TERMS & CONDITIONS

122 Market St., Waverly, OH — Online Real Estate Auction
Starting Bid: $25,000 • Buyer’s Premium: 10%

1) Auction Format & Agency

Online-only auction. Bidding conducted via the auctioneer’s approved platform.

Auctioneer/Broker: ERA Martin & Associates (Auctioneer: Daniel DeGarmo).

Agency: Auctioneer/Broker and their representatives are agents of the Seller.

Seller Confirmation: Sale is subject to Seller’s confirmation. The high bid is not a winning bid until accepted by the Seller and confirmed by the Auctioneer.

2) Buyer’s Premium & Purchase Price

A 10% Buyer’s Premium will be added to the high bid to produce the Total Purchase Price (the contract price paid by Buyer at closing).

Example: High Bid $100,000 + 10% BP ($10,000) = $110,000 Total Purchase Price.

3) Earnest Money / Deposit

Upon Seller confirmation, Buyer shall immediately (same day, or by 12:00 PM next business day) deliver earnest money equal to the 10% Buyer’s Premium (i.e., the premium amount) by wire transfer or cashier’s check to Northwest Title, Chillicothe, OH (the escrow/title agent).

Earnest money is non-refundable except in the limited instance of Seller default or inability to convey marketable title as defined herein.

4) Closing, Title & Deed

Closing Deadline: on or before 30 calendar days from Seller confirmation (or as soon as title is ready).

Title/Closing Agent: Northwest Title (Chillicothe, OH).

Deed: Seller will convey by General Warranty Deed (or equivalent deed customarily used in Ohio) free and clear of monetary liens, subject to easements, covenants, conditions, restrictions, zoning, and matters of record.

Title Insurance: Seller pays for an owner’s title insurance policy at closing.

Taxes/Assessments: Seller pays real estate taxes to the date of closing (prorated per local custom). Buyer pays all taxes and assessments thereafter. Any CAUV or recoupment (if applicable) is per county practice and shall be the Buyer’s responsibility post-closing unless otherwise required by law.

5) Possession

Possession at closing, provided funds are disbursed. If any tenant(s) or occupants exist, possession is subject to tenant rights/leases then in effect. Security deposits (if any) will be transferred per law.

6) Property Condition; Inspections; Disclosures

Property sells AS-IS, WHERE-IS, WITH ALL FAULTS, no contingencies for financing, inspections, appraisal, zoning/use, or otherwise.

Inspections: Allowed prior to bidding by appointment only; Buyer is responsible for all due diligence before placing a bid.

Lead-Based Paint (pre-1978 properties): If applicable, the federally required 10-day inspection opportunity occurs prior to bidding; by bidding, Buyer waives any post-auction LBP inspection/contingency.

Square footage, unit counts, utilities, and “apartment potential”: All information is believed accurate but not guaranteed. The referenced second-floor apartment potential and any intended use are subject to Buyer’s verification with local authorities, code, fire, and zoning departments.

Personal property remaining at closing (if any) conveys at no value.

7) Financing

Financing is allowed but not a contingency. Buyer must have funds or financing arranged prior to bidding. Failure to obtain financing is not grounds for default relief.

8) Bidding, Increments & Soft Close

Starting Bid: $25,000.

Bid Increments: At the Auctioneer’s discretion; anticipated $250 minimum online increments (subject to change during bidding).

Soft Close / Auto-Extend: If a bid is placed within the final minutes, the closing time automatically extends (by 5 minutes/300 seconds) to prevent bid “sniping,” until no further bids are received.

9) Bidder Registration & Contracting

All bidders must register, accept these Terms, and provide any required identification/proof of funds.

The high bidder (upon Seller confirmation) shall electronically sign the Purchase & Sale Agreement and all related documents immediately following confirmation. Failure to timely sign or deposit earnest money may result in bidder default.

10) Default; Remedies

Buyer Default: Seller may retain the earnest money as liquidated damages, pursue specific performance and/or other remedies allowed by law. Buyer is responsible for any shortfall and all collection/legal fees incurred.

Seller Default: Buyer’s sole remedy is the return of earnest money actually paid; no consequential or punitive damages.

Auctioneer’s Discretion: Auctioneer may refuse bids, reopen bidding, settle bid disputes, or modify procedures for fairness and clarity.

11) Surveys; Legal Description

The property sells by existing legal description. No new survey will be provided by Seller unless required by the title company to issue insurable title. Any optional survey desired by Buyer shall be at Buyer’s cost and shall not delay closing.

12) Brokerage & Co-Brokerage

Listing/Brokerage: ERA Martin & Associates.

Buyer Broker Participation: Offered to licensed Ohio brokers per separate co-op registration form and rules submitted before bidder registers and in compliance with all auction terms.

13) Marketing, Photos & Disclaimers

Marketing materials, photos, floor plans, and measurements are for guidance only and may include artist’s concept or digital enhancement. Buyer must rely on their own inspection and verification.

All announcements made by the Auctioneer on the bidding platform take precedence over any printed/posted material.

14) Compliance & Use

Buyer is solely responsible post-closing for zoning, permits, occupancy, fire/life-safety, ADA, and any change-of-use requirements for commercial and/or mixed-use residential occupancy. No warranties are made regarding code compliance or future approvals.

15) Closing Costs

Seller pays: owner’s title insurance premium and real estate taxes to closing.

Buyer pays: recording fees, lender/title fees (if financing), and all other customary buyer closing costs. Buyer also pays the 10% Buyer’s Premium added to the high bid as part of the Total Purchase Price.

16) Miscellaneous

Participation is at the bidder’s own risk; hold harmless Auctioneer, Broker, Seller, and Title Company.

Bidding constitutes acknowledgment and acceptance of these Terms & Conditions in full.

Equal Housing/Opportunity and Fair Housing laws apply to any residential components.