Lovens Auctions Terms of Sale and Conditions Real Estate
September 9th 2017
There is NO Buyer’s premium charged at this auction.
Parcels sell with the confirmation of Seller(s)
A 10% down payment is required at the close of the auction if Paying balance in cash. Personal, Cashier’s, or Corporate/Farm checks are acceptable. This payment will be held in a non interest bearing account and applied toward the purchase price at closing. This is a nonrefundable deposit unless by default of the Seller(s). The sale of the real estate is not contingent on financing so it is advised that the purchaser make financial arrangements prior to bidding. The balance of the purchase price is due in cash at closing or Seller Financing subject to prior approval.
Closing to take place within 45 days of auction or when insurable title is available.
A Title Insurance Policy will be issued by a company of the auctioneer’s choice. Seller and purchaser will split closing costs of sale 50/50. Any cost associated with purchaser financing is at the expense of the purchaser only.
Any surveys requested or required are to be at buyer(s) expense. When the new survey is ordered, the survey will be ordered by the Auction Company or it’s designated agent, and will be for the perimeter only. No information, data, or discussion is permitted by the surveyor and the buyer(s) or buyer(s) agent without authorization from the seller, auction company, or real estate broker.
The Seller(s) shall retain all rents and any other payments due the Seller(s) for the 2017 Season and possession of the land shall be at closing subject to the Tenant’s Right to harvest(Where Applicable). Possession of the house and buildings will be at closing.
Purchaser will assume Spring installment(A) of Real Estate taxes, assessments, including drainage assessments, if any, due and payable in Spring of 2018 and all taxes and assessments thereafter.
If Separate owners are represented at this auction, then the terms and conditions apply to all parcels. Bidding increments are at the discretion of the auctioneer and may vary.
All Real Estate and property is sold As-Is without any warranty. Agent and Seller(s) make no assurances to the ability to obtain any zoning or building permits of any kind. Your bids are to be based solely upon your inspection. The sellers, auction company, real estate broker, and their representatives make NO warranty with regard to zoning classifications, specific purpose or use restrictions, easements or deed restrictions, availability or location of utilities; availability of building, driveway, water or septic permits; or any information or materials provided by any third party regarding the auction property. If parcels sold separately Administrative Plat will be required for future Building.
Parcels will be sold by the dollar and not by the acre. Parcels were created by using the Madison County GIS online mapping website and acreage amounts are approximate and as accurate as the system will allow. Parcel acreages are not guaranteed and no price adjustments will be made for variations in amounts. Actual acreage amounts and new property lines can only be determined by an actual survey, if required.
Any announcements made day of sale take precedence over printed material or any other oral statement made. Auction company, Broker, or owner not responsible for accidents. Information has been provided via various printed and electronic media for the bidders’/potential buyers’ review. Although, this information is deemed to be reliable, it is NOT guaranteed, and should NOT be substituted for the bidders’/potential buyers’ independent verification, and investigation of the property. The auction company and it’s agents including real estate broker disclaim any warranty or liability for information provided.
At the close of the auction, the high bidder(s) will be required to execute a purchase contract in the form of the Agreement to Purchase Real Estate, Addendum A, and if applicable(Lead Based Paint Disclosure, and Sellers Residential Real Estate Disclosure). These terms and documents are non-negotiable. Time is of the essence. All terms and conditions of the Agreement to Purchase Real Estate and Addendum A shall survive the closing. If any provision of the Addendum A is inconsistent with a provision of the Agreement to Purchase Real Estate, the provision of the Addendum A shall prevail and control.
Jeff Boone Auctions and it’s agents and representatives, including real estate broker are the exclusive agents of the sellers.