Westlake Condominium Auction

Online Auction Full Terms and Conditions of Sale

This Property is being offered via an Online Only Auction Event. Bidding will be open ___May 12th. 2019___and end _May 15th._ at 4:00 P.M. Register and place your bids at www.VASBID.com

Property Description: 1634 Cumberland Ave. Sidney, Ohio 45340. Shelby County Parcel # 01-26-02-177-031


AUCTION PROCEDURE: The real estate above will be offered as one unit to the highest bidder subject to Owner confirmation via online auction on the _15th. day of May_, 2019_. Bidding will begin closing at 4:00 p.m. bidding will remain open until all bids have remained silent for 10 minutes. In the event a bid is placed within 10 minutes of the auction close, bidding will automatically be extended an additional 10 minutes and the last bidder will be notified via e-mail that they have been outbid. Our system also offers a Max Bid or proxy-bidding feature in which a bidder may enter their maximum bid and the computer will bid on their behalf in designated increments.
BUYER’S PREMIUM: A 10% buyer’s premium or $ 5,000.00 whichever is greater will be charged. This buyer’s premium will be added to the final high bid to determine full contract price.
NOTIFICATION OF ACCEPTANCE OF OFFER: The successful bidder will be notified via phone or e-mail within 2 hours of the auction close that their bid has been accepted.
ACCEPTANCE OF BID PRICES: The successful bidder will be required to enter into a NON CONTINGENT MEMORANDUM OF AUCTION SALE AGREEMENT with the sellers within 24 hours of the auction close. This will take place at Vondenhuevel Auctioneers LLC 135 South Wilkinson Ave. Sidney, Ohio Your bidding is considered to be a binding contract.
DEPOSIT: $ 5,000.00 shall be required at the time of executing the above-mentioned agreement as good faith earnest money. Payment may be made in the form of Cash, or Check. This deposit shall be made payable to Lawyers Title Agency and will be held in Escrow until closing at which time it will be returned to the buyer.
TITLE: At closing the seller shall convey marketable title to the property free and clear of all liens and encumbrances in the form of a General Warranty deed. If the seller’s title is found to be defective the seller shall have the right to remedy the defect within 60 days. If this cannot be done, then, at the option of the buyer, the deposit shall be returned and the auction sale terminated.
CLOSING: The full contract purchase price plus other applicable closing and transfer fees shall be due at closing which shall take place no later than June 15th. 2019. Closing for this transaction shall be held at Lawyers Title Agency Sidney, Ohio
POSSESSION: Seller shall deliver possession to the property at closing.
REAL ESTATE TAXES, UTILITIES: Real estate taxes and assessments shall be pro-rated to the day of closing. The seller shall pay all accrued utility bills to the date of possession by buyer.
HOA FEES: $ 170.00 per year. This fee is for Lake maintenance Only. Does NOT include mowing or landscaping.
SALE CONTINGENCIES: Your agreement to purchase this property is subject to no contingencies of any type including financing.
AGENCY: Justin Vondenhuevel CAI and Re/Max One Realty are exclusive agents of the seller.
DISCLAIMER AND ABSENCE OF WARRANTIES: The property and all fixtures are being sold on an AS-IS WHERE IS BASIS with no warranty or representation, either expressed or implied, concerning the property by the sellers, Broker or auction Company. Buyers are responsible to perform all of their own inspections and have those results satisfactory to their expectations before bidding.

Owner: Mr. Herb DeWeese


Justin Vondenhuevel Auctioneer/ REALTOR
Re/Max One Realty Sidney, Ohio
937-492-1078

Additional Auction Specific Terms

1. Bidders must do all of their due diligence (home inspections, appraisals, etc.) prior to the end of the online bidding. The Sales Contract will not contain any contingencies for these matters. This property is sold AS IS, WHERE IS, and is not subject to any financing.
2. The winning bidder must sign a Memorandum of Auction Sales Contract and deposit with Lawyers Title Agency a down payment in the form of cash or check no later than 24 hours after the end of the online auction. This transaction shall take place at our office located at 135 South Wilkinson Ave. Sidney, Ohio.
3. If you are outbid by another bidder, you will receive an email notice so you can return and increase your bid if you so desire.
4. The bidding will be open and everyone will have access to the bid history during the auction.
5. As the auction nears the ending time it will auto-extend until bidding is silent for 10 minutes.
6. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
7. The high bidder will be notified via email after the auction ends.
8. Bidders have been advised to physically inspect the property on their own behalf.
9. If a residential structure is located on the property that was built before 1978 the winning bidder will be signing a Lead Paint Hazard Disclosure Statement and will 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. The winning bidder agrees to sign the Lead Paint Hazard Disclosure Statement.
10. The winning bidder will sign the Ohio Residential Property Disclaimer Statement (If Applicable)
11. The Winning bidder will sign the Memorandum of Auction Sale. A copy of the Memorandum of Auction Sale is attached..
12. The property will be auctioned in an “AS-IS, WHERE-IS” condition as of the date and time of sale. Vondenhuevel Auctioneers nor the seller(s), their agents, employees or representatives make any expressed or implied warranties of any kind concerning the property and this sale.
13. The information listed in materials describing the property is obtained from sources, which are deemed reliable, but not guaranteed. It is the bidder’s responsibility to verify all property information prior to bid and sale. The decision to purchase or not purchase the property is the sole and independent business decision of each bidder. Auctioneer assumes no responsibility for the condition or property or for the performance of this Contract by any and all parties. Purchaser hereby warrants and represents that Auctioneer has not made any statements, representation or warranty 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 is not contained in the Contract. Vondenhuevel Auctioneers shall not be responsible or liable in any way if the owner fails to honor the bid, or refuses to settle or cannot close in accordance with the Sales Contract.
14. Vondenhuevel Auctioneers reserves the right to withdraw any property from sale and may cancel any auction sale prior to the start of bidding.
15. 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 bidder, however; if the bid exceeds the predetermined Reserve Price the auction will become an Absolute auction and will be sold to the high bidder.
16. 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.
17. The winning bidder of the sale must sign the sales contract and all applicable forms relating to the sale upon completion of the Auction. At that time an initial deposit will be due from the Purchaser in certified funds.
18. A Buyer’s Premium in the amount of 10% or $ 5000.00 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, and when added together with the winning bid this figure represents the Final Purchase Price to be paid by the purchaser at settlement.
19. Settlement is to take place within Thirty (30) calendar days of the auction sale date. Closing Shall be held at Lawyers Title Agency Sidney, Ohio. Purchaser should secure any necessary financing.
20. 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.
21. Cost of all documentary stamps, transfer taxes and other costs incident to settlement to be paid by the purchaser.
22. If the property is tenant occupied, it will be sold subject to existing tenant in dwelling.
23. The property will be sold in “As is” condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract
24. Vondenhuevel Auctioneers may accept telephone bids from registered bidders. Phone bids will be placed online under the name of “Phone Bidder”.

BUYER BROKER PARTICIPATION TERMS: A commission of 2.0% of the clients OPENING bid 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. Broker Compensation and Broker Commission Co-Op amounts are listed in the Terms & Conditions of this online auction listing. All commissions are to be paid at settlement.

TO QUALIFY TO RECEIVE A COMMISION, THE REALTOR/BROKER MUST:
Register his/her prospective client for specific property or properties, prior to any inspection of the property by his/her client. The Realtor/Broker must register his/her client using our Broker Registration form available via e-mail at [email protected]
RULES REGARDING BUYER REGISTRATION:
1. The Agent/Broker must register his/her prospective client for specific property or properties, prior to any inspection of the property by his/her client. The Realtor/Broker must register his/her client using our Broker Registration form. It is the Realtors/Brokers responsibility to ensure the Broker Registration is received.
2. No broker will be recognized on a prospect who has previously contacted Vondenhuevel Auctioneers LLC/ReMax One or has been previously contacted by Vondenhuevel Auctioneers.
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:
(a.) The broker or any member of broker's family or firm participates as a principal at the auction.
(b.) The settlement does not occur within the specified settlement timeframe.
(c.) 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.
ANY ANNOUNCEMENTS POSTED TO WEBSITE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS