey clear title:

Buyer's sole remedy is return of deposit
No further obligations for either party
AUCTION DAY PROCEDURES

Bidding Process

Auctioneer conducts live bidding on-site
Simultaneous internet bidding accepted
Bidding increments determined by auctioneer
Highest bidder becomes purchaser upon seller’s acceptance
Purchase Agreement Execution

Winning bidder signs purchase agreement immediately
Terms non-negotiable and binding upon execution
Time is of the essence for all deadlines
PROPERTY DISCLOSURES

Lead-Based Paint

Property built in 1946 (prior to 1978)
Federal lead-based paint disclosure provided
Buyer acknowledges receipt of required pamphlet
Property Knowledge

All known property information disclosed
Buyers accept property with all known and unknown defects
LEGAL PROVISIONS

Governing Law

Agreement governed by Indiana real estate law
Marion County jurisdiction for disputes
Assignment

Purchase agreement may not be assigned without written consent
Modifications

Agreement may only be modified in writing signed by all parties
Entire Agreement

These terms constitute complete understanding
No verbal agreements or representations binding
BIDDER ACKNOWLEDGMENTS

By participating in this auction, bidders acknowledge:

Having read and understood all terms and conditions
Understanding that a 10% buyer's premium will be added to the winning bid
Understanding the non-refundable nature of the deposit
Accepting AS-IS condition with no warranties
Having adequate opportunity to inspect the property
Understanding all financing must be arranged independently
Agreeing that time is of the essence for all obligations

CONTACT INFORMATION

Real Estate Agent:
Jason Snider, Licensed Realtor
J. Snider Real Estate
License: RB14045952
Phone: (317) 507-1692
Email: snidergroup@gmail.com

Auctioneer:

Burgess Auctions LLC
Zack Burgess CAI, AU19600029

45 W Carey St

Knightstown, IN

Office: 765-445-7814

Mobile: 317-508-5973

Title Company:
Fidelity National Title

IMPORTANT NOTICE

This auction represents a binding sale upon acceptance of winning bid. The $25,000 deposit is NON-REFUNDABLE under all circumstances except seller's inability to convey clear title.

All bidders participate at their own risk and expense. These terms are non-negotiable and become binding upon participation in the auction.

"Integrity in Every Lot. Care in Every Sale."

BURGESS AUCTIONS
Trusted Auctions, Timeless Results