Real Estate ONLINE AUCTION TERMS AND CONDITIONS OF SALE
PROPERTY DETAILS:
- Address: 10275 Mill Creek Rd. and Hardin Wapak Rd
- Parcel No. Millcreek Rd. 58-2605154.022, 58-2605154.021, 58-2605154.010, 58-2605154.009, 58-2605154.028, 58-2605154.023 Annual real estate taxes $2,124.68 with homestead exemption.
- Parcel No. Hardin Wapak Rd. 58-2605153.001 Annual real estate taxes $668.80
- Sale Date: Bidding will open Friday April 3rd. at 2:00 P.M. and begin closing on Tuesday, April 7th. 2:00 P.M.
- Buyers' Premium: 10% or $5,000 (whichever is greater)
- Deposit: $5,000.00
- Closing Date: On or before May 14th.
- Possession: Millcreek Rd. Property at closing. Hardin Wapak Rd. building 30 days after closing
BIDDING PROCESS
1. Due Diligence Required: Bidders must complete all due diligence (home inspections, appraisals, etc.) before the end of the online bidding. The Sales Contract (Memorandum of Auction Sale Agreement) contains no contingencies. All property is sold AS IS, WHERE IS, and is not subject to any financing. Please view the Sample Memorandum of Auction Sale Agreement in the documents section of the information page for any additional or auction-specific Terms.
2. Deposit and Contract Requirements: The winning bidder must execute the Memorandum of Auction Sales Agreement within 24 hours of notification of bid acceptance with an electronic signature via DocuSign. A deposit of $5,000.00 per lot shall be made payable to Gay Smith and Associates. Deposit shall be in the form of a certified, personal, or business check. Upon successful closing of the property, this deposit shall be returned to the purchaser. If the purchaser fails to perform according to the stated terms, this deposit shall be forfeited to the seller and the auction sale terminated. Furthermore, the defaulting bidder may still be liable under Ohio Law for damages to the Seller.
3. Outbid Notification: If another bidder outbids you, you will receive an email notice so you can return and increase your bid if you so desire.
4. **Open Bidding Format**: The bidding will be open, and everyone can access the bid history during the auction.
5. **Extend One Extend All**: As the auction nears the end, all lots will auto-extend until bidding is silent for 3 minutes.
6. **Tying Bids**: If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
7. **Winning Bid Notification**: The high bidder will be notified via email or phone within 2 hours after the auction ends of acceptance of the high bid.
## PROPERTY INSPECTION AND CONDITION
8. **Property Inspection**: Bidders are strongly advised to physically inspect the property prior to bidding. Property showings can be arranged by contacting the auctioneer at the number provided in the listing. Virtual tours may be available for certain properties.
9. **Lead Paint Disclosure**: If a residential structure was built before 1978 on the property, the winning bidder will sign a Lead Paint Hazard Disclosure Statement (available in the documents section of the website) and waive the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based hazards inspection under Federal and Ohio law.
10. **Property Disclosure**: The winning bidder will sign the Ohio Residential Property Disclosure or Estate Exempt Disclosure.
11. **AS-IS Condition**: The property will be auctioned in an "AS-IS, WHERE-IS" condition as of the date and time of sale. Vondenhuevel Auctioneers LLC, Gay Smith/Associates Realty, nor the seller(s), their agents, employees, or representatives make any expressed or implied warranties of any kind concerning the property and this sale. Any remaining personal property left on the premises after closing shall become the property of the new owner, and the seller shall have no responsibility or liability for any items left behind.
12. **Information Disclaimer**: The information listed in materials describing the property is obtained from sources that are deemed reliable, but not guaranteed. It is the bidder's responsibility to verify all property information prior to placing any bids. The decision to purchase or not purchase the property is each bidder's sole and independent business decision. Auctioneer assumes no responsibility for the condition of the property or the performance of this Contract by any parties. Purchaser hereby warrants and represents that Auctioneer has not made any statements, representations, or warranties regarding the condition of the premises, zoning conditions, governmental requirements, or environmental matters, guarantees, or warranties of the like, upon which Purchaser has relied and which are not contained in the Contract. Vondenhuevel Auctioneers LLC shall not be responsible or liable in any way if the owner fails to honor the bid, refuses to settle, or is unable to close in accordance with the Sales Contract.
## AUCTION TERMS
13. **Auctioneer Rights**: Vondenhuevel Auctioneers reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
14. **Bidding Increments**: Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid may be rejected by the Auctioneer if it is merely nominal or, at his or her discretion, it may negatively affect the auction process. Auctions will be either Absolute or Reserve. If this is an Absolute Sale, the high bidder shall be the Purchaser. If this is a Reserve sale, the seller may accept or reject the high bid; however, if the bid exceeds the predetermined Reserve Price, the auction will become an Absolute auction and will be sold to the high bidder.
15. **Dispute Resolution**: In the event of a dispute between bidders, the Auctioneer in its discretion may determine the successful bidder or re-offer the property for sale.
16. **Buyer's Premium**: A Buyer's Premium in the amount of 10% of the final bid price or $5,000.00, whichever is greater, will be added to the high bid and will be due from the winning bidder. The Buyer's Premium is in addition to the winning bid. When added together with the winning bid, this figure represents the Final Contract Purchase Price to be paid by the purchaser at settlement.
## SETTLEMENT AND CLOSING
17. **Closing Timeline**: Settlement is to occur within Forty (40) calendar days of the auction sale date. The purchaser should secure any necessary financing.
18. **Jurisdiction**: By bidding at an auction, whether present or by agent, by written bid or otherwise, bidders shall be deemed to have consented to the jurisdiction of the State and Federal courts of the State of Ohio.
19. **Closing Costs**: The purchaser is responsible for the cost of all documentary stamps, transfer taxes, title insurance, recording fees, and other costs incident to settlement.
20. **Phone Bidding**: Vondenhuevel Auctioneers LLC may accept telephone bids from registered bidders. Phone bids will be placed online under "Phone Bidder".
## BUYER BROKER PARTICIPATION TERMS
A commission of 2.0% will be paid to the licensed real estate Agent/Broker who meets the terms below and whose registered buyer pays for and settles on the property for which he/she was registered. All commissions are to be paid at settlement.
### TO QUALIFY TO RECEIVE A COMMISSION, THE REALTOR/BROKER MUST:
- Register his/her prospective client for specific property or properties, before any inspection of the property by his/her client
- The Realtor/Broker must register his/her client using our Broker Registration form located in the documents section of the website
### RULES REGARDING BUYER REGISTRATION:
1. The Agent/Broker must register his/her prospective client for specific property or properties before any inspection by his/her client. The Realtor/Broker must register his/her client using our Broker Registration form. It is the Realtor/Broker's responsibility to ensure the Broker Registration is received.
2. No broker will be recognized on a prospect who has previously contacted Vondenhuevel Auctioneers LLC or has been previously contacted by Vondenhuevel Auctioneers LLC.
3. The Agent/Broker must assist his/her client in bidding online for each desired property.
4. The Agent/Broker must work with the buyer throughout the escrow/closing process.
5. Broker agrees that Broker will not be entitled to a commission if:
- The broker or any member of the broker's family or firm participates as a principal at the auction
- The settlement does not occur within the specified settlement timeframe
- The person that he/she is representing does not settle on the property
6. There shall be no exceptions to this procedure, and verbal agreements will not be accepted.
7. Commissions will be paid only upon closing.
---
By participating in this auction, bidders acknowledge they have read and fully understand these terms and conditions and agree to be bound by them.
For questions or additional information, please contact Vondenhuevel Auctioneers LLC at 937-492-1078.
