These Bidder Terms and Conditions apply to the Auction for the sale of real property location Parcels:160-001673-00 and 160-00117-00. Address: 6425 Borror Rd. Grove City 43123, This auction will be conducted by Schillig Estates And Auctions with Coldwell Banker King Thompson (Broker) 175 S Third St. Columbus,OH 43215 (“Auctioneer”). These terms constitute a legal, valid, binding, and enforceable contract
between Auctioneer and each Participant, Bidder, Buyer and/or attendee at the Auction.
1. License. Cynthia Schillig 2008000073 is an Auctioneer licensed by the Ohio Dept. Of Agriculture,
8995 E Main St. Bldg 1, Reynoldsburg, OH 43068 and being a member of the state Auction Recovery
Fund. Cynthia Schillig licensed for Real Estate by the state of Ohio Dept. of Commerce 2008001253.
The Broker of record is Coldwell Banker KING THOMPSON.
2. The Auction is conducted in accordance with these Bidder Terms and Conditions. By participating in
the Auction, whether at the auction site, online, or though any other means (including Absentee Bid),
each Participant agrees to be bound by, and to abide by, these Bidder Terms and Conditions.
3. Review Definitions of Auction Terms at bottom of this page
4. Auction Location. The Auction is conducted in Franklin County Ohio. The Property is offered for sale
in Franklin County Ohio, and will be Knocked-Down or Struck Off in Franklin County Ohio
Notwithstanding the physical location of any Participant, these Bidder Terms and Conditions are
entered into in Franklin County Ohio, all bids and payments are received in Franklin County Ohio, and
the Purchase Agreement will be formed and entered into in Franklin County Ohio
5. Buyer's Premium. The Property, 6425 Borror Rd. Grove City 43123, offered is subject to a 10% Buyer Premium of high bid added to the high bid to determine the final Purchase Price of the Property. The Buyer Premium will be collected at closing with a credit of Deposit held in the Coldwell Banker King Thompson escrow account.
6. Participants are Licensees. Participants (whether in attendance at the Auction Site or participating
remotely) are licensees and assume all risks associated with their presence at the Auction Site or their
access to the online bidding platform utilized by Auctioneer. Any person may, in Auctioneer’s
discretion, be denied access to the Auction, the Auction Site, and the online bidding platform utilized
by Auctioneer, and may be removed there from.
7. Bidder Registration: All persons desiring to register for bidding privileges for 6425 Borror Rd. Grove City, OH 43123 will register with a valid Drivers Lic. and $15,000.00 (Fifteen Thousand Dollar) Cashiers Check, with Agency, Property Disclosures, and Bidder Registration documents.
The Bidder who has made the Winning Bid, and who is, thus, determined to be the Buyer, will be
applied against the Buyer’s obligations under these Bidder Terms and Conditions and the Realty
Purchase and Sale Agreement. The winning bidder deposit which is non-refundable. For the purposes
of the 6425 BorrorRd., Grove City 43123 Auction, the non refundable deposit shall be
$15,000.00 (Fifteen thousand dollars) and will be applied at closing.
Auctioneer may refuse to accept a Bidder Registration from any potential Bidder, may refuse to issue
a Bidder Number to any potential Bidder, and, if a Registered Bidder breaches any Bidder Terms and
Conditions or engages in improper conduct, Auctioneer may revoke any Bidder Number. By registering
to bid at the Auction, each Registered Bidder acknowledges and agrees that such Registered Bidder
has read, understands, and agrees to be bound by, these Bidder Terms and Conditions.
At the discretion of Auctioneer, bids may be received from a person who has not registered to bid,
and/or who has not satisfied all requirements for Bidder Registration, and/or who has not been
issued a Bidder Number, provided that such person immediately completes a Bidder Registration, is
issued a Bidder Number, and agrees to be bound by these Bidder Terms and Conditions.
8. This auction is offered with a Reserve and/or Subject to Seller’s Confirmation. The Property is
offered such any bid may be rejected, and the Property may be withdrawn by Auctioneer, at any time
before the Fall of the Hammer. Once the high bid has been acknowledged by Auctioneer with no
further advancement, the hammer will fall on such bid for the purpose of identifying it as the high bid.
The high Bidder must, then, execute the Realty Purchase and Sale Agreement and deliver the Deposit
9. Bidding. Registered Bidders may only bid at the Auction by agreeing to be bound by these Bidder
Terms and Conditions. By bidding, each Registered Bidder acknowledges and agrees that such
Registered Bidder has had a full and fair opportunity to read, and understands, these Bidder Terms
and Conditions, and affirms that such Registered Bidder is subject to and bound by these Bidder
Terms and Conditions.
10. No Bid Retraction. No Bidder may retract a bid that has been acknowledged by Auctioneer.
Further to the foregoing, each Bidder acknowledges and agrees that Auctioneer is acting in reliance on
tendered bids in the conduct of the Auction, and that bid retraction is disruptive and interferes with
the Auction, and that, as an inducement for Auctioneer to accept such Bidder’s Bidder Registration
and for such Bidder to bid at the Auction, each Bidder agrees not to withdraw or to attempt to
withdraw any tendered bid that has been acknowledged by Auctioneer.
12. Online Bidding.Not Applicable. Auctioneer encourages Registered Bidders to weigh the advantages and
limitations of online bidding and live bidding when deciding whether to bid at the Auction Site or
online. Auctioneer reserves the right to refuse or revoke permission to bid online and to remove
online bidding privileges during the Auction. To the extent that online or internet bidding is available,
the following terms and conditions will apply:
12.1. Online Bidding Registration. Not Applicable. Any Registered Bidder desiring to bid online, or to establish the
possibility of bidding on line, is required to create an online bidding account by completing all
necessary online forms and providing all required information.
12.2. Auction Site Notices and Announcements. Any Registered Bidder participating at the Auction
online is responsible for becoming aware of all notices and announcements made or given at the
Auction Site, or as otherwise published on Auctioneer website.
12.3. Posted Times. All times are based on the Eastern Standard Time zone unless stated otherwise.
Any posted closing times and time displays at the Auction Site and online are approximate.
Auctioneer reserves the right to close early or extend the Auction at any time at its sole and absolute
12.4. Responsibility for Online Bids. Not Applicable If a Winning Bid is sent to Auctioneer from the computer of a
Registered Bidder, and is, thereafter, confirmed by Seller, such Registered Bidder will be the Buyer.
12.5. No Reduction/ Retraction of Online Bids. Not Applicable Online bids may not be reduced or retracted.
12.6. Online Bidding Increments. At Auctioneer discretion, bid increments may be varied at Auction
Site, Registered Bidders bidding online may only bid in whole bidding increments.
12.7. Competing Online and Onsite Bids. In the event of contemporaneously made online and onsite
bids, Auctioneer will determine which bid is the successful bid, and the bid made at the Auction Site
will generally take precedence.
12.8. Records of Online Sales. The record of sale kept by Auctioneer will be conclusive and final in all
disputes, and otherwise. In the event of a discrepancy between any online records or messages
provided to a Registered Bidder bidding online and the record of sale kept by Auctioneer, Auctioneer's
record of sale will govern.
12.9. Technical Considerations. Auctioneer will not be responsible for errors or failures to execute bids
placed over the internet, including, without being limited to, errors or failures caused by: (i) a loss of
connection; (ii) a breakdown or problems with the online bidding software and/or (iii) a breakdown or
problems with a Registered Bidder's internet connection, computer, or system.
12.10. Failure to Execute Online Bids. Execution of online internet bids is a service undertaken subject
to other commitments at the time of the sale and Auctioneer does not accept liability for failing to
execute an online bid or for errors or omissions in connection with this activity.
12.11. Disclaimer of Warranty and Release. Each Registered Bidder acknowledges and agrees that
online bidding is at such Registered Bidder sole risk, responsibility and obligation. Neither
Auctioneer nor the Seller represent or warrant that the website will be uninterrupted, error free or
virus free; nor do they make any representation or warranty as to the results that may be obtained
from the use of the website, or as to the accuracy, completeness, reliability, security, or currency of
13. Absentee Bids; Execution of Absentee Bids. Absentee bids may be accepted in Auctioneer’s sole
and absolute discretion. Absentee bids may be executed by Auctioneer or by an employee, agent,
representative, or independent contractor working with Auctioneer. The execution of an Absentee Bid
will typically by commence at a percentage of the maximum amount of the Absentee Bid as
determined by Auctioneer in Auctioneer’s sole and absolute discretion, and will be advanced
competitively until the Fall of the Hammer or until maximum amount of the Absentee Bid is reached,
whichever occurs first. Auctioneer will make all reasonable efforts to execute Absentee Bids, but
active bidding by Bidders in attendance at the Auction may render the execution of an Absentee Bid
impracticable. Neither Auctioneer not Seller will have any liability to an Absentee Bidder for the
failure to execute an Absentee Bid. Each Absentee Bidder acknowledges and agrees that the Property
may be sold to another Bidder for the maximum amount of the Absentee Bid based on a bidding
sequence that causes another Bidder to reach the amount first. If the execution of an Absentee Bid at
its maximum amount would require Auctioneer to accept a bid that is less than a full bidding
increment, Auctioneer has the sole and absolute discretion to accept or reject such bid. An Absentee
Bidder may authorize Auctioneer to advance the bid by one or more bidding increments after the
maximum amount of the Absentee Bid is, or would be, reached.
14. Bid Increments and Timing. Bid increments are established and controlled by Auctioneer, and may
be adjusted or modified in Auctioneer’s sole and absolute discretion for Bids Placed on Bidder Number. Each Registered Bidder is
responsible for the Bidder Number issued to such Registered Bidder. Auctioneer is not responsible for
monitoring or policing the use of Bidder Numbers, and each Registered Bidder is responsible for all
bids made on the Bidder Number issued to such Registered Bidder even if the Registered Bidder
claims that the Bidder Number was lost, stolen, or misappropriated, unless notice of a lost, stolen, or
misappropriated Bidder Number was provided to Auctioneer prior to an unauthorized bid being
made. Absent a clerical error, Auctioneer’s recording of bids against Each
Bidder Number will be conclusive as to the making of such bid by, or on behalf of, the Registered Bidder
15. (b) Brokers representing a Bidder must submit Agency and signed RPD Lead and be received on
or before 48 hr. prior to the start of auction closing (NOON EST, May 16, 2019, NO
EXCEPTIONS. EMAIL TO: Cynthia@SchilligEstatesAndAuctions.com. Bidder must not have had any contact with
Auctioneer or Coldwell Banker KING THOMPSON prior to auction. Broker/Agent must always be
present at all times including Open House events to qualify for 2.5% Co-Op of Hammer Price.
16. Withdrawal of the Property. Auctioneer has the right to withdraw the Property from Auction prior
to Fall of Hammer.
17. Winning Bid; Buyer. Pursuant to these Bidder Terms and Conditions, the Bidder making the
Winning Bid for the Property offered for sale at the Auction will be the Buyer of the Property.
18. Property Sold “AS IS”. THE PROPERTY IS BEING OFFERED AND SOLD IN IT’S “AS IS” CONDITION AT
THE TIME OF THE AUCTION, WITH ALL FAULTS INCLUDING ANY HIDDEN DEFECTS OF ANY NATURE.
NEITHER AUCTIONEER NOR SELLER MAKES ANY REPRESENTATIONS, WARRANTIES, OR GUARANTEES
WHATSOEVER, EXPRESS OR IMPLIED, REGARDING THE NATURE, VALUE, SOURCE, AUTHENTICITY,
FITNESS, MERCHANTABILITY, ZONING, AND/OR ANY OTHER ASPECT OR CHARACTERISTICS OF THE
PROPERTY. NO STATEMENT ANYWHERE, WHETHER EXPRESS OR IMPLIED, INCLUDING VERBAL
STATEMENTS MADE BY AUCTIONEER, WILL BE DEEMED A WARRANTY OR REPRESENTATION BY
AUCTIONEER OR SELLER REGARDING THE PROPERTY. WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, THERE ARE NO WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED. EACH
PARTICIPANT ACKNOWLEDGES AND AGREES THAT HE, SHE, OR IT CANNOT RELY, AND HAS NOT
RELIED, ON ANY REPRESENTATION, WARRANTY, OR GUARANTY MADE BY THE SELLER OR ANYONE
ACTING AS AGENT OF THE SELLER, ORALLY OR IN WRITING, ABOUT THE PROPERTY.
19. Announcements. Subject to the limitation set forth in Paragraph 18 of these Bidder Terms and
Conditions, all terms and conditions and other announcements made by Auctioneer on the day of the
Auction are binding and take precedence over any advertisements or listings.
20. Bidder’s Inspection. By bidding, each Bidder acknowledges and agrees that such Bidder has had a
full and fair opportunity to inspect the Property, and is relying solely on, or has waived, such Bidder’s
inspection and investigation (i) in determining whether to bid, (ii) in determining the amount of a bid,
and (iii) in bidding.
21. Description of Property. Unless otherwise expressly stated otherwise in writing, any description of
Property is based solely on visual impression, and is given solely for identification purposes, and does
not create any warranty, expressed or implied, or representation by Auctioneer.
22. Zoning; Land Use. Neither Auctioneer nor Seller makes any representations or warranties as to the
zoning of the Property or any other land use restrictions affecting the Property. It is the responsibility
of each Bidder to make such inquiries and investigations as may be necessary to confirm the
applicable zoning and land use restrictions affecting the Property. The purchase of the Property by the
Buyer is not contingent in any way on zoning or land use restrictions, or on whether the Buyer may
put the Property to any desired use. Each Bidder acknowledges and agrees that such Bidder is not
relying on any representations by Seller or Auctioneer concerning zoning or other land use
23. The Realty Purchase Sale Agreements and all pertinent documents to be electronically signed via
Dot Loop immediately following auction. The Bidder making the high bid at the Auction will sign the
Realty Purchase and Sale Agreement, with no other conditions or contingencies except the delivery of
good and marketable title by Seller. The Realty Purchase and Sale Agreement is available for review
prior to the Property being offered, and is incorporated in and made a part of these Bidder terms and
24. Deposit. The Winning Bidder will make a Deposit in an amount of $15,000.00, applied at closing, payable to Coldwell Banker King Thompson Escrow This deposit is non-refundable except in the case of title.
25. No Buyer Conditions or Contingencies Except for Title. There will be no Buyer conditions or
contingencies for financing or otherwise to the sale of the Property except that Seller must deliver
good and marketable title to the Property.
26. Breaks. Auctioneer may take breaks or recesses during the bidding on the Property, and such
breaks or recesses will not terminate the bidding unless expressly stated. Auctioneer may suspend
bidding on the Property without declaring a No Sale of the Property. A No Sale of the Property will
only occur if Auctioneer declares a No Sale in those terms, or if the Auction concludes in its entirety
without the Property having been sold. If announced by Auctioneer, the Auction may continue for a
stated period of time, during which period Auctioneer may receive bids in person, telephonically,
electronically, or by other means.
Auctioneer’s Discretion in Reopening the Bidding. If (i) a bid is made while the hammer is falling in
acceptance of a prior bid; or (ii) promptly after the Fall of the Hammer, Auctioneer is made aware of a
bid that was unnoticed prior to the Fall of the Hammer, and it is demonstrated to Auctioneer’s
satisfaction that such bid was, in fact, made prior to the Fall of the Hammer, Auctioneer may, in
Auctioneer’s sole and absolute discretion, reopen the bidding.
28. Settlement. Closing shall be located and through Associates Title Inc.
29. Transfer or Recording Tax. Any applicable realty transfer tax or recording tax Realty Transfer Tax
will be apportioned as set forth in the Realty Purchase and Sale Agreement.
30.1. Seller’s Breach. If Seller breaches any of Seller’s obligations, Buyer’s sole and exclusive remedy
will be return of the Deposit and other monies actually paid by the Buyer. Under no circumstances will
Auctioneer or Seller be liable for incidental or consequential damages, including, without being
limited to lost profits or reduced productivity.
30.2. Buyer’s Breach. If Buyer breaches any of Buyer’s obligations, Buyer shall forfeit the Deposit and
any other monies actually paid to Seller or Auctioneer, and shall pay all of Seller’s and Auctioneers
costs and expenses (including reasonable attorneys’ fees and costs of litigation). If the Property is
subsequently offered for sale (at auction or otherwise), Buyer shall be responsible for any and all
costs and expenses incurred with respect there to, including, without being limited to, advertising and
labor. Buyer shall also be responsible for any shortfall between the Purchase Price established at the
Auction and any subsequent lower purchase price for which the Property may be sold.
31. Conduct of the Auction. Auctioneer will regulate all matters relating to the conduct of the Auction
and Auctioneer’s decision will be final and binding. Any dispute arising as to any bidding will be
settled by Auctioneer who may, but will not be required to, re-open the biding.
32. Returned Checks. Any checks that are returned unpaid will be subject to a returned check fee in
the amount of $40.00. In addition to the foregoing, Auctioneer will be entitled to recover, from the
issuer of a returned check, all costs and expenses, including attorneys’ fees, for the collection of
payment made in the form of a check that has been returned unpaid.
33. No Stop Payment Orders or Credit Card Charge-Backs. Each Bidder agrees that such Bidder will
not, under any circumstances, (i) issue a stop payment order with respect to any checks issued at or in
connection with the Auction, or (ii) initiate a credit card charge-back with respect to any purchases at
the Auction. Each Bidder further agrees that if, in violation of these Terms and Conditions, a stop
payment order is issued or a credit card charge-back is initiated, these Bidder Terms and Conditions
will be conclusive evidence of the Bidder’s (i) waiver of any rights to issue a stop payment order or to
initiate a credit card charge-back, and (ii) agreement not to issue a stop payment order or to initiate a
credit card charge-back; and each Bidder acknowledges and agrees that on Auctioneer’s presentation
of these Bidder Terms and Conditions to the bank, credit card company, or other financial institution
against which a check was drawn or that issued the credit card on which charges were made, such
bank, credit card company, or other financial institution will reverse any stop-payment order and/or
deny any credit card charge-back, and will re-credit all amounts to or for the account of Auctioneer. If,
in violation of these Bidder Terms and Conditions, a Bidder issues a stop payment order or initiates a
credit card charge-back, such Bidder, even if successful, will remain liable for all purchases made at
the Auction, and will be responsible for all costs and expenses, including attorneys’ fees, incurred by
or on behalf of Auctioneer and/or Seller in challenging the stop payment order or credit card charge-
back and in collecting payment for the Property purchased at the Auction. Each Bidder acknowledges
and agrees that the covenant not to issue a stop payment order or to initiate a credit card charge-back
is a condition to the issuance of a Bidder Number to such Bidder, and is being made as an inducement
for Auctioneer to accept such Bidder’s Bidder Registration and to issue a Bidder Number. Each Bidder
acknowledges and agrees that Auctioneer is relying on the covenant not to issue a stop payment
order or to initiate a credit card charge-back in accepting such Bidder’s Bidder Registration and in
issuing a Bidder Number.
34. Risk of Loss. The risk of loss or damage to the Property is assumed by the Seller until the date of
closing, except for in the event of loss or damage to the property exceeding ten percent (10%) of the
bid price, then Seller may elect to either repair the damages, provide credit at closing or to terminate
the Purchase and Sale Agreement.
35. Indemnification. Each Bidder agrees to indemnify and hold Auctioneer and Seller harmless from
any current or future claim regarding the Auction or the Property, including, without being limited to,
fitness, use, damage, safety, or injuries to persons or property.
36. Private Sale. No Participant or Registered Bidder may offer to enter into a Private Sale for the
purchase of the Property prior to or during the Auction. If the Property is not Struck Off at the Auction
and Seller enters into an agreement to sell the Property within 90 days after the Auction, Auctioneer
will be entitled to receive the Buyer’s Premium or an amount equal to the Buyer’s Premium.
37. Bid Pooling/Rigging. Bid pooling/Rigging occurs when Bidders collude to regulate, and artificially
suppress, bidding in an effort to reduce the Hammer Price. Bid pooling is a felony. Anyone
participating in bid pooling will be referred for prosecution.
38. Governing Law; Jurisdiction; Venue. These Bidder Terms and Conditions will be governed by and
construed in accordance with the laws of the state of Ohio, including its statutes of limitations, but
without regard to its rules governing conflict of laws. All claims, disputes, and other matters between
the parties will be brought in the state or federal courts sitting in and for Franklin County, State of
Ohio, which courts will have exclusive jurisdiction, and will be the exclusive venue, for any and all
such claims, disputes, and other matters. By submitting a Bidder Registration and accepting a Bidder
Number each Registered Bidder irrevocably and unconditionally (i) agrees that any claim, suit or cause
of action relating to these Bidder Terms and Conditions, or the transactions contemplated hereby, will
be brought in the state or federal courts sitting in and for Franklin County Ohio; (ii) consents to the
jurisdiction of such courts for any such claim, suit or cause of action; (iii) waives any objection that
such party may have to the laying of venue of any such claim, suit or cause of action in such courts;
and (iv) waives any objection to the bringing of such claim, suit or cause of action in such courts on the
grounds of forum non conveniens.
39. Attorneys’ Fees. If any Participant breaches his, or her, or its obligations under these Bidder Terms
and Conditions, Auctioneer and/or Seller will be entitled to recover all costs and expenses, including
attorneys’ fees incurred in.
Buyer/Bidder Registration Certification
1. I acknowledge that I have received a property information package, including the Bidder
Terms and Conditions. I have read, understand, and agree to the terms set forth in the packet,
including the Bidder Terms and Conditions, as well as all information disclosed to me by
Schillig Auctions and Coldwell Banker KING THOMPSON (the “Auctioneer”).
2. I understand that the Cynthia Schillig (auctioneer) Coldwell Banker KING THOMPSON agent
represents the Seller Only and the terms and rules of the Auction, including, without being
limited to the Bidder Terms and Conditions, will be strictly enforced and that there will be no
3. I understand that the Property is sold “As-Is” and “With All Faults”, with no warranty or
guarantee of any nature, absolutely no Buyer contingencies will be allowed, including to but
not limited to: financing, environmental, zoning, property or system inspection, or any other
4. I have had an opportunity to inspect the Property prior to the Auction, and by signing this
form, I acknowledge and agree that I have waived any and all rights to inspect the Property
prior to the Auction. Further I agree to no inspections after Auction.
5. I have had the opportunity to inspect the Property and I hereby waive any and all rights to a
study period, including, but not limited to, feasibility studies, inspections, expert reports,
opinions, etc., with respect to this Property. For property improved prior to 1978, I waive the
right to a 10 calendar-day opportunity to conduct a risk assessment or inspection for the
presence of Lead-Based Paint and/or Lead-Based Paid Hazards. Square footage dimensions
and acreage are approximate and should be independently verified prior to bidding.
Auctioneer, its agents and subagents, and the Sellers assume no liability for errors or
omissions in this or any other property listing or advertising or promotional/publicity
statements and materials. All information and dimensions were derived from sources believed
to be correct, but are not guaranteed. Bidder shall rely on their own information, judgment,
and inspection of the property. All auction day announcements take precedence over any
previously printed material or any other oral statements made.
6. I certify that I have sufficient funds to meet the Deposit and to pay for the full purchase
price as stated in the attached Purchase Agreement. I certify that I have examined the
attached Realty Purchase and Sale Agreement and all other related documents. I understand
that this is a legally binding contract that is not contingent upon financing, contingencies,
warranties, further inspections, appraisal, insurability, or any other issue.
7. I understand that the Auctioneer has the right to reject any and all bids. The Auctioneer has
the right to execute bids on behalf of Bidders and on behalf of the Seller. The Auctioneer may
not execute bids on behalf of seller for Absolute Auctions. The Auctioneer has the right to
withdraw lots from the auction at any time. The Auctioneer may advance the bidding at the
Auctioneer’s discretion. If there are any disputes with respect to the auction and/or bidding
process, the Auctioneer shall exercise sole discretion and may determine the successful bidder
or re-offer and resell the property in dispute. All parties shall abide by the Auctioneer’s final
8. NOT APPLICABLE Bidders are required, for registration purposes to register with Full name, address,Phone #,
Email. Contract is subject to Seller’s confirmation and acceptance. On a case-by-case basis,
Auctioneer may accept bidders to participate in the auction if all requirements set forth herein
are not satisfied.
9. I understand that if I am the highest accepted bidder as a result of the Auction, I will be
required to complete and sign the Realty Purchase and Sale Agreement and all other pertinent
documents immediately, which Realty Purchase and Sale Agreement is subject to Seller’s
Confirmation, but to no other conditions or contingencies except Seller’s delivery of good and
10. NOT APPLICABLE
11. I understand that, with respect to the Auction of the Property referenced herein, Auctioneer
and its representatives are working on behalf of the Seller, and Auctioneer assumes no
fiduciary relationship, agency on behalf of any Bidder or Buyer, and no relationship of dual
agency is established, intended, or inferred. Auctioneer may act to protect the Seller’s
reserve, as an agent of the Seller, by bidding on behalf of the Seller.
12. I understand that the Purchase Price will become public information,
13. I understand that, if I am the winning accepted Bidder, I shall close and complete settlement
on the Property on or before June 21, 2019. If I, as Buyer, delay closing I will charged $100 (one
hundred dollars) per calendar day. I, as Buyer, understand that I will be responsible for all
related closing costs. Closing will be through Associates Title Inc. I have been advised If I
default and do not complete settlement I hereby acknowledge that I have read and
understand the Default paragraph of both the "Terms and Conditions,package and the
Purchase Agreement; and acknowledge that my full deposit shall be forfeited to the
Auctioneer, and that I will be liable for any and all other damages and expenses in relisting or
selling the Property, along with the amount of any shortfall at a subsequent sale.
14. By signing below, I hereby authorize the release of my Deposit to compensate Auctioneer for
Auctioneer’s Commissions and Buyer’s Premium earned from the auction process and
providing the opportunity to enter into the attached Purchase and Sale Agreement with
15. If any conditions contained herein are not complied with by the Bidder, Auctioneer may, in
addition to asserting all remedies available by law, including the right to hold defaulting
Bidder liable for the full purchase price: (a) cancel the sale, retaining as liquidated damages
any payments made by such bidder, (b) resell the Property at public auction or privately on
seven days notice to such bidder, or c) take such other action as it deems necessary or
appropriate. If Auctioneer resells the Property, the original defaulting Bidder shall be liable for
the payment of any deficiency between the purchase price and all costs and expenses, the
expenses of both sales, reasonable attorney’s fees, commissions.
Definitions. The following definitions apply to these Bidder Terms and Conditions:
“Absentee Bid” means a bid submitted to Auctioneer by a Bidder (who may or may not be in attendance at the Auction Site), along with a request that the bid be executed on behalf of the Absentee Bidder during the Auction.
“Absentee Bidder” means a person or entity (who may or may not be in attendance at the Auction Site), who has submitted an Absentee Bid.
"Agency" means the declaration of all parties describing duties and identifying licensed agents, as required by law. All parties must sign this document prior to bidding. For purposes of Auction the Auctioneer may only represent the Seller.
“Attendee” means any person who attends the Auction at the Auction Site, whether such person is a Registered Bidder or not.
“Auction” means the public auction sale at which the Property is offered for sale, Online or Onsite, or is scheduled to be offered for sale, and at which Auctioneer solicits bids, or is scheduled to solicit bids, for the Property.
‘As Is, Where Is” means the real property in current conditions and any personal property left on the real property
“Auction Site” means for purposes of this auction Online Only with Wave Bid bidding platform
“Bidder” means any person or entity that tenders a bid at the Auction, whether in person, by proxy, by telephonic communications, online, through an Absentee Bid, or otherwise.
“Bidder Number” means the number or other identifier issued by Auctioneer to a Registered Bidder for the purposes of identifying bids to such Registered Bidder.
“Bidder Registration” means the information provided by a prospective Bidder, and the process of registering such prospective Bidder, to bid at the Auction, including the prospective Bidder’s agreement to be bound by these Bidder terms and Conditions.
“Bidder Terms and Conditions” means these Bidder Terms and Conditions, as amended from time to time.
“Buyer” means the person or entity (including any successor or assignee) making the Winning Bid for the Property, and entering into the Realty Purchase and Sale Agreement.
"Buyer's Premium" is an amount, calculated as a percentage of the Hammer Price, that is payable by the buyer to Auctioneer for Auctioneer's own account. The Buyer’s Premium for the purposes of 1515 Minnesota Auction will be ten percent (10%) of the Hammer Price or $5500.00 (five thousand five hundred dollars) whichever greater.
“Deposit” means the non refundable money that the Buyer must pay to Auctioneer on confirmation of the Winning Bid. The Deposit will be in an amount equal to ten percent (10%) of high bid or $5000.00 (five thousand dollars) which ever greater for the purposes of 292 N Harris Ave. Auction.
"Due Diligence" means an investigation of a business, person or transaction prior to signing a contract or act with a certain standard of care.
“Fall of the Hammer” the point, after bids have been received on the Property at which bidding is terminated and Auctioneer recognizes the high bid to be submitted for Seller Confirmation. On the Fall of the Hammer, the High Bidder will sign the Realty Purchase and Sale Agreement.
“Hammer Price” means the price established by the highest bid at the Fall of the Hammer.
“No Sale” means that the Property has been offered at the Auction but was not Struck Off or sold (i) because no bids were accepted, (ii) because the Reserve Price was not met, or (iii) because of some other reason except for Seller’s breach of this Agreement, and either (i) bidding, or the solicitation of bids, ended by Auctioneer’s declaration of a “No Sale” using that specific term, or (ii) Auctioneer concluded the Auction, in its entirety, without the Property having been Struck Off. A No Sale does not occur if (i) bidding is suspended without the express declaration of a “No Sale” or (ii) the Property is not Struck Off or sold due to Seller’s breach of this Agreement.
“No Sale Fee” means the fee payable to Auctioneer by Seller on the occurrence of a No Sale of the Property.
“Participant” means any person who attends, or otherwise participates in, the Auction (in person or remotely). The term Participant includes, but is not limited to, Attendees, Registered Bidders, Bidders, and Buyers.
“Private Sale” means event in which Property is sold by Seller, or on Seller’s behalf, other than at the Auction (including a sale at an auction conducted by a person or entity other than Auctioneer).
“Private Sale Price” means the fair market purchase price of the Property paid, or agreed to, at a Private Sale in an arms-length transaction between Seller and a buyer. If the Property is sold through a Private Sale for less than its fair market value, or in a transaction that is not an arms-length transaction, or is gifted by Seller, the Private Sale Price, for the purposes of this Agreement, will be an amount equal to the fair market value of the Property in an arms-length transaction.
“Property” means the real property, located at the advertised address and parcel advertised.
Purchase Price” means an amount equal to the Hammer Price plus the Buyer’s Premium as described in the Purchase Contract.
"Property Disclosures" means statements of conditions of property as provided by the Seller to the best of their knowledge.
“Realty Purchase and Sale Agreement” means the contract between Seller and the Buyer setting forth the terms and conditions for the sale of the Property. The Realty Purchase and Sale Agreement will be on a form provided by Auctioneer unless a different form is provided by Seller or Seller’s attorney.
“Registered Bidder” means a person or entity that has registered to bid at the Auction and has been issued a Bidder Number.
“Registration Deposit” means good faith deposit, made by a Registered Bidder.
“Reserve” or “With Reserve” refers to circumstances under which a seller of property offered at auction reserves the right to accept or decline any and all bids prior to the Fall of the Hammer.
“Seller’s Confirmation” means Seller’s confirmation, approval, and acceptance of the high bid acknowledged by Auctioneer with the Fall of the Hammer. Seller’s Confirmation is a condition of the Realty Purchase and Sale Agreement.
“Settlement” means the time and place at which Seller sells, transfers, assigns, and conveys all of Seller’s right, title and interest in and to the Property to the Buyer, and at which the Buyer pays the Purchase Price in full.
"Struck Off" or "Strikes Off" means the event at the Auction in which Auctioneer acknowledges the Winning Bid with the Fall of the Hammer, or by announcing "sold